Gold holds above $4,000 on oil pullback

October 26, 2026 (MLN): Gold rose on Monday as a pullback in oil prices eased concerns over inflation, with investors positioning ahead of the US Federal Reserve’s rate decision due later this week.

Currently, spot gold is up 0.24% to $4,004.43 an ounce as of [11:25 am] PST, according to data reported by Mettis Global.

Oil prices retreated on Monday after climbing to nearly six-month highs late last week, though continued attacks on Saudi Arabia kept supply risks on the radar.

The Fed is scheduled to conclude its policy meeting on October 28, followed a day later by US Personal Consumption Expenditures (PCE) data, the inflation gauge most closely tracked by the central bank as it works toward its 2% target.

Markets broadly expect the Fed to hold rates steady this week, while the probability of a hike in December stands at 75%, per CME’s FedWatch Tool.

Separately, US business activity grew at a slower pace in October, but strong demand let firms lift prices for goods and services, suggesting inflationary pressure could build further and stay elevated in the months ahead, according to CNBC.

Among other precious metals, spot silver rose 0.6% to $54.19 per ounce, platinum held at $1,551.31, and palladium added 0.6% to $1,050.50.

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