Gold eases to $4,118 an ounce before Fed's October 27-28 meeting

Gold prices edged lower on October 21, 2026, with spot gold off 0.1% at $4,118.64 an ounce and US futures for December delivery down 0.1% at $4,137.60, as investors positioned ahead of the Federal Reserve's October 27-28 policy meeting, Metrobank Wealth Insights reported, citing Reuters.

Traders see an 84% probability that the Fed holds rates steady at that meeting and a 90% probability of an increase in December, based on CME's FedWatch Tool. Nearly all economists in a Reuters survey expect the central bank to wait until December to move, even with inflation running above its 2% target. Personal consumption expenditures data, the Fed's preferred inflation measure, is also due in the week beginning October 26.

Higher rates tend to pressure gold because bullion pays no income.

Other central banks are tightening as well. A majority of economists polled by Reuters expect the Bank of Japan to lift its policy rate to 1.50% in December after increases in June and September.

Elsewhere in metals, spot silver held at $57.95 an ounce, platinum gained 0.5% to $1,656.10 and palladium was little changed at $1,102.13.

This story was first reported by Metrobank Wealth Insights.