Gold futures fell 4.14% in the week ended October 23, 2026, as precious metals investors looked ahead to the Federal Reserve’s next policy meeting. Silver futures also declined, settling at $53.95 an ounce.

Key Takeaways

  • December Comex gold futures closed at $4,007.9 an ounce, down $173.2 for the week.
  • Silver futures fell $3.35, or nearly 6%, to $53.95 an ounce.
  • Analysts are watching the Fed’s October 27–28 meeting for signals on interest rates.

Gold futures recover from below $4,000

December gold futures briefly slipped to $3,989 an ounce on Friday, October 23, before recovering above $4,000. The contract still finished the week down more than 4%.

Analysts said higher US Treasury yields and a stronger dollar had limited recovery attempts in precious metals. Pranav Mer, senior vice president for commodity and currency research at JM Financial Services, said silver’s decline also reflected weakness in industrial metals and gold, alongside softer industrial demand.

Fed decision in focus

Jateen Trivedi, a commodity and currency research analyst at LKP Securities, said gold could remain under pressure until there is greater clarity on the Fed’s policy path. He said a more hawkish stance could strengthen the dollar and lift yields, while a less hawkish tone could provide some relief to bullion prices.

Analysts are also watching policy decisions from the European Central Bank and Bank of Japan, as well as US inflation, durable goods, consumer confidence and third-quarter GDP data. Mer said elevated energy costs were adding pressure on bullion; Brent crude settled above $117 a barrel.

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