New York gold prices fell on the 29th

　　Source: Xinhua Finance

　　Xinhua Finance, New York, October 29 (Reporter Xu Jing) — On October 29, the most actively traded December 2026 gold futures contract on the New York Mercantile Exchange fell by $18.3 to close at $4,033.3 per ounce, a decrease of 0.45%.

　　U.S. economic growth exceeded expectations, but inflation has risen again, reinforcing market expectations that the Federal Reserve will further tighten monetary policy before the end of the year.

　　According to preliminary data released by the U.S. Department of Commerce on the 29th, the actual gross domestic product (GDP) of the United States in the third quarter of 2026 grew at an annual rate of 3.4%, higher than the previous estimate of 3.1% and also higher than the 2.2% in the second quarter.

　　Data released that day also showed that the U.S. Personal Consumption Expenditures (PCE) Price Index rose 0.5% month-on-month in September, marking the largest monthly increase in six months; the annual inflation rate rose from 3.4% in August to 3.6%. Excluding volatile food and energy prices, the core PCE Price Index rose 0.3% month-on-month, with the annualized core inflation rate rising from 3.0% to 3.1%.

　　The report indicates that despite the Federal Reserve’s tight monetary policy, the underlying inflation rate remains above its 2% target. Strong economic growth, robust consumer spending, and high inflation have all reinforced the necessity to maintain high interest rates and heightened concerns that the Federal Reserve could resume tightening policy in December.

　　Analysts believe that gold prices still have room for fluctuation before the end of the year and are expected to fluctuate within the range of $3,900 to $4,250 per ounce.

　　On the same day, December delivery silver futures prices fell by $1.446 to close at $52.220 per ounce, a decrease of 2.69%.

Editor: Zhu Henan