Daily note · 28 October 2026
Gold gives back part of Tuesday’s rally as the dollar firms into the Fed decision
Gold bounced on Tuesday from $3,989 to close near $4,062, its best day in over a week. Asia peaked at $4,070 just after midnight UK, then slid to $4,028 by 07:00 as the dollar firmed. Spot is $4,047 ahead of tonight’s Fed decision.
XAUUSD
$4,047.27
spot · 08:07 GMT · −0.37%
DXY
102.43
Tue close 102.32
UST 2Y / 10Y
4.70% / 4.99%
CMT · 27 Oct
Catalyst
FOMC today
18:00 UK · PCE Thu
Chart: gold futures GC=F daily candles with 20-day average (Yahoo Finance data, plotted 08:06 GMT, 28 Oct 2026). Futures trade at a premium to spot, so chart levels differ from the spot strip.
BackdropThe dollar is firm and yields are steady at 5%, so gold has no macro tailwind going into the Fed.
Market structureTuesday’s bounce held above $4,000, but Asia could not extend it past $4,070. Working range: $4,015–$4,075.
Educational market commentary for information and knowledge sharing only. Not investment advice. Disclaimer & risk warning.
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