Gold Price Today 28 Oct 2026: spot gold (XAUUSD) is near $4,048 on Wednesday morning, slipping slightly from the $4,060 close after Tuesday’s rebound as oil fell for a second day. A firmer dollar index (DXY) near 102.36 and a US 10-year Treasury yield around 4.99% are still weighing on prices. Markets now await the Fed decision at 18:00 GMT, where a hold at 3.75–4.00% is expected.
Updated Wed 28 Oct 2026 · 02:25 GMT · Spot gold price as of the Asian morning, 28 Oct 2026 (around 02:15 GMT)
Vs Tuesday 27 Oct close near $4,060.20 · Gold rose for two straight sessions ahead of the Fed but is still down about 3.2% over one month (Trading Economics, FXStreet)
Key points for gold today
- 1Spot gold is near $4,048 (−0.30%) this morning after closing Tuesday at $4,060. It touched around $4,065 in the Asian morning as oil eased, but still cannot break $4,080.
- 2Markets expect the Fed to hold at 3.75–4.00% today. CME FedWatch prices only a 6.6% chance of a hike at this meeting but puts the odds of a December hike as high as 84.4%
- 3Resistance at $4,125 (20-day Bollinger midline) and $4,220 (100-day moving average); support at $4,015, $3,975 and $3,942
- 4Today watch the BoC at 13:45 GMT and the Fed decision at 18:00 GMT, followed by Fed Chair Kevin Warsh’s press conference at 18:30 GMT.
3 factors driving gold
- OilOil eases for a second day, calming inflation worries
Crude fell for a second day on hopes for Middle East peace talks. Scotiabank says WTI is holding just above $100 a barrel, with Brent above $110. FXStreet says cheaper oil eases inflation pressure and could keep the Fed from turning too hawkish, which supports gold, but oil could jump again if US–Iran or Houthi–Saudi tensions return.
- FOMCMarkets still expect a December Fed hike
The Fed announces its decision at 18:00 GMT and is expected to hold at 3.75–4.00%. CME FedWatch prices only a 6.6% chance of a hike at this meeting but about 84.4% for December. Higher rates raise the cost of holding non-yielding gold, so markets are watching how clearly Fed Chair Kevin Warsh signals a hike. Read our Fed decision preview
- DXYDollar and yields stay high; gold cannot clear $4,080
The dollar index (DXY) edged up to around 102.36 (+0.13%) as investors bought US AI and semiconductor stocks, while the US 10-year yield swung between 4.96% and 5.01%. Krungthai Bank notes gold rebounded above $4,050 but has not clearly broken $4,080, and Scotiabank sees gold as still fragile while it tries to hold above $4,000.
Key support and resistance levels
| $4,220 | R2 | 100-day moving average; next is the upper Bollinger band near $4,235 |
| $4,125 | R1 | 20-day Bollinger midline, the first resistance to clear to ease selling pressure |
| $4,048 | NOW | Latest price (Trading Economics, around 02:15 GMT) |
| $4,015 | S1 | Lower Bollinger band; a daily close below it could open the way to a deeper correction |
| $3,975 | S2 | Support cited in FXEmpire analysis (27 Oct) |
| $3,942 | S3 | Key support cited in FXStreet analysis (26 Oct) |
Levels as of 28 Oct 2026, based on FXStreet (28 Oct) and FXEmpire (27 Oct) analysis. Not a trading recommendation · Daily RSI (14) is at 41 per FXStreet
Upside / downside
Breaks $4,125 after the Fed
If the Fed signals no rush to hike in December and oil keeps easing, gold could test the Bollinger midline near $4,125, followed by the 100-day moving average near $4,220 and $4,235, which FXStreet says must be cleared to restore a clear uptrend.
Closes below $4,015
If the Fed clearly signals a December hike, the dollar and yields could rise further and gold could break the lower Bollinger band near $4,015, then test $3,975 and $3,942.
Levels as of 28 Oct 2026, based on FXStreet and FXEmpire analysis. Not a trading recommendation.
Wed 28 Oct 2026 · Gold-moving events
- Bank of Canada (BoC) rate decisionMoves the Canadian dollar and the broader US dollarMED
- FOMC decisionA hold at 3.75–4.00% is expected; watch for December hike signals. A more hawkish tone than expected could weigh on goldRead analysis →HIGH
- Fed Chair Kevin Warsh press conferenceGold is often volatile during the Q&AHIGH
Gold swings near $4,050 before the Fed: get cash back on every lot
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Sources (7)
- Trading Economics – Gold (28 Oct, around 02:15 GMT)
- TradingView – OANDA:XAUUSD (28 Oct)
- TradingView – DXY and US10Y (28 Oct)
- FXStreet – Gold rises above $4,050 ahead of Fed rate decision (28 Oct)
- FXStreet – Gold Price Forecast (26 Oct)
- FXEmpire – Gold & Silver Forecast (27 Oct)
- Siam Business News – Krungthai Bank: DXY, gold and yields (28 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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