Key Highlights

  • SPDR Gold Shares (NYSEARCA:GLD) tracked gold below USD 4,100 into Thursday, October 22, 2026, with spot prices at USD 4,086.37, down USD 54.91 or 1.33%, an over two-week low.
  • Silver fell between 3.5% and 3.6% to about USD 55, a sharper decline that reflects its higher volatility and industrial demand exposure.
  • Gold is down about 5% year on year, a week before the Fed decision on Wednesday, October 28, after the Fed raised rates in September.
  • Rising oil prices, with West Texas Intermediate above USD 100, fed inflation worries and reinforced expectations that rates stay higher for longer.

How Far Gold Fell

SPDR Gold Shares (NYSEARCA:GLD) holds physical gold bullion, so its price follows the metal minus a small annual fee. Into Thursday, October 22, 2026, spot gold fell USD 54.91, or 1.33%, to USD 4,086.37, its lowest level in more than two weeks. Silver dropped between 3.5% and 3.6% to about USD 55. Gold is now down about 5% from a year earlier. The decline came as oil climbed, with West Texas Intermediate above USD 100 and Brent above USD 112, which raised inflation concerns and the case for further Fed hikes. The Fed raised its range to 3.75% to 4.00% on Wednesday, September 16. Markets price a 15% to 25% chance of a hike on Wednesday, October 28.

Why Higher Rates Weigh on Gold

Gold pays no interest, so its appeal falls when cash and bonds pay more, and that is the main channel for SPDR Gold Shares (NYSEARCA:GLD) here. With the 10-year Treasury yield between 5.08% and 5.15%, holding gold carries a large opportunity cost, the income given up by not holding bonds. Oil sits at the centre of the tension. Higher energy prices lift inflation, which normally supports gold as a store of value. Yet the same inflation pushes the Fed to tighten, and Danske Bank expects hikes in December and March. In this cycle the rate effect has dominated. Silver fell harder because it is a smaller market with more industrial use, which makes it more sensitive to growth worries.

Risks and What to Watch

The first risk for SPDR Gold Shares (NYSEARCA:GLD) is a hawkish Fed: a surprise hike or several dissents in favour of one on Wednesday, October 28 could push gold towards USD 4,000. The second is a stronger dollar, which makes gold costlier for buyers abroad. Upside risks exist too, since an escalation in the Gulf, where tanker attacks and a drone strike on a Saudi oil field have raised tension, could revive haven demand. Equity stress, such as Thursday's Asian sell-off, can also draw buyers. Investors should watch Newmont (NYSE:NEM) results after the close on Thursday, October 22, the Fed decision on Wednesday, October 28, 2026 and the midterm elections on Tuesday, November 3.

Where Things Stand

The answer is that gold slipped below USD 4,100 because oil-driven inflation fears strengthened the case for higher rates, which raises the cost of holding a metal with no yield. SPDR Gold Shares (NYSEARCA:GLD) tracked spot prices at USD 4,086.37, about 5% below a year earlier. The next catalysts are Newmont results on Thursday, October 22, the Fed decision on Wednesday, October 28, 2026 and the midterms on November 3. Commodity prices are volatile, and this is not investment advice.