Gold prices slipped on Thursday, 29 October, as investors assessed the US Federal Reserve's decision to leave interest rates unchanged and waited for fresh American inflation data later in the day. Reuters, via The Hindu BusinessLine, reported spot gold down 0.7% to $4,037.98 an ounce by 0410 GMT, while US gold futures for December delivery steadied at $4,049.80.

What the Fed decision changed — and did not

The Federal Reserve held its benchmark rate in the 3.75% to 4.00% range on Wednesday, saying inflation remains elevated and that it wanted more information before its next move. Reuters reported traders pricing about a 78% chance of a rate rise in December, down from 84% before the announcement — a shift in expectations, not a decision. Higher rates tend to weigh on gold because the metal pays no interest, so the appeal of holding it falls when interest-bearing assets pay more.

The data point traders awaited

The key data point due on Thursday was the US Personal Consumption Expenditures figure at 1230 GMT, a gauge the Fed watches closely against its 2% inflation target. Later intraday analysis showed how quickly the picture can change within a single session: ForexDevice's 29 October technical outlook put spot gold around $4,062.82, up 0.64% intraday, with short-term support identified near $4,025 and resistance near $4,060.

A choppy day, not a one-way move

That later level is a market snapshot, not a forecast, and it underlines why a single morning quote should not be read as the day's final price. For savers and jewellery buyers, the steadier lesson is that gold remained near the $4,000 mark while both war risk and interest-rate uncertainty stayed in play.

Sources: Reuters via The Hindu BusinessLine, ForexDevice.