Gold steadies off three-month lows near US$4,029 as oil rally fans inflation worries ahead of central bank week — Precious Metals Daily Update, October 23, 2026

Precious metals steadied on Friday morning after a difficult week, with gold trading around US$4,028.62 / C$5,631.60 per ounce on the Gold Stock Corp live ticker, up 0.01 percent in US dollars and down 0.16 percent in Canadian dollars. Silver traded around US$53.80 / C$75.21 per ounce, down 1.48 percent in US dollars and down 1.64 percent in Canadian dollars, while platinum traded around US$1,558.82 / C$2,181.02 per ounce, down 0.69 percent in US dollars and down 0.72 percent in Canadian dollars. Gold earlier fell to US$3,986.50, its lowest level since July 20, before edging back above US$4,000, and it remains on track for a weekly loss of about 3.5 percent, its steepest weekly loss since June. The driver remains energy-led inflation. Brent crude touched a more than five-month high on Friday after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies, reinforcing the view that rising oil prices could keep inflation and real interest rates higher for longer and reduce the relative appeal of holding non-yielding bullion. That pressure has kept Federal Reserve expectations tilted toward further tightening later in the year, even as markets expect a hold at the October 27 to 28 meeting, and it has pushed silver and platinum to their lowest levels in months alongside gold. External spot checks this morning corroborated the site ticker, with Reuters and Kitco reporting spot gold near US$4,026.15, silver near US$53.89, and platinum near US$1,557.03. For investors: This is a test of the US$4,000 level in gold, not yet a confirmed reversal. A sustained hold above that level into the weekend would steady the picture after the three-month low, while a close below it would keep downside momentum in focus heading into a crowded central bank week. Canadian-dollar investors should watch both spot and the loonie, because oil strength can support the Canadian dollar at the same time as it pressures US dollar metals, which changes the C$ entry point even when US dollar prices stabilise. Position sizing ahead of Wednesday, October 28, when the Bank of Canada and the Federal Reserve both decide, remains the key call. For jewelers: Lower Canadian-dollar prices offer a practical restocking window, with gold near C$5,631.60, silver near C$75.21, and platinum near C$2,181.02 easing fabrication economics compared with earlier this week. Volatility remains high and quotes can reset quickly around next week data and the October 28 decisions, so confirming metal pricing early and keeping scrap and trade buying aligned to live spot helps protect margins while customers react to the drop from recent highs. Coming up \u2014 events that will move metals this week: Tuesday, October 27, 10:00 AM ET \u2014 US Conference Board consumer confidence: a read on household sentiment heading into the Federal Reserve meeting. Weak confidence can point to slowing spending and weigh on the US dollar, while a firm print supports higher-for-longer rate expectations that pressure metals. Wednesday, October 28, 9:45 AM ET \u2014 Bank of Canada rate decision and Monetary Policy Report (consensus hold at 2.25 percent, prior 2.25 percent): the decision and the Bank outlook 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 \u2014 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): the statement and press conference tone on inflation and December tightening will set yields and the US dollar, the two biggest near-term drivers for bullion. Thursday, October 29, 8:30 AM ET \u2014 US advance Q3 GDP and September PCE price index (GDP prior Q2 growth 2.2 percent; PCE is the Federal Reserve preferred inflation gauge, prior core PCE 3.0 percent year over year in August): hot inflation with firm growth would reinforce hike expectations and pressure metals, while softer data would challenge that pricing the day after the Fed decision. Live prices: https://www.goldstocklive.com