Gold climbs back above US$4,000 on Monday as softer oil eases inflation fears ahead of Bank of Canada and Fed decisions — Precious Metals Daily Update, October 26, 2026

Gold climbed back above the US$4,000 mark on Monday morning, recovering part of last week’s steep loss as oil prices eased and inflation fears cooled slightly ahead of a central bank week. Gold held around US$4,002.45 / C$5,617.84 per ounce, up 0.15 percent in US dollars and up 0.39 percent in Canadian dollars on the session. Silver held around US$53.71 / C$75.39 per ounce, down 0.37 percent in US dollars and down 0.05 percent in Canadian dollars, while platinum held around US$1,530.40 / C$2,148.14 per ounce, down 1.53 percent in US dollars and down 1.42 percent in Canadian dollars. The moves follow a difficult week for the complex, in which gold fell about 4 percent, its steepest weekly decline since June, and closed below US$4,000 on Friday for the first time since mid-July. The relief came from energy. Brent crude slipped about 1.4 percent to near US$115 a barrel on Monday, down from Friday’s settlement near US$116.72, which was a five-month high set on Saudi supply fears. Softer oil lowers the immediate inflation pressure that pushed traders toward pricing another Federal Reserve rate hike, and the probability of a December hike eased to about 75 percent, down from near 80 percent late last week. Traders still expect the Federal Reserve to hold rates steady when its two-day meeting ends on Wednesday, and the Bank of Canada decides the same day, so Monday’s steadier tone is best read as a pause after a sharp sell-off rather than a confirmed turn. Platinum was the laggard on the day, extending its pullback even as gold and silver steadied. For investors: US$4,000 in gold remains the line that matters this week. A close back above it on Monday would support the case that Friday’s break was a stop-driven flush after a steep weekly loss, while another failure at the level keeps momentum pointed lower into Wednesday’s decisions. With the Bank of Canada at 9:45 AM ET and the Federal Reserve at 2:00 PM ET on Wednesday, October 28, and US GDP and PCE inflation on Thursday, position sizing matters more than prediction: staggered buying around confirmed levels is more disciplined than committing a full position ahead of the releases. Canadian-dollar investors should also watch the loonie, which traded near 1.40 per US dollar, because currency moves can lift or trim the Canadian-dollar price even when US dollar spot is steady. For jewelers: Monday’s pricing is mixed by metal, which makes live quotes essential. Gold fabrication costs in Canadian dollars are slightly higher than Friday’s close, with gold near C$5,617.84 per ounce, silver is essentially flat near C$75.39, and platinum is notably cheaper near C$2,148.14 after a drop of more than 1 percent on the day. That platinum pullback can help on platinum work and restocking, but the window may be short: prices can reset quickly around the Wednesday rate decisions and Thursday’s US data. Confirming metal pricing early in the week, keeping trade and scrap buying aligned to live spot, and telling customers clearly that prices are set at the time of transaction helps protect margins through a volatile week. Coming up — events that will move metals this week: Tuesday, October 27, 8:30 AM ET — US durable goods orders for September, followed at 10:00 AM ET by Conference Board consumer confidence for October (consensus 83.5, prior 81.9): firm data supports higher-for-longer rate expectations and pressures metals, while a soft print can weigh on the US dollar and steady bullion as the Federal Reserve meeting begins the same day. Wednesday, October 28, 9:45 AM ET — Bank of Canada rate decision (prior 2.25 percent; market pricing is split between a hold and a hike after Canadian inflation stayed firm): either outcome can move the loonie directly, and therefore Canadian-dollar gold, silver, and platinum prices, even if US dollar spot is unchanged. Wednesday, October 28, 2:00 PM ET — Federal Reserve rate decision, with the press conference at 2:30 PM ET (consensus hold at 3.75 to 4.00 percent, prior 3.75 to 4.00 percent; December hike odds near 75 percent): the statement and press conference tone on oil-led inflation and December tightening will set yields and the US dollar, the two biggest near-term drivers for bullion. Major technology earnings after the close can also shift broader risk sentiment. Thursday, October 29, 8:30 AM ET — US advance Q3 GDP and September PCE price index (GDP consensus about 3.0 to 3.2 percent annualized, prior Q2 growth 2.2 percent; PCE consensus headline about 3.6 percent year over year and core about 3.1 percent, prior core 3.0 percent in August): hot inflation with firm growth the day after the Fed decision would reinforce December hike expectations and pressure metals, while softer data would challenge that pricing. The US employment cost index follows on Friday, October 30 at 8:30 AM ET. Live prices: https://www.goldstocklive.com