Gold edges lower with focus on Fed minutes, rate path clues

SENSEX 73,709.69

 -143.21

NIFTY 22,811.35

 -77.60

CRUDEOIL 9,290.00

 -21.00

GOLD 145,940.00

 -579.00

SILVER 209,240.00

 -2,245.00

SENSEX 73,709.69

 -143.21

NIFTY 22,811.35

 -77.60

NIFTY 22,811.35

 -77.60

CRUDEOIL 9,290.00

 -21.00

CRUDEOIL 9,290.00

 -21.00

GOLD 145,940.00

 -579.00

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Spot ‌gold fell 0.8% to $4,130.37 per ounce by 0627 GMT. US gold futures dropped 0.7% to $4,157.00

By Reuters

Updated - October 16, 2026 at 01:36 AM.

Gold prices slipped on Wednesday as the US ⁠dollar strengthened | Photo Credit: iStockphoto

Highlights

• Fed's Daly: need for hikes hinges on what happens with shocks
• China's central bank adds to gold reserves
• ​Platinum and palladium down over 1% each

Gold prices slipped on Wednesday as the US ⁠dollar strengthened, while investors awaited minutes from the Federal Reserve’s September meeting for clues on whether policymakers remain inclined to raise rates further.

Spot ‌gold fell 0.8 per cent to $4,130.37 per ounce by 0627 GMT. US gold futures dropped 0.7 per cent to $4,157.00.

The US dollar ‌index rose 0.3 per cent, making greenback-priced metals more expensive for ‌investors ⁠holding other currencies.

Minutes of the latest Federal Open Market ⁠Committee meeting are due later in the day.

“The yellow metal is likely to remain relatively stable with a mild downside bias,” said Frank Walbaum, ​a market analyst at Naga.com.

“Minutes will ‌clarify the Fed’s monetary policy and the degree of support among policymakers for further rate increases and could reshape upcoming hike odds. Subsequent moves in long-term Treasury yields, the ‌dollar, or oil prices triggered by any Middle East ​developments would then amplify the directional impact (on gold),” Walbaum said.

San Francisco Fed President Mary Daly said whether further rate hikes are needed depends ‌largely on if the factors pushing up inflation fade or persist, while Kansas City Fed President Jeff Schmid said rates still need to rise further to bring inflation down.

While recent soft economic data have dampened expectations of an October rate increase, traders are still pricing in an 88 per cent chance of ‌a hike by December, according to the CME’s FedWatch tool.

In a high-interest-rate ​environment, investors tend to favour yield-generating assets over gold.

Separately, delegates attending the London Bullion Market Association’s annual conference ⁠in Sorrento, Italy, forecast that gold could reach $5,013 an ounce over ⁠the next 12 months.

China’s central bank stepped up its gold purchases in September, extending its buying streak ‌to a 23rd consecutive month, official data showed.

Spot silver fell 1.9 per cent to $60.54, platinum eased 1.3 per cent to $1,679.20, and palladium lost 1.5 per cent ​to $1,154.35.

Published on October 7, 2026

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