Spot gold (XAUUSD) fell about 4.1% this week to close around $3,994–4,000, its lowest since early August, after a sell-off in AI tech stocks and an oil spike triggered by Houthi attacks on Saudi Arabia. The dollar index (DXY) held steady near 101.75, while the euro (EUR/USD) was the weakest major currency amid unrest in France. Next week the Fed, ECB and BoJ all meet.
Updated Sat 24 Oct 2026 · 15:01 GMT · New York closing prices Fri 23 Oct 2026 vs close on Fri 16 Oct 2026
Key themes of the week
- 1Gold fell about 4.1%, its steepest drop in weeks. Thursday alone saw a 2.6–2.9% slide even as US yields fell, as investors sold gold alongside AI tech stocks. On Friday it touched around $3,978 before closing near $4,000
- 2Houthi attacks on airports and oil facilities in Saudi Arabia pushed Brent crude to a Friday close of $116.72, the highest since late April. December WTI closed at $103.27 as markets worried energy-driven inflation will persist
- 3The US 10-year Treasury yield fell from around 5.09% to close near 5.00% after dropping more than 10bp in a single day on Thursday as money flowed into bonds during the tech sell-off, before rebounding on Friday with oil prices
- 4UK September inflation accelerated to 3.5%, above forecast, and sterling posted a second weekly gain. The Australian dollar (AUD/USD) led the market, up 1.2% and back above 0.70. Markets price roughly 91–92% odds that the Fed holds next week, but still see about 71–76% odds of a hike in December
Weekly performance
Closing prices on Fri 23 Oct 2026 (New York) vs close on Fri 16 Oct 2026 · FX and DXY from Trading Economics, cross-checked with CappNotes (DXY 101.79 · EUR/USD 1.1204 · USD/JPY 156.81), weekly direction from FXStreet · Gold: Trading Economics $3,993.96 (−4.14%) / BabyPips down about 4.0%, closing near $4,000 · WTI is the December contract (Trading Economics +4.3% / BabyPips about +4.2%); the prior week’s close was the November contract at $101.41 · US10Y: Trading Economics 5.00% / BabyPips from ~5.08% down to ~5.00% · % figures are rounded and may differ slightly by price source
What happened this week
The week opened with good news from China: Q3 GDP grew 4.5% year on year, better than expected, supporting the Australian dollar from Monday 19 Oct. Europe was tense, however: riots in France led the government to impose a curfew, the French 10-year yield jumped about 15bp and the euro weakened toward 1.12, while the US 10-year yield climbed to around 5.15%, pushing gold below $4,150. Canada’s September CPI came in at 3.1%, slightly below the 3.2% forecast.
Midweek was relatively quiet, with gold swinging in a $4,110–4,155 range. On Wednesday 21 Oct, UK September inflation came in at 3.5%, above the 3.4% forecast and up from 3.1% the month before on higher fuel prices, and sterling (GBP/USD) held around 1.34. The turning point came on Thursday 22 Oct, when the Houthis attacked Dammam airport and oil facilities in Saudi Arabia and the US ordered some diplomats to leave. Oil surged, while AI tech stocks were hit by heavy selling and the Nasdaq fell about 2.6%. Money flowed into bonds and the 10-year yield dropped to around 4.96–4.97%, yet gold fell with stocks by about 2.6–2.9% to around $4,020–4,030. The yen strengthened, with USD/JPY falling toward 156.
On Friday 23 Oct gold broke below $4,000 to a low near $3,978 before closing around $4,000, down about 4.1% for the week. Brent closed at $116.72, the highest since late April, and inflation worries pushed the 10-year yield back up to around 5.00%. The France–Germany 10-year yield spread widened to 170bp, the widest since 2011, and the euro ended the week down about 0.3%, the weakest of the majors. The dollar index (DXY) held near 101.75 after dipping to around 101.50 midweek. The final October UMich reading came in at 48.0, better than the 46.3 forecast but still low.
