作者：Yvonne Yue Li金价本月开局平稳，因较温和的通胀数据降低了美联储在下次会议上加息的预期，而高企的债券收益率则使市场面临再度抛售的风险。
By Yvonne Yue Li Gold opened the month steady as softer inflation data lowered bets the Federal Reserve will raise interest rates at its next meeting, while high bond yields left the door open to renewed selling.
黄金交易价格约为每盎司4,155美元，此前一日下跌0.6%。美联储偏好的核心通胀指标——剔除食品和能源的个人消费支出价格指数（PCE）在8月份仅上升了低于预期的0.2%，前一个月的数据也向下修正。
Bullion was trading around $4,155 an ounce, after falling 0.6% the day before. The Fed’s preferred measure of underlying inflation, the personal consumption expenditure price index excluding food and energy, rose a less-than-expected 0.2% in August. The prior month was also revised lower.
周三，长期国债收益率升至数十年来的高位，因为强劲的美国支出数据增强了市场对美国经济能够承受更高利率的预期。数据显示，8月份消费者支出以一年多来最快的速度增长，这促使交易员将美联储在10月加息的概率从本周早些时候的近70%下调至约34%。
Long-dated Treasury yields rose to multi-decade highs on Wednesday as resilient US spending bolstered expectations that the US economy can handle higher interest rates. The data showing consumer spending rose in August at the fastest pace in over a year led traders to pare back expectations the Fed will raise interest rates in October to a probability of around 34%, down from almost 70% earlier in the week.
然而，ING Bank的大宗商品策略师Ewa Manthey表示，高企的收益率和持续存在的紧缩风险使黄金容易遭受进一步抛售。她说，较温和的PCE读数给黄金带来了一些支撑，减轻了对再次加息的预期压力。
Still, elevated yields and lingering tightening risks leave bullion vulnerable to further selling, according to Ewa Manthey, commodity strategist at ING Bank. Gold received some support from the softer PCE reading, taking some pressure off expectations for another rate hike, she said.
9月份，金价下跌6%，创下自6月以来最差的单月表现，此前美联储自2023年以来首次加息，并暗示可能需要进一步收紧政策。当月全球债券收益率也上升，因为对政府债务和赤字增加的担忧推高了期限溢价，从而增加了持有无收益黄金的机会成本。
Gold fell 6% in September, its worst monthly loss since June, after the Fed hiked rates for the first time since 2023 and signaled that further tightening may be needed. Global bond yields also rose in the month as concerns over mounting government debt and deficits drove up term premiums, increasing the opportunity cost of holding non-yielding gold.
交易员将密切关注周五发布的就业报告，以获取美联储利率前景的下一个线索。
Traders will be watching Friday’s jobs report for the next clues on the Fed’s rate outlook.
新加坡时间上午8:05，现货黄金下跌0.1%，报每盎司4,151.12美元。白银下跌0.3%，报每盎司60.24美元，此前一个交易日下跌1.7%至八周低点。铂金和钯金小幅走低。衡量美元走势的彭博美元即期指数保持平稳，此前一日上涨0.1%至两个月高位。
Spot gold was down 0.1% at $4,151.12 an ounce at 8:05 a.m. in Singapore. Silver was down 0.3% at $60.24 an ounce, after falling 1.7% in the previous session to an eight-week low. Platinum and palladium edged lower. The Bloomberg Dollar Spot Index, a gauge of the US currency, was steady after rising 0.1% the day before to a two-month high.