Gold after the Fed rate decision (FOMC), 28 Oct 2026
Gold traded at $4,040.41 before the FOMC release at 14:00 New York time. Five minutes later it was -6.44, after an hour -7.26, and within that hour it reached +27.20 at the high and -15.89 at the low. An hour move of $7.26 is smaller than the median of $11.16 across 40 earlier FOMC releases; 28 of them moved gold by more. Measured on minute data from one broker feed (bid).
What was announced
Fed keeps the federal funds rate at 3-3/4 to 4 percent; two members dissent in favor of a hike.
- The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent.
- The statement was approved by a 10-2 vote; Lisa D. Cook and Beth M. Hammack voted against, preferring to raise the target range by 1/4 percentage point.
- The statement describes economic activity as expanding at a strong pace.
Source: Federal Reserve Board, FOMC statement of 28 Oct 2026 (2:00 p.m. EDT). We report what the release says; we do not explain the price move.
Gold minute by minute
Change in gold, US dollars per ounce, against the last price before the release (horizontal axis: minutes from the release). Line - close of each minute; shaded band - the high and low of each minute. Exness XAUUSD minute bars (bid).
How it compares with earlier FOMC releases
| Measure | 28 Oct 2026 | Median, 40 earlier | Median, last 12 earlier | Earlier releases with a bigger move |
|---|---|---|---|---|
| 1 minute | -1.07 | 4.99 | 7.04 | 37 of 40 |
| 5 minutes | -6.44 | 5.94 | 5.85 | 16 of 40 |
| 15 minutes | -6.54 | 6.31 | 12.61 | 20 of 40 |
| 60 minutes | -7.26 | 11.16 | 31.02 | 28 of 40 |
| First-hour swing (high to low) | 27.20 | 18.62 | 39.66 | 13 of 40 |
| First-minute range | 8.59 | 8.25 | 12.81 | 18 of 40 |
Medians use the size of the move, up or down, in US dollars per ounce. Gold trades higher now than in 2021, so the last 12 releases are the fairer yardstick for dollar moves.
Did the first move hold?
Five minutes after the release gold was down $6.44; after an hour it was down $7.26 - the first move held in direction. Across the 40 earlier FOMC releases the first move held for the hour in 68% of cases. This is what happened, not a rule for the next release.
How we measure
- Release time from the official calendar (FOMC statement, Federal Reserve). The reference price is the close of the last minute before the release; moves are measured to the close of the minute 1, 5, 15 and 60 minutes later.
- Minute bars (bid) of XAUUSD from one broker feed we record; other brokers differ by cents. The swing is the high and low of the first hour against the reference price.
- This page reports the move and the facts of the release. We do not explain the price move or forecast the next one.
Questions
How did gold react to the Fed rate decision (FOMC) on 28 Oct 2026?
Gold was $4,040.41 before the release; -1.07 after 1 minute, -6.44 after 5, -6.54 after 15 and -7.26 after 60 minutes, with a high of +27.20 and a low of -15.89 within the hour (Exness minute bars, bid).
Was the gold move after the FOMC on 28 Oct 2026 bigger than usual?
The 60-minute move of $7.26 compares with a median of $11.16 across 40 earlier FOMC releases; 28 of them moved gold by more. The first-hour swing was $27.20 against a median of $18.62.
Did the first move in gold hold?
Gold was down $6.44 after 5 minutes and down $7.26 after an hour: the first move held in direction.
What did the FOMC on 28 Oct 2026 announce?
Fed keeps the federal funds rate at 3-3/4 to 4 percent; two members dissent in favor of a hike. Source: Federal Reserve Board, FOMC statement of 28 Oct 2026 (2:00 p.m. EDT).
Page data last updated: · Measured and edited by Adrian Troy · How we measure