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Gold prices were largely unchanged on Thursday after suffering a 6% decline in September, as softer U.S. inflation data lowered expectations for another Federal Reserve interest rate hike. However, elevated Treasury yields continued to pressure the precious metal.
At 21:06 ET (01:06 GMT), spot gold, or XAU/USD, slipped 0.1% to $4,152.55 an ounce, while U.S. gold futures declined 0.1% to $4,182.80. Silver was flat at $60.42 an ounce, while platinum fell 0.5% to $1,708.72. The U.S. Dollar Index edged higher to 101.48.
Gold received some support after the Fed's preferred underlying inflation gauge showed weaker-than-expected price pressures. The core personal consumption expenditures price index, which excludes food and energy, increased 0.2% in August. The previous month's figure was also revised lower.
Following the PCE inflation data, traders sharply reduced expectations that the Federal Reserve will raise interest rates again at its October meeting. The implied probability of a rate increase dropped to around 34%, compared with nearly 70% earlier in the week.
Still, strong U.S. consumer spending complicated the outlook. Spending grew in August at its fastest pace in more than a year, suggesting the U.S. economy remains resilient despite higher borrowing costs. That strength helped keep longer-term Treasury yields near multi-decade highs.
Higher bond yields typically weigh on gold because bullion does not generate interest income, making yield-bearing assets relatively more attractive.
Gold fell 6% in September, marking its worst monthly performance since June. The decline followed the Fed's first interest rate increase since 2023 and signals that policymakers could tighten monetary policy further if inflation remains elevated.
Rising global bond yields, concerns about government debt and widening fiscal deficits also contributed to gold's September selloff.
Investors are now focused on Friday's U.S. jobs report, which could provide fresh clues about the Federal Reserve's next policy move and determine whether gold prices can stabilize after September's steep decline.
