Gold Price Today: Gold Rises 0.1% to $4,033 as Buyers Step In Below $4,000
Gold dropped below $4,000 for a few minutes after Asian markets opened Thursday night, then was bought straight back. It is flat from Thursday’s close, while silver slipped another 1.2%. Oil hit a five-month high and the odds of a Fed rate hike in December rose to about 80%. Here’s what moved overnight and what comes next.
For general information only, not investment advice. Ausecure is a precious-metals dealer and sells the products discussed.
This pre-market note uses Ausecure prices as of 8:39 AM ET on Oct 23, 2026. For how gold and silver finished Thursday’s sell-off, read our market close note from last night.
The short version
- Gold price today: $4,032.60 an ounce on our ask at 8:39 AM ET, up $4.20 (0.10%) from Thursday’s closing ask of $4,028.40. After two days down a combined $117, gold has steadied.
- The dip below $4,000: spot fell from about $4,031 to $3,986.73 between 9:00 and 10:15 PM ET Thursday, as Asian markets opened, on more than twice the night’s normal trading volume. It closed one 15-minute bar under $4,000 and was back at $4,013 a quarter of an hour later.
- Silver price today: $54.09, down $0.64 (1.17%). Silver fell with gold at the Asian open but did not bounce with it. The gold/silver ratio is 74.8, the highest in our data, which go back to late September.
- Oil: Brent crude settled Thursday at $113.17, its highest close since early May, and traded as high as about $115 overnight. U.S. crude is above $100.
- Fed: fed funds futures put the odds of a rate hike on Oct 28 at about 11%, up from about 6% at Thursday’s close, and the odds of a hike at the Dec 9 meeting at about 80%, up from about 76%.
- Data: no U.S. data before the open. Flash readings on U.S. manufacturing and services come at 9:45 AM ET and the University of Michigan’s inflation expectations at 10:00 AM ET.
Why is gold flat today after dipping below $4,000?
Three things moved gold overnight:
- Stop orders under $4,000 at the Asian open. At 9:00 PM ET, when Shanghai’s gold market and Chinese stock markets opened, gold fell from about $4,031. Trading in spot gold ran at 2.3 to 2.4 times its overnight average for five straight 15-minute bars. Gold closed the 9:45 PM ET bar at $3,992.12, its first close below $4,000, and touched $3,986.73 in the next one. That pattern, a fast drop through a round number on heavy volume, is what happens when many traders keep sell orders just under a well-watched price. No single news story lines up with the start of the drop.
- Buyers at the round number. The same 15-minute bar that made the low closed at $4,013.17. Gold has not closed below $4,000 since. A second wave of buying came at 1:30 AM ET, during the Chinese afternoon session, when gold rose about $19 on heavy volume, with the dollar and oil flat.
- Higher oil and rate expectations, holding back the bounce. Brent rose from about $112.90 to $114.30 during the drop and reached about $115 by 8:00 AM ET. Fed funds futures moved back toward a December hike, and the 2-year Treasury yield rose about 0.03 point. Gold stayed between about $4,010 and $4,031 from 1:45 AM ET onward and has not got back to Thursday’s $4,050 area.
Thursday’s sell-off adds context. Reuters, citing a Goldman Sachs prime brokerage note, reported this morning that all three of the main hedge-fund strategies lost more than 1% on Thursday, a first since the COVID pandemic, and that the selling forced funds to cut positions. The note does not mention gold, but it fits a day when gold fell alongside tech stocks while yields and the dollar moved in its favor.
Data overnight: Japan’s consumer prices rose 2.1% in the year to September, and 2.1% excluding fresh food, according to Japan’s Statistics Bureau (7:30 PM ET). Gold eased about $7 in the next 45 minutes. Euro-area business activity grew more slowly than expected in October: the HCOB flash composite PMI was 51.9 against 52.7 forecast and 53.1 in September (S&P Global, 4:00 AM ET). Gold rose about $9 in the following half hour.
Gold spot (XAU/USD), past two weeks
What happened in the war news, and did gold react?
- Hormuz (Thursday): Iranian state TV said seven tankers were struck or hit mines near the Strait of Hormuz; the claim has not been independently confirmed, and President Trump called such reports fake. Lloyd’s List Intelligence said tankers are still moving through the strait under U.S. Navy protection. Saudi Aramco said its East-West pipeline, which bypasses the strait, is now carrying 7 million barrels a day, up from 2 million.
- Houthi missile over Saudi Arabia (7:53 AM ET): the Saudi-led coalition’s spokesman, Col. Turki al-Maliki, said on X that a ballistic missile fired by the Houthis toward Khamis Mushait in southwest Saudi Arabia was intercepted and destroyed. Gold did not react; Brent rose about 0.5% in the same 15 minutes.
- A long stand-off with Iran: U.S. Ambassador to the UN Mike Waltz told the Financial Times the U.S. could still be in a stalemate with Iran a year from now and can keep its blockade of Iranian ports “for the foreseeable future”. Gold was steady in the early-morning hours when the interview circulated.
