Gold Prices in October 2026: What the Fed Hike Fears Mean for Your Jewellery

Gold is trading near US$4,150 an ounce as of October 15, 2026 - about C$5,890 in Canadian dollars, or roughly C$189 per gram for pure gold. The month opened near US$4,190, held between US$4,100 and US$4,200 for the first two weeks, then dropped to about US$4,075 on October 14 - its lowest level since early August - after a hotter-than-expected US inflation report. It has bounced about 1% today. Net of it all, gold is down about 1% so far in October and roughly 4% below where it stood in mid-September. Here is what moved it, and what it means if you own, are buying, or are thinking of selling gold jewellery in London, Ontario.

Where Gold Stands Right Now

As of October 15, 2026, spot gold is trading around US$4,150 per ounce - about C$5,890 at a US/CAD rate near 1.42. That works out to roughly C$189 per gram for pure gold. The month opened near US$4,190, bottomed near US$4,075 on October 14, and recovered about 1% today. Month to date that is a decline of roughly 1%. Compared with a year ago, gold is within a few percent of where it was in mid-October 2025 (published year-over-year figures vary by source), and it remains well below January’s record high of US$5,608.

What Moved the Price This Month

Inflation and the Federal Reserve drove most of it. September US CPI came in at 3.7% (up from 3.4%), with core inflation rising to 2.6% from 2.4%, and traders immediately raised the odds of a Fed rate hike at the October 27-28 meeting to somewhere between 40% and 50%. Higher rates raise the cost of holding an asset that pays no interest, so gold sold off: the US 10-year Treasury yield climbed above 5.2% and the US dollar index hit a 19-month high, both of which weigh on gold. A softer-than-expected August PCE reading had kept gold steady at the start of the month, so the CPI surprise reversed that calm quickly. Today’s rebound came as the dollar and bond yields eased and oil’s five-day rally paused. Central bank buying still sits under the market as a structural floor, and for Canadian sellers the exchange rate matters too - a weaker Canadian dollar supports the CAD price of gold even when the US price slips.

What This Means for Your Jewellery in London

If you are selling: at roughly C$5,890 per ounce, pure-gold melt value works out to about C$189 per gram - roughly C$79 per gram for 10K, C$111 for 14K and C$142 for 18K, before any buyer’s margin. That is a little below where it sat in September, but still strong by historical standards. Broken chains, single earrings, mismatched pieces and dated gold sitting in a drawer carry real value.

If you are buying or commissioning: metal is cheaper than it was a month ago, which makes this a reasonable window for a heavier piece, a ring sized up, or gold added to a custom design. Quotes are struck at the day’s market rate, and with a possible Fed hike on October 28 the market can move quickly in either direction.

Quotes Change Daily - Get Yours in Person

With the market moving this fast, any number you read online (including this one) ages quickly. At Daniel A Jewellery, 467 Wharncliffe Road South in London, Ontario, we weigh and test your gold in front of you and quote from that day’s market price - free, with no obligation. The same applies to custom work and resizing: the quote is locked to the day you approve the job.

Frequently Asked Questions

What is the gold price in Canada today?

As of October 15, 2026, spot gold is about C$5,890 per troy ounce (US$4,150), or roughly C$189 per gram for pure gold. It moves by the minute during trading hours, so treat any published figure as a snapshot.

Do jewellers pay the full spot price for gold?

No. Spot is the benchmark for refined, pure gold. Buyers price by karat and weight, minus a margin for refining and handling - a fair shop weighs your pieces in front of you and shows you the math.

Is now a good time to sell gold jewellery?

Gold has eased about 1% so far in October and sits a few percent below its September levels, but scrap and unworn pieces still carry strong value. The right time depends on your needs - bring it in for a free, no-obligation quote and decide with the numbers in front of you.

Prices are as of October 15, 2026 and will have moved since. This article is general information about the gold market, not financial advice.