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BackGold prices fell back on Wednesday, falling 6.6% in September and still ended in the red in the third quarter
Gold prices fell back on Wednesday, falling 6.6% in September and still ended in the red in the third quarter
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自由时报59 minutes agoBusiness2 min readChinaView original

Gold prices fell back on Wednesday, falling 6.6% in September and still ended in the red in the third quarter

goldsilverPlatinum

Quick Look

  • Gold prices rose on Wednesday (September 30) but then gave up the gains.
  • They fell 6.6% in September and still closed in the red in the third quarter.
  • Lower-than-expected U.S. inflation data lowered expectations for a rate hike by the Federal Reserve, but high energy prices and rising U.S. bond yields put pressure on gold prices.

AI-generated summary

Why It Matters

Gold prices rose on Wednesday, boosted by lower-than-expected U.S. inflation data, but later gave up gains as energy prices remained high and U.S. bond yields rose. It fell by 6.6% in September and still closed in the red in the third quarter.

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Gold briefly rose on Wednesday (September 30), but then gave up its gains. (Reuters photo)

[Financial Channel/Comprehensive Report] Gold once rose on Wednesday (September 30), but then gave up the gains, falling by 6.6% in September. Fortunately, it closed in the red in the third quarter. U.S. inflation data was lower than expected and market expectations for the Federal Reserve (Fed) to raise interest rates cooled, which briefly supported gold prices. However, high energy prices and rising U.S. bond yields still put pressure on gold.

Spot gold fell 0.7% to $4,152.86 an ounce, rising briefly after the release of U.S. inflation data.

Please read on...

U.S. gold futures rose 0.2% to $4,186.70 an ounce.

Tai Wong, an independent metal trader, said: "As energy prices rose, bond prices gave up gains and metal prices came under pressure again; although core personal consumption expenditures (PCE) data were weaker than expected, leading to a sharp reduction in the possibility of an interest rate hike in October, it is still a disappointing day for gold."

Data show that the personal consumption expenditures (PCE) price index increased by 0.3% in August from the previous month, which was higher than the downwardly revised 0.1% increase in July. The U.S. Department of Commerce's Bureau of Economic Analysis (BEA) released data on Wednesday indicating that the core PCE price index increased by 3.0% annually in August, which was the same as the downwardly revised annual increase rate of 3.0% in July.

On the other hand, the FedWatch tool of the Chicago Mercantile Exchange (CME) shows that financial markets currently believe that the probability of the Federal Reserve raising interest rates in October is about 39%, which is lower than about 45% before the release of PCE data. The probability of a rate hike in December is as high as 90%.

Meanwhile, oil prices rose and were on track for a sharp monthly gain as U.S.-Iran talks aimed at ending the U.S.-Iran war stalled. The lack of progress in the conflict has raised concerns about continued rise in energy prices, which may further prolong the duration of inflation and keep monetary policy tight.

Other precious metals:

Spot silver fell 2.1% to $60.18 an ounce.

Platinum fell 0.4% to $1,699.40.

Palladium fell 1.5% to $1,204.53.

All three metals are likely to post monthly losses. However, gold, silver and platinum are still expected to rise this quarter.

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What to Watch

AI outlook — possibilities, not facts

  • Gold, silver and platinum still poised for gains this quarter

    Possible · Within months

  • Oil prices on track to record sharp single-month rise

    Possible · Within weeks

Open Questions

  • Will energy prices keep rising?
  • Will the Fed raise interest rates in December?
  • When will US-Iran negotiations resume?

Related Topics

gold
PeopleTai Wong
OrganizationsReutersU.S. Department of Commerce, Bureau of Economic AnalysisChicago Mercantile Exchange
PlacesUnited Stateschicago
TopicssilverPlatinumPalladiumPCEInflationFederal Reserve
This article was originally published by 自由时报.

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