Gold Price Holds Steady as Experts Await Fed Decision
Thai gold experts are largely expecting the price to move sideways, with nearly half seeing no change, while investors remain slightly more optimistic. The Gold Research Center cites the $4,070 support level as crucial, warning that a break could push prices toward $3,950–$3,960. Market attention is focused on the US Federal Reserve’s policy direction and inflation data, which continue to limit short‑term gains.
Gold Research Center released the results of its weekly GRC Gold Survey conducted from October 19 to 23, 2026, polling 13 gold market experts. Four experts, or 31%, expect next week’s gold price to rise; three, or 23%, anticipate a decline; and six, or 46%, forecast the price will move sideways, similar to the previous week. Among 323 participating gold investors, 41% expect an increase, 34% expect a decrease, and 25% see little change, showing a slightly more bullish outlook among investors than experts, though views remain mixed.
In the domestic market, 96.5% gold bars traded between 65,700 and 66,800 baht per baht weight last week, closing at 66,100 baht, down 450 baht from the prior week’s close of 66,550 baht.
Leng Hong’s Chief Operating Officer, Pattrin Wachirakaphon, said the gold price outlook for the week remains range‑bound, with the main market drivers being the direction of US Federal Reserve monetary policy and the ongoing war situation, which continue to limit short‑term upside.
Technically, the important support level lies around $4,070 per ounce; the price has tested this zone twice in the past one to two weeks and bounced each time, suggesting it could become the low of this cycle if it holds. Should the price fall below $4,070, it may slide toward the previous low of $3,950–$3,960. Short‑term resistance stands at $4,200; a break above could open the way to the next resistance at $4,230, signalling a potential short‑term upside. If the price fails to breach these levels, it may continue to trade sideways.
Leng Hong recommends a “buy on dips, sell on rallies” approach for short‑term traders, advising them to take profits in quick rounds of roughly $200–$400 and to average back in on pullbacks. For domestic gold, the zone above 65,000 baht remains attractive for accumulation, while medium‑ to long‑term investors can maintain a buying bias.
Key factors to watch are the trajectory of US Treasury yields and the likelihood of further Federal Reserve interest‑rate hikes after the latest US inflation data.
