October 29 Gold Evening Review: After GDP and PCE Release, Gold Price Still Needs Subsequent Confirmation

Author: Thomas | Evening Review | October 29, 2026

Just after 21:00 Beijing time on October 29, the US Eastern morning data release window has opened, and gold prices are still in the trading phase following the news shock. At this point, this cannot be written as a New York close, nor can all capital direction be inferred from a single rapidly fluctuating candlestick. This article uses verifiable quote snapshots and the official schedule as boundaries to sort out where tonight has progressed and what still needs confirmation.

Gold Price Snapshot: Down, but Not a Closing Conclusion

The Kitco spot gold page showed at 09:06 US Eastern Daylight Time on October 29, 21:06 Beijing time, a bid of USD 4,025.20 per ounce and an ask of USD 4,027.20; relative to the previous benchmark used by the page, the bid was down USD 41.40, or about 1.02%. The page gave an intraday high-low range of USD 4,015.30 to 4,069.90. The above is a snapshot of Kitco's USD-denominated spot quote, not an executable price for XAUUSD at EBC or any other broker, nor is it the full-day closing price. Spreads, quote timing and intraday range conventions may differ across platforms, and actual operations should be based on one's own trading terminal.

A single-day decline of nearly 1% indicates that selling pressure was evident as of that snapshot; however, there is already a distance between the intraday low and the snapshot, so it cannot be asserted on that basis that prices will continue in a one-way decline. What is more worth reviewing is whether, after breaking below a certain area, subsequent hourly closes continue below it, or whether price returns to the previous range. The current page only provides a snapshot from this one quote provider, which is not enough to give precise market-wide support and resistance.

News Side: Verify the Original Data First, Then Explain the Moves

The release schedule of the US Department of Commerce's Bureau of Economic Analysis lists that the advance estimate of US third-quarter GDP and the September personal income and outlays report are both scheduled for 08:30 US Eastern Time on October 29, which is 20:30 Beijing time. The latter includes the personal consumption expenditures price indicator that the market watches. This article was written shortly after the release, but as of finalization the specific figures could not be verified from an accessible official report from the Bureau of Economic Analysis, so unverified growth rates, inflation rates or expectation gaps are not filled in here, and the decline in gold prices is certainly not directly attributed to a single number.

A policy background that can be confirmed is that the Federal Reserve's October 28 meeting kept the federal funds rate target range unchanged. The market then needs to look at growth, inflation and monetary policy expectations together: if inflation or growth information strengthens expectations that rates will remain high, the dollar and Treasury yields may put pressure on gold; if the market finds that data details or subsequent interpretation do not support the initial reaction, gold prices may also recover part of the decline. These two are observation scenarios, not definitive judgments on tonight's outcome.

How to Verify Tonight and Tomorrow

Tonight, first look separately at prices before and after the 20:30 data release, recording the pre-news range from the same quote source, the post-release low, and the closing position one to two hours afterward. If gold rebounds but repeatedly fails to return to the pre-news range, the weak interpretation has more support; if it reclaims and holds it, the breakout on which chasing shorts is based should be reassessed. In particular, note that spreads and slippage widen during news periods; a chart touching a certain price does not mean an account can execute at that price.

Tomorrow at 20:30 Beijing time, the US Bureau of Labor Statistics plans to release the third-quarter employment cost index. It can provide another piece of information on wage costs and subsequent inflation pressure, but a single data item likewise cannot determine the direction of gold on its own. At that time, compare the official data, the synchronous changes in the dollar, Treasury yields and gold, and check whether today's move continues on the second trading day. If official data have not yet been verified, withhold judgment for now. This article is for market review and risk education only and does not constitute trading advice; leveraged trading may cause rapid losses.