Gold dips on firmer dollar; US inflation data in focus
GLD•Spot gold fell 0.7% to $4,039.26 per ounce as the dollar firmed, while investors awaited US PCE inflation data. December gold futures steadied at $4,051.00.
1. Gold slips
Spot gold fell 0.7% to $4,039.26 per ounce by 0044 GMT, while US gold futures for December delivery steadied at $4,051.00. A firmer dollar made bullion more expensive for holders of other currencies.
2. Rates and inflation
The Federal Reserve held interest rates steady on Wednesday and said inflation remains elevated. Traders priced in about a 78% chance of a December rate hike, down from 84% before the announcement. Markets awaited September PCE data, due at 1230 GMT, a gauge closely watched by the Fed as it targets 2% inflation.
3. Other market factors
The European Central Bank was expected to keep rates on hold on Thursday. China's net gold imports via Hong Kong rose more than 28% in September from August, reaching a five-month high, while the World Bank said global commodity prices are set to surge 23% in 2026.