- Ukraine: hours after U.S. envoy Steve Witkoff met Vladimir Putin in St Petersburg on Wednesday, Russia fired 21 ballistic missiles at Kyiv overnight into Thursday, three of them with cluster warheads, according to President Zelenskiy. Putin had agreed in principle to new three-way talks after Nov 10. The strike came before last night’s session; Russia and Ukraine traded fresh strikes this morning, and gold showed no move tied to either.
None of these headlines produced a measurable move in gold on its own. The war matters for gold mainly through oil, and from oil through what traders expect the Fed to do.
Did oil affect gold?
Yes, as a drag on the rebound rather than as the cause of the dip. Brent crude settled Thursday at $113.17, up $4.35 (4.0%), its highest close since early May, according to Reuters, after Houthi attacks on Saudi sites. It traded as high as $115.16 overnight and was $114.88 at 8:30 AM ET; U.S. crude is above $100. During gold’s drop from 9:00 to 10:15 PM ET, Brent rose about $1.40. But when Brent climbed again from 6:30 to 8:00 AM ET, gold held flat. Higher oil raises inflation worries, and that is showing up in rate expectations: futures again price a December hike as likely.
How much was the dollar?
Very little. The U.S. Dollar Index is at 101.76, up 0.13% since Thursday afternoon, and over the night it explains almost none of gold’s moves. Gold dropped and recovered while the dollar barely changed. Over the past two weeks gold is down about 3.6% and the dollar about 0.5%.
Yields are a little higher this morning after Thursday’s drop. The 10-year Treasury yield is 4.98% and the 30-year is 5.29%, up about 0.02 and 0.01 percentage point since Thursday afternoon, and the 2-year is 4.68%, up about 0.03. Mortgage rates eased in the latest survey: the average 30-year fixed rate was 7.32% in Freddie Mac’s weekly survey (Oct 22), down 0.08 point from a week earlier, and the 15-year was 6.68%.
Gold vs. the U.S. dollar, % change over two weeks
Bid and ask for gold, silver, platinum and palladium, updated as the market moves. Every order is priced off the live market and confirmed when you place it.
Silver price today: down another 1.2%
Silver is at $54.09 on our ask, down $0.64 from Thursday’s $54.73, after a 5.8% drop on Thursday. Spot silver fell from $54.75 at 8:45 PM ET to $53.46 in the 10:00 PM ET bar, alongside gold. Gold then recovered most of its drop; silver recovered less than half of its own and has traded between about $53.60 and $54.10 since 3:00 AM ET.
The gold/silver ratio (how many ounces of silver one ounce of gold buys) is 74.8, up from 73.7 at Thursday’s close and the highest in our data, which go back to late September. A rising ratio means silver is weaker than gold. Part of the reason is specific to silver: India allowed larger silver imports this week, and Indian buyers’ premiums fell to about $0.45 an ounce from as much as $2.50 last week, according to Reuters. Silver is also more tied to industry, and Thursday’s tech sell-off hit it harder.
Gold/silver ratio, past two weeks
Gold and silver price levels we’re watching
| Level | Gold | Silver | Why it matters |
|---|---|---|---|
| Round number above | $4,050 | $55.00 | Gold’s hourly closes stalled near $4,050 on Thursday, and it has not traded there since. Silver has been below $55 since midday Thursday |
| Thursday’s New York low | $4,021.17 | $54.49 | Gold closed below it for most of the night and has held above it since 4:45 AM ET. Silver has closed below its level almost every 15 minutes since 8:15 PM ET |
| Round number below | $4,000 | $54.00 | Gold closed one 15-minute bar under $4,000 (9:45 PM ET) and reclaimed it in the next. Silver has traded on both sides of $54 since 9:45 PM ET and is just below it now |
| Overnight low | $3,986.73 | $53.46 | Both came in the 10:00 PM ET bar. A move back below these would undo the overnight rebound |
Gold’s overnight range was about $46, smaller than the typical day of about $59 over the past 26 sessions, after Thursday’s $119 range.
Trend check: on our monthly trend model, both metals are in a correction: their 12-month trend, after cash returns, is still up and September was a down month (readings as of Sep 30). Since 2002, gold has risen in the month after a correction month about 60% of the time; that is history, not a forecast. Gold’s live reading is weaker: if October ended at this level, the model would read bear for gold, and gold futures would need to rise about 4.5% by Oct 30 to avoid that. Silver’s live reading is still a correction.
What the Fed is expected to do
Fed funds futures imply about 11% odds (roughly 1 in 9) that the Fed raises rates by a quarter point at its October 27–28 meeting, and about 89% that it holds at 3.75%–4.00%, as of 8:20 AM ET. At Thursday’s close the hike odds were about 6%. For the December 9 meeting, futures price a quarter-point hike at about 80%, up from about 76% at Thursday’s close, and the odds of at least one hike by then (in October or December) at about 82%, up from 77%.
