# Gold Price (XAU/USD) Slides Near $4,025 on October 23 as Crude Oil Surge clouds Fed Rate Outlook

> Spot gold (XAU/USD) dropped to a two-month low near $4,025 on Friday, October 23, 2026, as $111+ Brent crude oil fueled inflation and Fed rate concerns.

- **Publisher**: Egy Monitor (https://egymonitor.com/en)
- **Original URL**: [https://egymonitor.com/en/posts/gold-price-xau-usd-slides-4025-october-23-2026-oil-fed-rates](https://egymonitor.com/en/posts/gold-price-xau-usd-slides-4025-october-23-2026-oil-fed-rates)
- **Category**: [Finance & Banking](https://egymonitor.com/en/categories/finance-banking)
- **Author**: عبدالرحمن شوقي
- **Published Date**: 2026-10-23 08:53
- **Keywords**: Gold Price, XAU/USD, Federal Reserve, Crude Oil, Commodities

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Spot gold (**XAU/USD**) fell to its lowest level in more than two months near **$4,025 per ounce** during the Friday, October 23, 2026 session, according to live market updates from [Mitrade](https://www.mitrade.com/insights/commodity-analysis/gold/gold-fed-pause-odds-crude-rally) and [The Economic Times](https://economictimes.indiatimes.com/tech/startups/fintech-ma-outlook-improves-but-investors-remain-selective-on-valuations-report/articleshow/135132707.cms), putting bullion on track for its steepest weekly drop in four months.

## Why Surging Oil Prices Are Pressuring Non-Yielding Bullion

After trading near $4,183 earlier in the week, gold broke below the $4,100 psychological support on October 22 ($4,066.56 intraday low) and extended losses on October 23 as Brent crude oil surged past $111–$113 on Middle East supply fears.

### Key Macro Forces Shaping the Gold Market Today

- **Energy-Driven Inflation Risk:** Oil above $110 complicates the Federal Reserve's path ahead of next week's October 27–28 FOMC meeting.
- **High US Treasury Yields:** According to [US Treasury data](https://home.treasury.gov/), the 10-year yield sits at 5.12% and the 20-year at 5.47%, raising the opportunity cost of holding gold.
- **Central Bank Accumulation Floor:** Structural support remains from central banks, which added 170 tonnes in the first eight months of 2026 led by China's 23-month buying streak.

> While central bank buying provides a long-term floor, $111 crude oil and 5.12% 10-year Treasury yields are forcing a near-term repricing in XAU/USD.

## Technical Support and Resistance Levels to Watch

Traders are closely watching whether spot gold holds the $4,000–$4,025 support zone ahead of the Federal Reserve announcement, with upside resistance now clustered at $4,104–$4,113 and $4,185–$4,195.

### Impact on Physical Retail Gold Markets

In Asian physical markets, domestic gold bar prices dropped sharply on Friday, prompting warnings that the short-term correction phase may continue. Full primary documentation is available via [Mitrade October 23 XAU/USD Commodity Analysis](https://www.mitrade.com/insights/commodity-analysis/gold/gold-fed-pause-odds-crude-rally).