Global Gold Prices Stabilize Amid Geopolitical Tensions and Fed Rate Expectations

Key summary

On October 21, 2026, global gold prices remained in a sideways range after trading at $4,118 per ounce, supported by expectations that the US Federal Reserve will hold interest rates between 3.75% and 4.00% on October 28 despite September inflation rising to 3.7%. The US dollar held steady at 101.72 units while the two-year US Treasury yield rose for a second day to 4.78% from 4.71%. Brent and WTI crude oil prices showed volatility following a statement from Qatar's Ministry of Foreign Affairs spokesperson, which noted that despite Iran welcoming Russian Foreign Minister Sergei Lavrov and strengthening ties with Russia to counter US influence, diplomatic channels between the US and Iran via intermediaries in Doha remain active as Qatar seeks to push for opening the Strait of Hormuz before potential military coordination between the US and Israel escalates into an attack on Iran. In Thailand, gold prices increased by 50 baht for the third time, with sell-out rates for gold bars at 65,400 baht per gram and buy-in rates at 65,600 baht per gram; ornamental gold sell-out was priced at 66,400 baht per gram with a buy-in rate of 64,096.48 baht per gram. The Thai exchange rate stood at 33.63 baht per US dollar. For the year 2026, gold prices reached a high of 81,950 baht and a low of 62,500 baht, with monthly fluctuations including a rise of 12,700 baht in January, a drop of 3,330 baht in September, and a decline of 900 baht in October. The SPDR fund purchased 1.71 tons of gold. Upcoming data to watch includes the UK's Consumer Price Index for September at 13:00 local time.