LONDON, United Kingdom / EuroWire.IO / – Spot gold held above $4,000 an ounce on Wednesday, October 28, edging up 0.1% to $4,061.86 by 00:36 GMT. The move followed a gain of more than 1% in the previous session. US gold futures for December delivery were steady at $4,075.60. Silver and palladium also rose in early trading as markets awaited the US Federal Reserve’s policy decision.
Spot silver increased 0.1% to $54.38 per ounce. Palladium climbed 0.5% to $1,031.42, while platinum slipped 0.2% to $1,537.58. Silver remains far below its peak, trading more than 50% under its 2026 high of $121.67, according to USAGOLD. The ratio between gold and silver prices was about 75 on Wednesday, compared with around 60 at the start of the year. Platinum was the only one of the four main precious metals to fall.
The precious metal fell below $4,000 last week for the first time since mid-July. It recorded a weekly loss of about 4%, the steepest in around four months. Gold is now roughly 28% below its 2026 high of $5,598.58 and down about 6% so far this year. Prices have been volatile since a precious metals crash in February. A firmer dollar briefly pushed spot gold close to $4,004 on Tuesday before it recovered.
Fed holds rates after September hike
Later on Wednesday, the Federal Reserve kept its benchmark rate unchanged at 3.75% to 4.00%. Policymakers voted 10-2 for the decision, Investing.com reported. Lisa Cook, a Fed governor, and Beth Hammack, president of the Cleveland Fed, wanted a quarter-point increase. Markets had widely expected the hold after the Fed raised rates in September for the first time in over three years. Spot gold rose 0.2% to $4,069.86 after the decision.
Fed Chair Kevin Warsh said the jobs market looked quite positive and that the discussion centred on inflation. He noted that financial conditions had tightened somewhat since September. Warsh said the coming weeks would be rich in information, with data helping to shape future policy. The dollar eased after his comments, supporting gold. US gold futures climbed 0.8% to $4,084.15. Gold, which yields no interest, tends to benefit when the dollar weakens.
Oil and inflation data in focus
Oil prices stayed high, adding to inflation worries. Brent crude gained 1.1% to $115.12 a barrel on Wednesday. Fighting between the Iran-backed Houthis and Yemen’s Saudi-backed government pushed prices higher. The Houthis said they attacked Saudi Arabia’s Ras Tanura refinery on Tuesday. Diplomacy between the United States and Iran has stalled, according to Investing.com. Higher energy costs can keep inflation elevated and make further rate rises more likely.
Investors will next study US data due on Thursday, including third-quarter GDP and the September personal consumption expenditures price index. The PCE index is the Fed’s preferred measure of inflation. The data could shape expectations for a possible rate move in December. Before the meeting, CME FedWatch data showed markets saw a December hike as likely. Gold has also seen weekly losses this year as investors took profits after strong rallies.