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Tuesday, October 27, 2026
What’s happening: Gold prices traded lower this morning after recording gains in the previous session.
What happened: A decline in crude oil prices eased concerns around inflation and lent support to the yellow metal on Monday.
Strength in the US dollar weighed on gold prices this morning, while investors await the Federal Reserve’s interest rate decision this week.
Why it matters: Oil prices declined this morning after recording gains last week, amid renewed diplomatic efforts to ease hostilities between the US and Iran.
Although the pullback in crude oil prices eased inflationary concerns, prices remained close to their six-month highs due to fears around renewed supply disruptions.
Markets remained on the edge, with Israel’s election results due this week and the US midterm elections scheduled for next week.
The Federal Reserve will begin its two-day policy meeting today and is scheduled to announce its rate decision on Wednesday. Markets widely expect policymakers to keep rates unchanged this time, while expecting a rate hike in December. Higher interest rates raise the opportunity cost of holding the non-yielding bullion.
Strength in the US dollar weighed on gold prices this morning as a higher greenback makes metals more expensive for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained over 0.1% to 102.09.
Spot price for gold fell 0.1% to $4,013.10 an ounce this morning, after settling higher in the previous session.
In other metals trading, Platinum fell 0.4% to $1,524.20, while palladium declined 0.3% to trade at $1,042.62. Silver bucked the trend, with spot prices up 0.2% to $54.0975 this morning.
What to watch: Investors will keep an eye on tensions in the Middle East, the Fed’s interest rate decision and the outcome of the US midterm elections.
Data on US Personal Consumption Expenditures, the Fed’s preferred inflation gauge, will be released on Thursday. The US core PCE price index, which rose 3% year-over-year in August, is expected to surge by 3.1% in September.
Context: The Japanese yen fell against the US dollar this morning as investors digested the services producer inflation data.
Details: Data released this morning showed that Japan’s Services Producer Price Index jumped 3.7% year-over-year in September, accelerating from 3.5% in the previous month.
This marked the highest reading since June 2024, amid higher transport and fuel expenses due to rising geopolitical concerns.
Price growth accelerated in real estate, finance and insurance, transport and postal activities and leasing and rental services. However, advertising prices declined sharply last month.
On a monthly basis, the index rose 0.3% in September, compared to 0.1% growth in August, recording its third straight monthly rise.
Meanwhile, investors are awaiting key monetary policy decisions from central banks, especially the US Federal Reserve, the Bank of Japan and the European Central Bank.
Strength in the US dollar weighed on the Japanese currency. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained over 0.1% to 102.09 this morning.
The USD/JPY forex pair gained around 0.1% to 157.65 this morning, while the Nikkei 225 jumped 1.8% to trade at 63,336.09.
What to watch: Data on unemployment rate, Tokyo CPI, retail sales and industrial production will be released by Japan on Friday. Japan’s unemployment rate, which edged higher to 2.5% in August from July’s 12-month low, is expected to remain unchanged in September.
Analysts expect core consumer prices in Tokyo’s central wards to rise by 2.6% year-over-year in October following a 2.7% gain in September. Japan’s industrial production, which dipped 2.4% in August, is expected to rise by 1.3% in September. Analysts expect retail sales in Japan to surge by 0.6% in September following a 1.2% decline in August.
Other Markets: European indices closed higher on Monday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.72%, 0.91%, 0.83% and 0.77%, respectively.
Ukraine’s President Volodymyr Zelenskyy said Russia launched a ballistic missile on the grounds of a university campus in Kyiv. The news sent the USD/RUB forex pair lower in forex trading this morning.
China’s industrial profits surged 15.5% year-over-year to 6.03 trillion yuan during the first nine months of the year, following a 15.7% gain in the January-August period, which exerted pressure on the USD/CNY forex pair.
UK’s shop price inflation accelerated to 2.1% year-over-year in October from 1.4% in the previous month. The latest reading coming in higher than market estimates of 1.6% sent the GBP/USD pair lower in forex trading this morning.
Spain’s producer price inflation accelerated to 18.3% year-over-year in September from 13.2% in the previous month. This being the steepest rise in producer price inflation since November 2022 exerted pressure on the EUR/USD forex pair.
Canada’s wholesale trade grew by 0.5% in September, recovering from a 1.6% decline in the previous month. However, the USD/CAD pair rose in forex trading this morning.
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