Gold opened October largely unchanged after United States inflation data came in below expectations, reducing the likelihood that the Federal Reserve will raise interest rates at its next meeting — a scenario that supports the precious metal, which pays no yield.
The Personal Consumption Expenditures (PCE) price index, excluding food and energy — the Fed's preferred measure of underlying inflation — rose 0.2% in August compared with the previous month, falling short of the 0.3% increase forecast by economists surveyed by Bloomberg. The July reading was also revised downward.
Spot gold edged up 0.08% to US$4,160.30 per ounce, while silver advanced 0.5% to US$60.70 per ounce.
Consumer spending in the United States also increased in August at its fastest pace in more than a year, helping to underpin the economy amid persistent inflationary pressures. The data reinforce signs of resilience in the world's largest economy, even as elevated petrol prices and inflation remaining above the Federal Reserve's target for more than five years continue to weigh on households.
Swap contracts now point to roughly a 34% probability of an interest rate increase in October, down from nearly 70% at the start of the week.
According to Ewa Manthey, commodities strategist at ING Bank, interest rates and the persistent risk of further monetary tightening leave gold vulnerable to additional selling pressure.
Gold retreated 6% in September, its steepest monthly decline since June, after the Fed raised interest rates for the first time since 2023 and signalled that further policy tightening could be warranted.
Investors are now turning their attention to the labour market report due for release on Friday.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/10/01/commodities-3/ouro-inalterado-com-inflacao-dos-eua-abaixo-do-esperado/
