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The Fed held rates at 3.75%-4% on October 28 with a 10-2 vote, and gold rose about 0.7% before falling about 4.7% by Friday to near $3,876. Futures priced the chance of a December hike near 76%.
Gold is down about 29% from its January record.
Higher-for-longer rate expectations raise the opportunity cost of holding non-yielding assets and strengthen the dollar. These conditions weigh on dollar-denominated commodities broadly, although gold is not a feed input.
globalgoldprices.comMacro, Policy DeskOct 31, 2026After 4,478 past macro events, US Dollar (Broad) moved a median +0.0% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
