October 28 Gold Morning Report: After Overnight Rebound, Awaiting the Fed's Official Decision

Author: Thomas | Gold Morning Report | Beijing time, October 28, 2026, about 09:00

The Fed's policy meeting enters its second day, and gold prices weakened first and then strengthened during the overnight session. First, the quote basis: Kitco's spot gold page shows that at 20:55 New York time on October 27, 08:55 Beijing time on October 28, the bid was $4,064.60/oz and the ask was $4,066.60/oz; the page also notes that prices are as of 20:54 New York time, a one-minute difference between the two places. The page lists October 27's intraday low at 3,988.50 and high at 4,071.60/oz. The above is a public spot reference snapshot, not equal to any broker's XAUUSD account executable price at 09:00, and it certainly cannot be used to write a policy outcome that has already occurred.

Overnight price action: from weakness to rebound

The same Kitco source cited by this site last night at 20:53 showed a bid of $4,022.30/oz. Compared with 4,064.60 this morning at 08:55, the two snapshots differ by $42.30, indicating that the price level has clearly risen; however, there were still fluctuations between the two points and it cannot be written as a straight-line rise. Kitco's report on the U.S. trading session on October 27 also described early-session pressure and an evening rebound. Taking only one of those periods could mistakenly turn the day's tug-of-war between bulls and bears into a single direction.

The 3,988.50 to 4,071.60 range shown on the page is that source's historical intraday high and low for October 27, not the range already formed for the whole of today. This morning's snapshot is near yesterday's high end; going forward, watch whether it can maintain a higher low on the same data source; if it falls back into the middle of yesterday's wide range, the strong interpretation needs to be downgraded. Quotes, spreads, and server dates may differ across platforms, and readers should first re-mark highs and lows on their own platform.

News backdrop: confidence improves, policy still pending

The U.S. Conference Board reported on October 27 that the October consumer confidence index rose to 91.7, with the September revised value at 84.2. This is published data, not a forecast that had not yet been released during last night's review. Stronger confidence may be interpreted as growth resilience, and may also prompt the market to revisit how long rates will stay high; the final impact of the data on gold needs to be checked against the dollar, real yields, and subsequent gold price changes, and "good data means bearish gold" cannot simply be applied.

Kitco's October 27 report linked the evening rebound in precious metals to falling oil prices easing inflation concerns, while noting that the market was still waiting for the Fed decision. This is the market explanation given by the report and does not prove that oil prices were the only cause. Bulls will watch whether buying can continue after oil prices fall and rate expectations ease; bears will watch for pullbacks near prior highs and the pressure that the dollar and yields could bring if policy wording is hawkish. Both sides are scenarios that need subsequent price verification.

Today's schedule and key points to watch

The Fed's official calendar lists October 27-28 as a two-day policy meeting, with the meeting statement scheduled for 14:00 Eastern time on the 28th and the press conference at 14:30, corresponding under current daylight saving time to about 02:00 and 02:30 Beijing time on the 29th. As of this morning report, neither the decision nor the press conference has occurred. The U.S. Bureau of Labor Statistics' October calendar also lists regional employment and unemployment data for release at 10:00 Eastern time on the 28th, about 22:00 Beijing time tonight; the official schedule should still be rechecked before the actual release.

Today's observations can be divided into three stages: first, see whether the Asian session holds the structure after the overnight rebound; during the European session, compare bid-ask spreads and changes in highs and lows; around U.S. data and the Fed meeting, separately record news time, quote time, and trading conditions. If there is a breakout, first judge whether there is a completed candle and subsequent holding, rather than chasing a momentary wick; if there is a pullback, also see whether it truly damages the aforementioned structure. Policy events may cause price gaps and wider spreads, and all scenarios should have invalidation conditions. This article does not provide definitive trade calls and does not promise returns.