Gold Price Today: Gold Falls 0.6% to $4,118 as Brent Oil Tops $111
Gold slipped below $4,120 overnight even though the dollar and Treasury yields both fell, as Brent crude climbed to about $112 on more attacks on Gulf shipping. Here’s what moved metals before the New York open, the levels now in play, 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 20, 2026. For how gold and silver finished Monday, read our market close note from last night.
The short version
- Gold price today: $4,117.90 an ounce on our ask at 8:39 AM ET, down $26.80 (0.65%) from Monday’s closing ask of $4,144.70. Spot touched $4,111.68 at 6:00 AM ET, the lowest since last Wednesday.
- Silver price today: $56.94 on our ask, down $0.29 (0.51%). The gold/silver ratio was little changed at 72.5.
- Oil: Brent crude reached $111.99 at 7:30 AM ET, up about 1.6% since Monday afternoon, after more attacks on ships in the Gulf.
- Not the dollar or rates: the dollar index fell 0.24% and the 10-year Treasury yield fell to 5.09%. Both usually help gold. Gold fell anyway.
- What’s next: gold has dipped below $4,120 ten times on a 15-minute closing basis since Monday evening and bounced each time. The New York open decides whether that holds.
Why is gold down today?
Gold extended Monday’s slide overnight. Spot opened the evening session near $4,142, slipped below $4,120 for the first time at 9:15 PM ET, recovered to an overnight high of $4,147.42 just after midnight, then fell again as oil rose. It reached $4,111.68 at 6:00 AM ET and was near $4,120 at the 8:30 AM ET bar.
The clearest move alongside gold was oil. Brent crude rose from about $109.2 on Monday afternoon to $111.99 at 7:30 AM ET. News reports cited more attacks on tankers in the Gulf and claims by Yemen’s Houthis of strikes on Saudi energy sites, which Saudi Arabia has not confirmed. Higher oil feeds inflation worries, and in recent weeks that has weighed on gold rather than helped it.
Stocks were softer too, but calm. S&P 500 futures were down 0.27% and Nasdaq 100 futures down 0.72% at 8:21 AM ET, and the VIX volatility index was 18.8, below the 20 level that usually signals stress. There was no rush into gold as a safe haven.
Gold spot (XAU/USD), past two weeks
How much was the dollar?
None of it. The U.S. Dollar Index is down 0.24% at 101.74 since Monday afternoon. Based on how gold traded against the dollar overnight, that alone would have lifted gold by about 0.2%. Spot gold fell 0.5% instead, so the drop came from gold itself, not from currency moves. Measured in a basket of currencies, gold is down about 0.7%.
Treasury yields did not explain it either. The 10-year yield fell about 0.06 percentage point to 5.09% and the 30-year about 0.05 point to 5.42%, and the 2-year eased to 4.75%. Mortgage rates are still high: the average 30-year fixed rate was 7.40% in Freddie Mac’s weekly survey (Oct 15), unchanged from a week earlier, and the 15-year was 6.71%. The next survey is out Thursday.
Gold vs. the U.S. dollar, rebased to 100
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 less than gold
Silver is at $56.94 on our ask, down $0.29 from Monday’s $57.23. Spot silver made its overnight low of $56.38 at 9:15 PM ET, in the same 15 minutes as gold’s first dip below $4,120, then rallied to $57.64 at 3:00 AM ET before easing back.
The gold/silver ratio (how many ounces of silver one ounce of gold buys) is 72.5, about where it closed Monday. Silver has held up slightly better than gold over two days: the ratio was 73.1 at Friday’s close.
Gold/silver ratio, past two weeks
Gold and silver price levels we’re watching
| Level | Gold | Silver | Why it matters |
|---|---|---|---|
| Overnight high | $4,147.42 | $57.64 | Gold’s high came just after midnight ET, silver’s at 3:00 AM ET. Both turned lower as oil rose |
| Monday’s low | $4,136.60 | $57.03 | Monday’s floor for both. Gold has closed most of the night below it; silver has traded on both sides |
| The $4,120 line | $4,120 | $56.89 | Gold’s line from Monday’s note; silver’s match is Friday’s low. Gold closed below $4,120 in ten 15-minute bars overnight and bounced each time; silver in seven |
| Overnight low | $4,111.68 | $56.38 | Gold’s low came at 6:00 AM ET, silver’s at 9:15 PM ET Monday. No 15-minute close below either |
| Last week’s low | $4,073.55 | $55.40 | The lows after last Wednesday’s U.S. inflation report, gold at noon ET and silver at 3:00 PM ET |
Gold’s overnight range was about $36, against a typical day of about $60 over the past 24 sessions, so this has been a slow slide rather than a sharp drop.
What the Fed is expected to do
Fed funds futures imply about 16% odds (roughly 1 in 6) that the Fed raises rates by a quarter point at its October 27–28 meeting, and about 84% that it holds at 3.75%–4.00%, as of 8:31 AM ET. At Monday’s close the hike odds were about 18%. Futures still price at least one hike by the December 9 meeting as likely, about 90%.
So the rise in oil did not push rate expectations higher overnight; they eased a little. The 10-year TIPS yield, a common measure of real interest rates, was 2.80% at Monday’s close, up 0.06 percentage point on the day, according to the U.S. Treasury. Higher real rates raise the cost of holding a metal that pays no interest.
The Fed is in its quiet period before the meeting, and no Fed officials spoke overnight. 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% |
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What today’s move means if you buy physical gold or silver
Gold is about $27 below Monday’s close on our ask and $52 below Friday’s, and silver is about 30 cents lower. A few practical points:
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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 $4,117.90 an ounce at 8:39 AM ET on Oct 20, 2026, down $26.80 (0.65%) from Monday’s closing ask of $4,144.70. Spot touched $4,111.68 at 6:00 AM ET. For the current bid and ask, see our live metal prices page.
Why did gold fall when the dollar and yields fell?
The dollar index fell 0.24% and the 10-year Treasury yield fell to 5.09% overnight, which on their own would have supported gold. Spot gold fell about 0.5%. The main move alongside it was oil: Brent crude rose to $111.99 at 7:30 AM ET after more attacks on Gulf shipping, adding to inflation worries.
Did the rise in oil change Fed rate expectations?
Not much. Fed funds futures put the odds of an Oct 28 rate hike at about 16% at 8:31 AM ET, down from about 18% at Monday’s close, and still price a hike by December 9 as likely (about 90%). The Fed is in its quiet period until the decision on Oct 28.
Which gold levels matter after the open?
Gold has closed below $4,120 in ten 15-minute bars since Monday evening and bounced each time, with the overnight low at $4,111.68. Above, Monday’s low of $4,136.60 and the overnight high of $4,147.42 are the levels to recover. Silver’s matching levels are $56.38 below and $57.03 above.
Is a second down day a good time to buy gold?
We don’t give investment advice, and no one can reliably call short-term lows. Gold is about $52 below Friday’s closing ask after two lower sessions. Some buyers wait for a level to hold; 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 20, 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; Monday closing ask); CBOT 30-day fed funds futures (Ausecure calculation); U.S. Treasury (daily yield curves); Freddie Mac (Primary Mortgage Market Survey); Federal Reserve Board calendar; Reuters and The National (Gulf shipping and Houthi claims); index data via Yahoo Finance (delayed); Forex Factory economic calendar; OANDA and TVC data via TradingView.
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.
