Evening Gold Review for October 26: After Returning Above $4,000, Focus Shifts to the FOMC Meeting

Author: Thomas | Evening Review | October 26, 2026

This is an intraday review as of publication time, not a New York closing summary. Today is Monday, and gold has re-entered trading after the weekend, with market attention also turning to the Federal Reserve meeting on October 27-28. Only by first separating the verifiable price snapshot from policy decisions that have not yet occurred can one avoid writing an intraday rebound as a completed trend.

Where prices stood as of publication time

Kitco's spot gold page showed that at 08:44 EDT on October 26, 20:44 Beijing time the same day, the USD-denominated bid per ounce was $4,018.60 and the ask was $4,020.60; the page indicated an intraday range of $3,977.90 to $4,026.50. The page also showed the bid up $23.70, or about 0.59%, from its comparison benchmark. These are Kitco's spot reference quotes at that moment, not this site's broker XAUUSD execution price, and certainly not the 21:00 price, the New York late-session price, or the final close for the day. Bid/ask prices, spreads, and day-boundary definitions may differ across platforms.

From this set of data, it can be said that the quote had dipped below $4,000 and then returned above it in the 20:44 snapshot, near the high already shown for the day; this page alone cannot determine which piece of news individually caused each move. If readers see different highs and lows on their own trading platforms, they should first check the platform, server time zone, and bid/ask convention before discussing structure.

What the market is debating today

Reuters' gold market report that day linked the stronger gold price to falling oil prices and temporarily eased inflation concerns, while noting that investors were waiting for this week's Federal Reserve policy decision. This narrative has two sides: if oil prices continue to fall, it may ease some inflation pressure and concerns about further tightening, which is supportive for non-yielding gold; but if oil prices rise again, or if the market shifts to emphasizing inflation resilience, rate expectations could again put pressure on gold. The report describes the market's explanation at the time, which is not the same as proving that oil prices are the sole cause of every gold price tick.

Another layer of divergence is safe-haven demand versus holding costs. Investors sensitive to geopolitical conditions and uncertainty may increase gold allocations; conversely, if the dollar and real U.S. Treasury yields strengthen, gold's lack of interest income may become a headwind. The two forces can alternate in taking the upper hand on the same day. Therefore, whether today's rebound and last week's decline have completed a reversal still needs confirmation from subsequent prices and macroeconomic data, and no conclusion can be drawn from a single intraday snapshot.

What to watch first tomorrow

The Federal Reserve's official calendar lists a two-day meeting on October 27-28, with the policy statement scheduled for 14:00 EDT on October 28, around 02:00 Beijing time on October 29; as of publication of this article, the outcome of the October meeting had not been announced. On Tuesday, first watch whether gold can hold the area reclaimed today within each platform's own quote system, then see whether the dollar, bond yields, and oil prices continue to support the same explanation. If gold returns deep into today's trading range, the strength of the rebound should be reassessed; if it continues upward, it should also be given time to hold at higher levels rather than treating a single touch of a high as a successful breakout.

Around major meetings, quotes may change faster, and spreads and slippage may also widen. The $3,977.90 to $4,026.50 range cited in this article is the intraday range shown by Kitco as of 20:44, not a stop-loss, support, or resistance level to be used directly for any account. Specific decisions require checking one's own platform rules and risk budget. The market has not yet closed, and subsequent prices and news may rewrite this intraday observation.