Spot gold fell about 1.10% to $4,022 an ounce on October 29, 2026, after stronger-than-expected US economic data reinforced the case for another Federal Reserve rate hike in December. The metal traded in a $4,015.30–$4,069.90 range, with support now at $3,980–$4,000 and resistance at $4,101–$4,110, according to Kitco and Mitrade.
The US economy grew at a 3.4% annualized pace in the third quarter, above the 3.2% consensus and up from 2.2% in the second quarter, the Bureau of Economic Analysis reported. Core PCE inflation rose 0.3% month-over-month and 3.1% year-over-year, slightly above August's 3.0%, keeping inflation well above the Fed's 2% target.
The Federal Reserve held rates at 3.75%–4.00% on Wednesday on a 10-2 vote, but two officials—Lisa Cook and Beth Hammack—dissented in favor of an immediate 25 basis point hike. Futures pricing for a December hike rose as high as 83% after the decision. Principal Asset Management's Seema Shah said she expects hikes in December and early 2027, which could cap gold's upside.
Gold's technical indicators show a modest bearish lean: RSI was about 45.87, Stochastic 48.56, while MACD and Bull/Bear Power remained negative, suggesting sellers retain control inside the $4,023–$4,068 consolidation. A break below $4,023 could expose $3,990 and then $3,960, while a sustained move above $4,068 could target $4,100.
Silver faced a more decisive test, attempting to break below $52.70. Its RSI of 33.83 and negative momentum readings gave sellers a clearer advantage. Continued weakness could push silver toward $51, while a failed breakdown and recovery above $52.90 could restore the $52.90–$54.60 range.
For crypto markets, the macro backdrop is hawkish: strong growth and sticky inflation keep rate-hike risk elevated, which tends to pressure non-yielding assets and can weigh on risk appetite, including digital assets.
