Gold holds firm as oil gains stoke inflation concerns

October 28, 2026 (MLN): Gold prices were steady in international trade on Wednesday, as a rally in crude oil fed concerns over inflation and investors held back ahead of the US Federal Reserve’s interest rate verdict later in the day.

Currently, spot gold is up 0.42% to $4,029.31 an ounce as of [11:52 am] PST, according to data reported by Mettis Global.

Oil prices moved up after a strike on a refinery in Saudi Arabia, the world’s largest crude exporter, revived fears of supply disruptions in the Middle East, according to CNBC.

Costlier energy strengthens the case for the Fed holding interest rates high for an extended period, which makes non-interest-bearing bullion less attractive to hold.

The Fed’s policy decision is due at 1800 GMT.

Investors will also track the Personal Consumption Expenditures data due on Thursday, a key inflation measure for the central bank, which is aiming for 2 % inflation.

Traders broadly expect rates to stay on hold at this meeting, though CME’s FedWatch Tool shows about 84 % odds of a rate increase in December.

Among other precious metals, spot silver declined 0.6 % to $54.06 per ounce and platinum lost 0.4 % to $1,533.64. Palladium moved up 0.5 % to $1,030.80.

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