Gold holds above US$4,000 on Wednesday ahead of Fed and Bank of Canada decisions — Precious Metals Daily Update, October 28, 2026

Gold held above the US$4,000 mark on Wednesday morning as dip buying supported bullion ahead of interest rate decisions from both the Bank of Canada and the Federal Reserve later today. Gold held around US$4,048.77 / C$5,691.65 per ounce, down 0.28 percent in US dollars and down 0.22 percent in Canadian dollars on the session. Silver held around US$53.95 / C$75.84 per ounce, down 0.86 percent in US dollars and down 0.72 percent in Canadian dollars, while platinum held around US$1,554.79 / C$2,185.63 per ounce, up 0.64 percent in US dollars and up 0.81 percent in Canadian dollars. In early global trade, spot gold had steadied above US$4,000 after a gain of about 1.1 percent on Tuesday, with silver little changed near US$54.41 per ounce, as the US dollar held near a two-week high. The pressure is still coming from rates and oil, not from a change in the metal story. Brent crude climbed toward US$116 a barrel and West Texas Intermediate held above US$101 as Middle East tensions lifted energy prices again, keeping inflation concerns alive ahead of the decisions. Traders expect the Federal Reserve to hold rates at 3.75 to 4.00 percent at 2:00 PM ET, but the probability of a December rate hike was near 85 percent this morning, and the 10-year Treasury yield sat near 4.98 percent. That mix leaves gold holding above US$4,000 on safe-haven and dip-buying support, but without conviction until the Federal Reserve statement and press conference set the tone for December. For investors: Today is a two-decision day, and the order matters for Canadian buyers. The Bank of Canada decision at 9:45 AM ET can move the loonie first, which changes Canadian-dollar metal prices even if US dollar spot is steady, and the Federal Reserve decision at 2:00 PM ET then sets yields and the US dollar for the whole complex. A hawkish hold, especially one with dissents in favour of a hike, could test support at US$4,000 in gold, while a patient message that leaves December open could support a relief move higher after Tuesday's recovery. Thursday's US GDP and PCE inflation data then test whatever the Fed says within 24 hours, so staggered buying around confirmed levels remains more disciplined than committing a full position ahead of the releases. For jewelers: Wednesday's pricing is slightly softer for gold and silver in Canadian dollars and firmer for platinum, which makes live quotes essential on a decision day. Gold near C$5,691.65 per ounce and silver near C$75.84 keep replacement and scrap values elevated, while platinum near C$2,185.63 per ounce is higher than Tuesday's close and raises the cost of platinum work and restocking. That pricing can reset quickly around the 9:45 AM ET Bank of Canada decision, the 2:00 PM ET Federal Reserve decision, and Thursday's US data. Confirming metal pricing early, 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 for Gold Stock Corp customers. Coming up — events that will move metals this week: Wednesday, October 28, 9:45 AM ET — Bank of Canada rate decision (prior 2.25 percent; market pricing is split, with a hike to 2.50 percent widely discussed): 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 85 percent; no updated projections are due at this meeting): the statement, the vote split, and the 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. Alphabet and Microsoft 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 near 3.2 percent annualized, prior Q2 growth 2.2 percent; PCE consensus headline 0.5 percent month over month and core 3.1 percent year over year, prior core 3.0 percent), with weekly jobless claims the same morning and the European Central Bank decision at 9:15 AM ET: 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. Friday, October 30, 8:30 AM ET — US employment cost index for Q3 (consensus 0.8 percent, prior 0.9 percent), with the Bank of Japan decision the same day (consensus hold at 1.25 percent): wage inflation that stays firm keeps rate pressure on metals into the weekend and month-end, while a softer print can ease yields and support a steadier close. Live prices: https://www.goldstocklive.com