Spot gold was about $4,025 an ounce at 9:10 a.m. ET on October 29 2026, barely moved by the Fed's hold, against $4,095 on October 14 and roughly 25% below its January record of $5,379. Gold fell over a window in which the ten-year yield eased from 5.19% to about 5.0%, so the real-yield explanation that covered previous declines does not cover this one.