Gold Holds Near US$4,055 as Fed Stays Split | Gold & Silver, Oct 28
Key Facts
- Spot gold was little changed near US$4,055 an ounce on Wednesday, October 28, down about 0.15%; the gold fund GLD closed up 0.33% at US$373.51.
- Spot silver slipped about 0.86% to US$53.92 an ounce, while the silver fund SLV lost 0.20% to US$49.06.
- Gold miners rose: the GDX fund of gold miners gained 0.91%, and the miners Newmont, Agnico Eagle and Hecla rose 1.14%, 1.33% and 2.05%; Barrick fell 1.31%.
- The US Federal Reserve (Fed) held rates at 3¾% to 4% with two of its twelve voters preferring a quarter-point rise.
- Prediction markets: Polymarket, a prediction market, puts 52.5% on gold dipping to US$4,000 and 35.5% on a rise to US$4,100 in October, as of 28 October 2026, 8:47 pm ET.
Today’s Focus
Gold held its ground on Wednesday after the US Federal Reserve (Fed), the US central bank, left interest rates unchanged. Spot gold ended near US$4,055 an ounce, roughly flat on the day, while the gold fund GLD closed 0.33% higher.
Silver was weaker, slipping about 0.9% to US$53.92 an ounce. Mining shares did better than the metal, with the gold-miners fund GDX up 0.91%.
The Fed’s decision was split: ten voters backed holding the target range at 3¾% to 4%, and two preferred a quarter-point rise.
What matters today. Gold is priced in dollars and pays no interest, so a Fed that is split between holding and raising keeps pressure on the metal while the dollar and Treasury yields stay in focus.
01 The session in one read
Gold ended Wednesday close to where it began. Spot gold was near US$4,055 an ounce, down about 0.15%, while the GLD fund, which closes earlier in New York, rose 0.33% to US$373.51.
Silver fell about 0.86% to US$53.92, and the SLV fund lost 0.20% to US$49.06.
Mining shares were firmer than the metals: the GDX fund of gold miners gained 0.91% to US$83.95.
Gold’s move was within normal daily noise, and the fund and spot readings differed slightly because of closing times. Two Fed voters wanted a rate rise, which is a mild negative for non-yielding metals.
The variable to watch is the 10-year US yield, which ended at 5.02%, and any shift in Fed language.
02 The board
The table shows the funds as they closed in New York, with spot prices in the text. Gold and silver spot prices are quoted per troy ounce.
Miners outperformed. Newmont added 1.14% to US$113.92, Agnico Eagle 1.33% to US$183.11 and Hecla 2.05% to US$14.92. Barrick lost 1.31% to US$39.04.
| Asset | Level | Change |
|---|---|---|
| Gold fund (GLD) | US$373.51 | +0.33% |
| Silver fund (SLV) | US$49.06 | −0.20% |
| Gold miners fund (GDX) | US$83.95 | +0.91% |
| Newmont | US$113.92 | +1.14% |
| Pan American Silver | US$41.95 | +0.70% |
| Hecla Mining | US$14.92 | +2.05% |
| Barrick | US$39.04 | −1.31% |
Source: RT close, 2026-10-28. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 171,006.10 | -2.68% | +19.56% | 175,710.05 | 178,526 | 175,157 | — |
| IPSA | 10,677.88 | -0.82% | — | 10,766.07 | 10,722 | 10,633 | — |
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| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,505.79 | -0.03% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
03 What moved it
The Fed was the main event. The decision came at 2:00 pm New York time, and the statement showed Governor Lisa Cook and Beth Hammack, president of the Cleveland Fed, voting against the hold in favour of a rise.
The dollar index slipped 0.16% to 102.16, which helps dollar-priced gold, while the 10-year US Treasury yield rose to 5.02%, which weighs on it.
Other data from the RT economic calendar: the US goods trade deficit widened to US$134.9 billion, against US$130.4 billion expected. US crude stocks fell 1.892 million barrels, and stocks at Cushing, the Oklahoma oil hub, fell 0.624 million barrels.
04 The Latin American read
Mexico is the world’s largest silver producer, and Peru is among the top three. Pan American Silver, which mines in Mexico, Peru and Argentina, gained 0.70%.
The Mexican peso gained about 0.3% to 18.62 per dollar, a small help for local-currency costs at Mexican mines.
05 The names to watch
Newmont and Agnico Eagle are the largest US-listed gold producers in our basket, and both gained more than 1%. Hecla, a silver and gold miner, led with a 2.05% gain.
Barrick, which has big mines in the Dominican Republic and Argentina, fell 1.31% and lagged the group.
06 The outlook
Gold is likely to stay range-bound until the Fed gives a clearer signal. A move through US$4,100 would be a bullish sign; a fall below US$4,000 would be bearish.
Prediction markets give 52.5% to a dip to US$4,000 in October and 35.5% to a rise to US$4,100.
What Prediction Markets Say
On Polymarket, a prediction market, traders put the chance that gold dips to US$4,000 at some point in October 2026 at 52.5%, and the chance that it reaches US$4,100 at 35.5%. They see 6.3% for a dip to US$3,900 and 4.0% for a rise to US$4,200. About US$475,000 has been traded on this market, as of 28 October 2026, 8:47 pm ET.
Prices on prediction markets are bets, not polls or forecasts by officials.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
07 What to watch
- The 10-year US yield: A sustained move above 5.02% would raise the cost of holding gold.
- The dollar index: A rebound in the dollar would pressure dollar-priced metals.
- Fed language: Whether the two dissenters gain support at the next meeting.
- Silver supply from Mexico and Peru: Mine output and the peso affect supply.
Frequently Asked Questions
What did gold do on Wednesday?
Spot gold was little changed near US$4,055 an ounce, while the GLD fund rose 0.33%.
Why does the Fed matter for gold?
Gold pays no interest, so higher interest rates make it less attractive. The Fed held rates but two voters wanted a rise.
Which Latin American countries produce silver?
Mexico is the world’s largest producer and Peru is among the top three.
What is GLD?
It is a US-listed fund that holds physical gold, so it tracks the gold price closely.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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