Gold Breaks $4,000 and Loses 3.87% on the Week as Brent Tops $117

24 Oct 2026 · EmasKuy Team

Gold fell 0.70% to about $3,995.81 on Friday and finished the week down 3.87% as Brent rose above $117 and US inflation expectations climbed. Antam’s official price has not been updated because the Logam Mulia site is under maintenance, while Galeri24 and UBS fell more than Rp20,000.

The $4,000 Line Finally Gives Way

A day after its 2.88% slump, gold kept falling on Friday. Kitco had gold near $3,995.81, down 0.70%, and silver down 1.26% at about $53.90. Trading Economics shows gold at $3,993.96, down $30.86, below $4,000 for the first time since mid-July.

On the week, the loss was large. PMI’s New York closing table has gold at $4,000.14 on Friday, from $4,161.10 a week earlier: down $160.96, or 3.87%. Silver fell 5.42% to $54.05 and platinum 4.48% to $1,557.25 over the same period.

Oil and Inflation Expectations

Oil remained the main trigger. Kitco reports Brent rose above $117 a barrel, its highest in more than four years, and WTI above $103 on Strait of Hormuz tension. Expensive oil keeps inflation worries alive, so markets expect rates to stay higher for longer.

US data added pressure. The preliminary October composite PMI fell to 57.6 from 58.4, but manufacturing rose to 56.0, above the 55.5 forecast. University of Michigan year-ahead inflation expectations rose to 4.7% and longer-term ones to 3.5%, both the highest since May. The 10-year Treasury yield is near 5.0%, and CME FedWatch puts the odds of a December Fed hike at about 80%.

The Big Picture and Technical Levels

Trading Economics shows gold down 6.57% on the month. At $3,995.81, gold sits about 28.8% below its January record of $5,608.35. The dollar index is near 101.75 and fairly steady, so the pressure on gold comes more from rate expectations than from the dollar.

Kitco’s levels: resistance at $4,075; support at $3,963, then $3,946, with a deeper downside target of $3,890. PMI sees next week’s support at $4,008 and $3,942. Agenda: the October 27–28 Fed meeting with the decision on Wednesday, October 28, then September PCE inflation data on Thursday, October 29.

Antam Awaits an Update as Galeri24 and UBS Fall

Antam’s last official price is Rp2,540,000 per gram with a Rp2,335,000 buyback, as of October 23, a spread of Rp205,000 or about 8.1%. Investor.id reports the price unchanged on Saturday, but Surabaya Inside notes the Logam Mulia site is under maintenance and the official update is not out. EmasKuy’s Antam panel therefore keeps the October 23 prices.

Galeri24 fell Rp21,000 to Rp2,478,000 with a Rp2,335,000 buyback: Rp62,000 cheaper than Antam’s last price, with a Rp143,000 spread, about 5.8%. UBS fell Rp23,000 to Rp2,501,000 with a Rp2,310,000 buyback: Rp39,000 cheaper than Antam, with a Rp191,000 spread, about 7.6%. Galeri24’s buyback now equals Antam’s last buyback.

Playbook: Fed Week and PCE

Near-term scenarios: regaining $4,008 and $4,075 could ease the pressure; a break below $3,963 and $3,946 opens $3,890. Oil remains the key variable. Kitco notes that softer inflation could reduce expectations of a December hike, while oil that keeps rising could strengthen them.

For rupiah investors, Antam has fallen Rp34,000 since October 19, and a spread of about 8.1% means prices must rise a fair way before a new position breaks even. Fixed-amount DCA averages the purchase price in either scenario. This article is educational analysis, not personalized financial advice. Tailor it to your own risk profile and horizon.