Gold futures on COMEX traded around $4,030, down 0.20%, on Tuesday, October 27, 2026, ahead of the Federal Reserve’s policy decision. Silver fell more sharply, losing 1% to around $53.80 and trading near its weakest level in 11 months. The quotations were intraday observations, not closing settlements.

Key Takeaways

  • Gold remained under pressure after losing more than 4% the previous week.
  • Silver underperformed gold in both international and Indian trading.
  • The Fed’s October 28 decision was still pending; expectations of unchanged rates were not a policy commitment.

Gold futures await the Fed’s policy signal

The Federal Reserve’s FOMC meeting calendar lists the October policy meeting for October 27–28, 2026. Investors were awaiting the decision and guidance on the future path of interest rates.

The Fed was widely expected to leave its target range unchanged at 3.75%–4%. That expectation remained separate from the eventual decision, and a hold would not by itself establish the direction of policy at later meetings.

Gold’s latest decline followed a loss of more than 4% the previous week, when the 10-year US Treasury yield approached 5%. Higher yields increase the opportunity cost of holding gold, which pays no interest, although that relationship alone does not establish the cause of Tuesday’s price movement.

Weaker rupee cushions Indian precious metals

On India’s Multi Commodity Exchange, gold traded around ₹142,900, down 0.12%, after recovering from an opening level near ₹142,580. MCX silver was around ₹194,470, down 0.68%. Both declines were smaller than the corresponding international moves.

The rupee was quoted around ₹95.14 per US dollar. Its weakness partly offset the international decline in precious metals: a weaker local currency raises the rupee cost of a dollar-denominated commodity, all else equal.

The gold-silver ratio stood at approximately 74.8 to one. Silver’s larger percentage decline showed that gold was holding up better in relative terms, even though both metals were lower.

Next milestone

The next scheduled policy milestone is the conclusion of the Fed’s October 27–28 meeting, when its decision and accompanying communication will replace expectations with an announced policy stance.

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