Gold Slips Toward US$4,000 on Thursday After Hawkish Fed Hold as Markets Digest GDP and PCE Data — Precious Metals Daily Update, October 29, 2026

Gold slipped toward the US$4,000 mark on Thursday morning as precious metals fell across the board the day after a hawkish Federal Reserve hold. Gold held around US$4,030.29 / C$5,646.16 per ounce, down 0.92 percent in US dollars and down 1.02 percent in Canadian dollars on the session. Silver held around US$52.29 / C$73.26 per ounce, down 3.11 percent in US dollars and down 4.10 percent in Canadian dollars, while platinum held around US$1,485.06 / C$2,080.44 per ounce, down 3.84 percent in US dollars and down 3.71 percent in Canadian dollars. In early global trade, Reuters reported spot gold down 0.8 percent to US$4,035.28 per ounce, with silver down 1.9 percent to US$52.93 per ounce and platinum down 2.9 percent to US$1,493.71 per ounce, and the site readings above show that pressure continued into the North American morning. The move followed Wednesday's Federal Reserve decision to hold rates at 3.75 to 4.00 percent in a 10 to 2 vote, with Cook and Hammack dissenting in favour of a 25 basis point hike. The Fed called growth strong, said inflation remains elevated, and pledged to deliver price stability, with consumer prices up 3.7 percent and producer prices up 6.3 percent year over year. That language kept December hike expectations elevated, reported near 90 percent on Thursday, and higher rates raise the opportunity cost of holding non-yielding bullion. Oil prices eased on Thursday as hopes for renewed peace talks resurfaced, but the rate story, not geopolitics, set the tone for metals as traders turned to this morning's US growth and inflation data. For investors: The question now is whether today's US data confirm the Fed's hawkish tilt or challenge it. Advance third quarter GDP and the September PCE price index, the Fed's preferred inflation gauge, were both due at 8:30 AM ET this morning, with consensus looking for GDP growth near 3.2 percent annualized against 2.2 percent in the second quarter and core PCE inflation near 3.1 percent year over year against 3.0 percent previously. A hot PCE reading alongside firm growth would reinforce December hike pricing and could drag gold back below US$4,000, while softer inflation would question that pricing and could support a relief move. With silver and platinum falling more sharply than gold today, position sizing and staggered buying around confirmed levels remain more disciplined than chasing a single morning print. For jewelers: Thursday's pricing is materially softer in Canadian dollars for all three metals, which changes both replacement cost and scrap value through the day. Gold near C$5,646.16 per ounce is lower than Wednesday's close, silver near C$73.26 per ounce is down sharply, and platinum near C$2,080.44 per ounce has also pulled back, easing platinum restocking costs after its recent strength. That relief can reverse quickly if today's data digestion or Friday's wage figures push yields higher again. Confirming metal pricing at the time of transaction, keeping trade and scrap buying aligned to live spot, and quoting customers clearly on a fast-moving day helps protect margins for Gold Stock Corp customers. Coming up — events that will move metals this week: Thursday, October 29, 8:30 AM ET — US advance Q3 GDP and September PCE price index, with weekly jobless claims the same morning (GDP consensus near 3.2 percent annualized, prior 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; claims prior 194,000): hot inflation with firm growth the morning after a hawkish Fed hold would reinforce December hike expectations and pressure metals, while softer data would challenge that pricing and could lift bullion. Thursday, October 29, 9:15 AM ET — European Central Bank rate decision (consensus hold, deposit rate 2.50 percent, prior 2.50 percent), with Amazon earnings after the close: the ECB tone can move the euro and the US dollar, which feeds straight into dollar-priced metals, and a major earnings surprise can shift broader risk sentiment into Friday. Friday, October 30, 8:30 AM ET — US employment cost index for Q3 (consensus 0.8 percent, prior 0.9 percent): the ECI is one of the Fed's preferred wage inflation gauges, so a firm print keeps rate pressure on metals into month-end, while a softer print can ease yields and support a steadier close. Friday, October 30 — Bank of Japan rate decision (consensus hold at 1.25 percent, prior 1.25 percent), with Chicago PMI at 9:45 AM ET the same morning (prior 58.8): a surprise from Tokyo can move global yields and the dollar, and the PMI reading will test whether US factory momentum is holding into the fourth quarter. Live prices: https://www.goldstocklive.com