Brent Near $115 as Gold Holds: Consumer Sentiment Tests Markets

Markets approach Friday, October 23 with oil rising and gold fragile after Thursday’s technology losses. Consumer confidence and inflation expectations are the next tests for interest-rate pricing.

Brent rises; spot gold near $4,023

Quotes available during the pre-opening review showed December 2026 Brent at $114.71 a barrel, up 1.36%, and spot gold at $4,023.09 per troy ounce, down 0.04%. Supply risks support oil, while energy costs heighten sensitivity to inflation and rates.

Thursday’s completed close

The S&P 500 ended October 22 at 7,663.43, down 1.21%. The Nasdaq Composite fell 2.60% to 26,008.86, while the Dow rose 0.02% to 52,867.98, ahead of Friday’s session.

What investors await

The University of Michigan’s final October consumer sentiment release is scheduled for Friday at 5:00 p.m. Riyadh time. The calendar forecast is 46.3, versus September’s 48.1. One-year inflation expectations are forecast at 4.7%, and five-year expectations at 3.5%; these remain estimates until release.

Higher inflation expectations could reinforce tightening expectations and pressure gold and growth-stock valuations. Softer price expectations could ease yield pressure, but sharply weaker confidence could raise demand concerns for cyclical shares and oil. Investors should assess prices and spending together.

American Express’s earnings call is scheduled for 3:30 p.m. Riyadh time today. Cardholder spending, credit quality and guidance are watchpoints.

Goldman Sachs: could oil’s risk premium fade?

In research published October 16, Goldman Sachs forecast Brent at $90 in December 2026 and an $80 average in 2027 as supply recovers and export routes adapt. Renewed escalation remains an upside risk. The distinction between today’s risk premium and the projected physical balance matters for investors.

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