Gold on track for monthly decline as investors brace for US inflation data

GLD•2026-09-30

Spot gold fell 0.2% to $4,170.63 an ounce and was down more than 6% for the month as investors awaited US PCE inflation data. Expectations of higher interest rates weighed on sentiment.

1. Gold awaits inflation data

Spot gold fell 0.2% to $4,170.63 per ounce as of 0150 GMT and had lost more than 6% so far this month. US gold futures gained 0.5% to $4,201.90. The US PCE price index was due at 1230 GMT, with investors watching for clues on the Federal Reserve's next policy move.

2. Rate outlook and other metals

Traders saw a 47% chance of a Fed rate increase in October and a 91% chance in December, according to CME's FedWatch Tool. New York Fed President John Williams said policymakers probably only need one more hike this year to get inflation back on track to the Fed's 2% goal. Silver fell 0.8% to $60.98, platinum steadied at $1,705.10 and palladium lost 0.3%; all three were poised for monthly declines.