Gold Falls Below $4,030

2026-10-29 13:07 By Joana Ferreira 1 min. read

Gold prices fell below $4,030 an ounce on Thursday as investors assessed a fresh batch of US economic data, with persistent inflation and resilient economic growth strengthening expectations of a potential interest rate hike later this year.

The US PCE price index rose 0.5% month over month in September, its largest increase since March, while annual inflation climbed to 3.6%.

Core PCE inflation also accelerated to 3.1% year over year.

Meanwhile, US GDP grew at an annualized 3.4% in the third quarter, beating expectations of 3.2% on resilient consumer spending and AI-driven investment.

The Federal Reserve held interest rates steady on Wednesday ahead of next week's US midterm elections, but markets continue to price in an approximately 80% chance of a rate hike in December, according to the CME FedWatch Tool.

Meanwhile, oil prices declined after reports that US Vice President JD Vance had sought to revive peace negotiations with Iran.



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