Gold Slides Toward $4,153 as Climbing Treasury Yields and Energy Costs Offset Cooler Inflation

Spot gold declined about 0.7% to trade near $4,153 per ounce on Wednesday, tracking toward a 6.6% loss for September. While Commerce Department data showed August core PCE held steady at 3.0% year-over-year, dampening expectations for an October Federal Reserve rate hike, upward pressure on U.S. Treasury yields and surging energy prices weighed on bullion. The 10-year Treasury yield climbed to 5.29%, bolstered by resilient economic data including upwardly revised second-quarter GDP of 2.2% and 90,000 ADP private payroll additions. Concurrently, elevated crude prices stemming from Middle East tensions stoked persistent inflation concerns.