Spot gold (XAUUSD) is steady around $4,018 on Friday morning, close to the psychological $4,000 support, after falling about 2.8% yesterday to close near $4,024, its lowest since early August, as oil prices spiked after attacks in Saudi Arabia and markets priced in a Fed hike in December. Tonight, watch UMich at 14:00 GMT.
Updated Fri 23 Oct 2026 · 02:35 GMT · Gold prices as of the morning of 23 Oct 2026 (about 02:20 GMT)
Compared with Thursday’s 22 Oct close near $4,024, after a 2.83% one-day drop to the lowest since early August (Trading Economics) · OANDA on TradingView near $4,014
Key gold takeaways today
- 1Spot gold is around $4,018 (−0.16%) this morning, after Thursday’s drop of 2.83% to close near $4,024, the lowest since early August, and down about 6% over one month. Read breaking: gold plunges
- 2Oil spiked on attacks in Saudi Arabia, adding to inflation worries, and markets price about a 76% chance of a Fed hike in December, even though a hold is expected at the 28 Oct meeting
- 3Support at $4,000 and $3,960, resistance at $4,070, $4,150 and $4,200
- 4Tonight, watch the US PMI at 13:45 GMT and UMich at 14:00 GMT
3 factors driving gold
- OilOil spikes after attacks in Saudi Arabia, raising inflation worries
FXStreet reported that drone strikes on Aramco’s Shaybah oil field and an airport in eastern Saudi Arabia pushed Brent up to test a 5-month high near $109, while WTI approached $100. High oil prices are stoking inflation worries and offsetting the support gold should get from lower yields.
- FedMarkets expect a Fed hike in December
CME FedWatch puts the chance of the Fed holding rates at the 28 Oct meeting at about 92.8% (FXStreet), but Trading Economics says markets price about a 76% chance of a 0.25% hike in December. Gold pays no interest, so it comes under pressure when markets expect higher rates. The dollar (DXY) is around 101.81 (TradingView).
- YieldYields fall, but safe-haven money goes into bonds instead of gold
The US 10-year Treasury yield fell more than 10bp to around 4.97%, its lowest in about a month, according to Trading Economics, on risk aversion in stocks and worries about AI stock valuations. Lower yields usually support gold, but this time safe-haven money chose bonds over gold.
Support and resistance levels to watch
| $4,200 | R3 | Highs of 13 and 16 Oct · Societe Generale sees short-term resistance at $4,200–4,225 |
| $4,150 | R2 | Tuesday and Wednesday highs (20–21 Oct) |
| $4,070 | R1 | Former support that has now been broken (lows of 7 and 14 Oct) |
| $4,018 | NOW | Latest price (Trading Economics about 02:20 GMT) |
| $4,000 | S1 | Psychological support, near the late-July to early-August lows |
| $3,960 | S2 | June lows ($3,960/3,940) according to Societe Generale |
Levels as of 22–23 Oct 2026 based on analysis from FXStreet and Societe Generale (via FXStreet), not trading advice
If it rises / if it falls
Moves back above $4,070
The next levels are $4,150, the high from earlier this week, and the $4,200–4,225 zone at the top of the range. Supportive factors would be UMich or inflation expectations coming in below forecast and a pullback in oil prices.
Breaks below $4,000
Selling could extend to the June lows around $3,960/3,940, and Societe Generale sees the next target near $3,830, while the daily RSI around 35 is not yet oversold. Pressure would come from further gains in oil or UMich inflation expectations above 4.7%.
Levels as of 22–23 Oct 2026 based on analysis from FXStreet and Societe Generale, not trading advice
News that moves gold: Friday 23 Oct 2026 and next week
- US S&P Global flash PMI (Oct)Services forecast 57.9 · previous 58.8 · Manufacturing forecast 55.4 · previous 55.9MED
- UMich US consumer sentiment (Oct, final)Forecast 46.3 · Sep 48.1 · 1-year inflation expectations forecast 4.7%Higher-than-expected inflation expectations could support the case for a Fed hike and weigh on goldRead analysis →Due today at 14:00 GMTHIGH
- Fed (FOMC) decision · 28 OctMarkets expect a hold; watch for signals of a December hikeHIGH
Gold slips toward $4,000 ahead of UMich: get cash back on every lot
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Sources (7)
- Trading Economics – Gold (23 Oct, about 02:20 GMT)
- TradingView – OANDA:XAUUSD (23 Oct)
- TradingView – DXY (23 Oct)
- Trading Economics – US 10Y / Fed odds (22–23 Oct)
- FXStreet – Gold tests key support at $4,070 (22 Oct)
- FXStreet – Gold falls to two-month low below $4,050 (23 Oct)
- Investing.com – US calendar for Friday 23 Oct
Risk warning: Trading gold, forex 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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