Spot gold was down 0.1% at $4,281.98 per ounce as of 0155 GMT, according to CNBC data, while Shafaq News reported a 0.3% decline to $4,274.79 by 0702 GMT. US gold futures for December delivery were little changed at $4,317.50 in the CNBC report and fell 0.2% to $4,309.80 in the Shafaq feed.
The declines were attributed to expectations that the Federal Reserve could tighten policy further, with investors focusing on a higher‑for‑longer stance after last week’s rate increase. Ross Maxwell, chief strategy officer at VT Markets, noted that a clearer signal of another rate hike would pressure gold lower.
Oil prices offered some support to gold in the CNBC snapshot, having dipped earlier, but Shafaq News said oil extended gains after climbing 4% in the prior session as US‑Iran diplomatic talks showed no concrete progress.
Among other precious metals, spot silver fell 0.8% to $63.94 per ounce, platinum lost 0.2% to $1,746.02 and palladium gained 0.4% to $1,265.51. Intesa Sanpaolo economist Daniela Corsini said in a note that precious metals may lack clear direction, though volatility is likely to remain high, with gold possibly trading around an average of $4,200 per ounce for the next couple of quarters.
The backdrop includes US business activity rising to a more than five‑year high in September, strong demand straining supply chains and pushing prices higher, and mounting inflation pressures that are pushing the Fed toward a rate hike on the eve of critical national elections.