Key releases of the week
- Mon 19 Oct · ChinaQ3 GDP grew 4.5% y/y better than expected, supporting the Australian dollar · Read more →
- Mon 19 Oct · FranceRiots, government imposes curfew; 10-year yield jumps about 15bp euro weakens toward 1.12 · Read more →
- Mon 19 Oct · CanadaCPI (Sep) 3.1% y/y slightly below the 3.2% forecast, ahead of the BoC meeting on 28 Oct
- Wed 21 Oct · UKHIGHCPI (Sep) 3.5% y/y above the 3.4% forecast, up from 3.1% the month before; sterling holds around 1.34 · Read more →
- Thu 22 Oct · Middle EastHouthis attack Saudi Arabia, Brent hits around $112 gold breaks below $4,100, yen strengthens · Read more →
- Thu 22 Oct · USAI tech stocks sold off, Nasdaq down about 2.6% 10-year yield drops more than 10bp, gold falls about 2.6% · Read more →
- Fri 23 Oct · USHIGHUMich consumer sentiment, final (Oct) 48.0 better than the 46.3 forecast; 1-year inflation expectations 4.7% · Read analysis →
Daily gold: Gold price today 23 Oct → · Daily recap: Forex news 23 Oct →
Outlook for next week
Next week is a big central bank week, starting with the RBNZ and BoC on Wednesday 28 Oct, followed by the Fed decision at 18:00 GMT the same day. Markets expect the Fed to hold rates at 3.75–4.00%; the key is its stance on a December hike after the continued rise in oil prices. On Thursday the ECB announces at 13:15 GMT, and US Q3 GDP and September PCE are due at 12:30 GMT, with the BoJ wrapping up the week around midday Tokyo time on Friday. See rates and meeting dates for every central bank in our central bank rates table
Gold sits around $4,000, a key psychological level. Its direction depends on how clearly the Fed signals a hike and whether the tech sell-off stops. The euro still hinges on French politics and bonds ahead of the ECB meeting, while the yen, which has strengthened toward 156–157, depends on whether the BoJ opens the door to further hikes.
Risks to watch: oil swinging on Middle East headlines, Wednesday’s UK budget that could move sterling, and thin liquidity around late-session central bank decisions. The US stays on daylight saving time until 1 Nov, so 8:30 a.m. ET releases fall at 12:30 GMT, while Europe changed its clocks on 25 Oct. This article is a market overview, not investment advice.
- Australia CPI (Q3)Wed 28 Oct · ahead of the RBA meeting on 3 NovHIGH
- BoC rate decisionWed 28 Oct · currently 2.25%HIGH
- FOMC rate decisionWed 28 Oct · currently 3.75–4.00%HIGH
- US Q3 GDP and PCE (Sep)Thu 29 Oct · previous Core PCE 3.0%HIGH
- ECB rate decisionThu 29 Oct · Deposit Rate 2.50%HIGH
- BoJ rate decisionFri 30 Oct · currently 1.25% · approximate timeHIGH
Our view
Markets head into a week with several major central bank meetings while oil stays expensive and tech stocks remain volatile. Gold is at the $4,000 line: a clear break lower could open the way for further losses, but if the Fed does not lean toward a hike, buyers could step back in.
- 1Be careful around the Fed decisionReleased at 18:00 GMT; thin liquidity can cause price gaps
- 2Busy Thursday sessionGDP + PCE at 12:30 GMT and the ECB at 13:15 GMT, less than an hour apart
- 3Use a stop loss on every orderMiddle East headlines are making oil and gold swing sharply
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Sources (13)
- BabyPips – Weekly Recap (23 Oct)
- CappNotes – Closing Look (23 Oct)
- FXStreet – Next week: central banks
- Trading Economics – Currencies
- Trading Economics – Commodities
- Trading Economics – US10Y
- SCMP – China Q3 GDP
- Yeni Safak – China GDP 4.5%
- Kitco – Canada CPI Sep
- investingLive – Canada CPI
- ForexFundamentals – UK CPI Sep
- ONS – UK CPI Sep
- Newsquawk – Week in Focus 26–30 Oct
Risk warning: Trading forex, gold and CFDs carries a high level of risk and you may lose all of your capital. This article is a summary for educational purposes only and is not investment advice. Prices may have changed by the time you read it.
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