The 10-year TIPS yield, a common measure of real interest rates, was 2.64% at Thursday’s close, down 0.12 percentage point on the day, according to the U.S. Treasury. Lower real rates reduce the cost of holding a metal that pays no interest, but Thursday’s drop did not stop gold from falling. The Fed is in its quiet period before the meeting; no Fed officials spoke overnight and none are scheduled today. The decision is due Wednesday, Oct 28, at 2:00 PM ET.
Economic calendar: what’s next for gold
Weekly Market Notes
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| Day | Gold | Change | Silver | Silver change |
|---|---|---|---|---|
| MonOct 19 | $4,144.70 | −0.6% | $57.23 | +0.2% |
| TueOct 20 | $4,129.10 | −0.4% | $58.13 | +1.6% |
| WedOct 21 | $4,145.30 | +0.4% | $58.10 | −0.1% |
| ThuOct 22 | $4,028.40 | −2.8% | $54.73 | −5.8% |
| WeekendWeekly email | The week’s wrap-up → | |||
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What today’s move means if you buy physical gold or silver
Gold is close to Thursday’s closing price on our ask after a fast night, and silver is about 64 cents lower. Both are well below where they started the week. A few practical points:
- Your price is confirmed when you order. Our prices follow the live market, and overnight gold moved $44 in about an hour. The price you lock in is the one on screen when you place the order.
- Compare the premium over spot. Most products on our site show their “% over spot” under the price, so you can compare a coin with a bar on equal terms.
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Silver spot (XAG/USD), past two weeks
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Frequently asked questions
What is the gold price today?
Before the New York open, Ausecure’s gold ask was $4,032.60 an ounce at 8:39 AM ET on Oct 23, 2026, up $4.20 (0.10%) from Thursday’s closing ask of $4,028.40. Spot fell as low as $3,986.73 late Thursday evening before recovering. For the current bid and ask, see our live metal prices page.
Did gold fall below $4,000?
Briefly. Spot gold closed one 15-minute bar at $3,992.12 (the bar ending 10:00 PM ET Thursday) and touched $3,986.73 in the next, then closed that bar back at $4,013.17. It has not closed below $4,000 since. The drop came as Asian markets opened, on more than twice normal volume, which points to sell orders placed just under the round number.
Why is silver down while gold is flat?
Silver fell with gold at the Asian open, from $54.75 to $53.46, but recovered less than half of that drop while gold recovered most of its own. Silver has extra pressure this week: India allowed larger silver imports, and Indian premiums fell to about $0.45 an ounce from as much as $2.50 last week, according to Reuters. The gold/silver ratio rose to 74.8, the highest in our data, which go back to late September.
What are the odds of a Fed rate hike in December?
Fed funds futures price about an 80% chance of a quarter-point hike at the Dec 9 meeting, up from about 76% at Thursday’s close, and about 82% for at least one hike by then, as of 8:20 AM ET. For the Oct 28 meeting the hike odds are about 11%. Higher oil prices this week have pushed those odds up.
Is a dip below $4,000 a good time to buy gold?
We don’t give investment advice, and no one can reliably call short-term lows. Gold is $137 below last Friday’s closing ask of $4,169.60, and it dipped under $4,000 last night before buyers stepped in, but prices can fall again. Some buyers wait for prices to settle; others buy a fixed amount on a schedule so they don’t have to time the market, which our Auto-Buy program does automatically. Whatever you choose, compare the premium over spot and buy from a dealer that confirms your price when you order.
This note is general market commentary from the Ausecure trading desk, based on data available at 8:39 AM ET on Oct 23, 2026. It is for informational purposes only and is not investment, tax or financial advice, or a recommendation to buy or sell any product. Ausecure is a dealer in physical precious metals and earns revenue from the products discussed. Precious-metal prices can go down as well as up, and past performance does not guarantee future results. Consider your own circumstances, and speak with a qualified adviser if you need one, before you buy.
Sources: Ausecure live prices (ask; Thursday closing ask); CBOT 30-day fed funds futures (Ausecure calculation); U.S. Treasury (daily yield curves); Freddie Mac (Primary Mortgage Market Survey); Statistics Bureau of Japan (consumer price index); HCOB and S&P Global (flash eurozone PMI, via FXStreet); Reuters (Brent settlement; hedge-fund deleveraging, citing Goldman Sachs; India silver imports); Saudi-led coalition spokesman (Khamis Mushait interception, via Iran International); Financial Times (Waltz interview); Lloyd’s List Intelligence and Saudi Aramco (Hormuz shipping and pipeline, via CBS News); Iranian state TV (tanker claim); Office of the President of Ukraine (Kyiv strike); index data via Yahoo Finance (delayed); Federal Reserve Board calendar; Forex Factory economic calendar; OANDA and TVC data via TradingView; Ausecure monthly trend model (COMEX front-month futures and T-bill rates via Yahoo Finance).
How this note is made: drafted with automated tools from Ausecure’s own prices and the market data listed above, then checked and approved by Ausecure before it was published.
