Spot gold fell 0.7% to $4,037.98 an ounce as markets assessed the Federal Reserve’s decision to hold rates steady and awaited US PCE inflation data. Traders priced in a 78% chance of a December rate hike, down from 84% before the Fed announcement.
Spot gold fell 0.7% to $4,037.98 per ounce by 0410 GMT on Thursday, while December US gold futures steadied at $4,049.80. A commodities analyst said the decline reflected Middle East uncertainty and positioning ahead of inflation data.
The Federal Reserve held its policy rate in the 3.75%-4.00% range on Wednesday. Traders priced in about a 78% chance of a rate hike in December, compared with 84% before the announcement. US Personal Consumption Expenditures data was due at 1230 GMT.
The World Bank said global commodity prices were set to rise 23% in 2026, citing energy prices and shipping disruptions, among other factors. China’s net gold imports via Hong Kong rose more than 28% in September from August. Spot silver fell 1.5% to $53.15 an ounce, platinum dropped 1.5% to $1,515.70, and palladium slid 0.6% to $1,004.25.
