Gold Slips to $4,118 an Ounce as Markets Price a 90% Chance of a December Fed Hike and 16% This Month

Khabaronline, citing Reuters, reported that gold fell 0.2 percent on Wednesday, October 21, 2026 (29 Mehr 1405) as higher oil prices and inflation worries weighed. Spot gold was at $4,118.18 an ounce and US December futures at $4,136.20. Silver traded at $57.44 an ounce, platinum at $1,638.61 and palladium at $1,090.84.

According to the CME FedWatch tool, traders put the chance of a US rate rise at the 27-28 October meeting at 16 percent and of a rise in December at 90 percent; the December estimate is slightly below the 94 percent reported on October 20. Almost all economists in a Reuters poll expect the Federal Reserve to hold this month and raise in December. The market awaits US personal consumption expenditure data next week. Higher rates raise the opportunity cost of holding gold and usually weigh on its price; for Tehran, that channel reaches coins and 18-karat gold through the exchange rate and the global gold price.