Gold Steady as Fed Official’s Remarks Temper Rate-Hike Bets Bloomberg · Bloomberg Kanupriya Kapoor Tue, October 13, 2026 at 8:08 PM EDT 2 min read GC=F -0.00% CL=F +1.07% (Bloomberg) -- Gold held a two-day decline after a Federal Reserve official signaled one more interest-rate hike may be needed this year, but further tightening won't be necessary in 2027, improving sentiment toward the precious metal.
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Bullion traded near $4,155 an ounce, after falling 0.8% in the previous two sessions. Oil rose as a flare-up in attacks in the Middle East threatened further energy disruptions that could weigh on inflation and make a case for higher borrowing costs. Brent crude was above $106 a barrel.
Fed New York President John Williams said he sees one more interest-rate hike as appropriate this year. US Treasury yields edged lower after his remarks, supporting gold, which typically does better in a lower rate environment as it doesn't pay interest.
US consumer price index data due later on Wednesday may provide clues on the Fed's rate path, after it hiked for the first time since 2023 last month. Swaps traders are pricing in a low chance of a rise at this month's policy meeting, but see a roughly 90% chance of an increase in December.
Spot gold dipped 0.1% to $4,157.37 an ounce at 8:05 a.m. Singapore time, while silver was 0.2% lower at $59.04. Platinum fell 0.4% and palladium was little changed. The Bloomberg Dollar Spot Index, a gauge of the US currency, was flat after slipping 0.2% in the previous session.
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