Gold Slips Towards US$4,000 as US Inflation Keeps Federal Reserve Rate Hike Bets Alive

Singapore, 30 October 2026 – Gold prices remained under pressure near US$4,000 an ounce after the US Federal Reserve left interest rates unchanged on Wednesday, with persistent inflation reinforcing expectations of another increase before the end of 2026. Spot gold fell 0.9% to US$4,030.94 an ounce at 2.50pm Singapore time on 29 October, as investors assessed the central bank’s cautious policy stance and the outlook for borrowing costs.

For Asian investors, the weakness in bullion highlights the growing influence of US monetary policy on precious metals, currencies and regional financial markets. Although geopolitical uncertainty and elevated energy prices would normally support demand for safe-haven assets, higher interest rates and Treasury yields have increased the opportunity cost of holding gold, which generates no interest income.