Gold holds steady near $4,175 ahead of US inflation data

September 30, 2026 (MLN): Gold prices were largely steady on Wednesday with traders waiting for American inflation data for cues on the Federal Reserve's next move.

Currently, spot gold is up 1.12% to $4,174.86  an ounce as of [10:30 am] PST, according to data reported by Mettis Global.

A stronger US dollar, which is heading for a monthly gain, has pressured bullion over the month by making dollar-priced metals costlier for buyers holding other currencies. Higher rates generally hurt gold's appeal as it pays no yield.

The US personal consumption expenditures (PCE) price index is due at 1230 GMT, according to CNBC.

CME's FedWatch Tool shows traders pricing in a 47% probability of a Fed rate hike in October and 91% for a hike in December.

The US central bank lifted rates by 25 basis points earlier this month.

New York Fed President John Williams said policymakers would probably need just one more hike this year to bring inflation back toward the 2% target.

On the geopolitical front, Qatar expressed hope that shuttle diplomacy between Tehran and Washington could lead to a breakthrough, even though US President Donald Trump rejected reports that he would ease sanctions and release frozen Iranian funds in exchange for nuclear concessions.

Among other precious metals, silver dropped 0.8% to $60.98, platinum held steady at $1,705.10, and palladium lost 0.3% to $1,219.60.

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