Key Highlights

  • Gold traded near US$4,187 per troy ounce during today's session, up 0.37%.
  • US consumer prices are due October 14 and producer prices on October 15.
  • Markets price roughly an 80% chance the Fed holds rates this month.
  • Newmont reported a realized gold price of US$4,414 per ounce in the second quarter.

Gold Edges Higher Near US$4,187 an Ounce

Gold traded near US$4,187 per troy ounce during today's session, up US$15.25, or 0.37%, according to market data. It is up 0.55% on the week but down 2.60% on the month, and it stands 3.06% lower year to date and 1.07% higher than a year ago. The COMEX contract covers 100 troy ounces, but quoted figures are per ounce.

Dollar, Rates and Inflation Data

Gold has been under pressure as the US dollar climbed to an 18-month high, and traders are awaiting US consumer prices on Wednesday, October 14 and producer prices on Thursday, October 15, which could shape the Federal Reserve's next decision. Markets are pricing roughly an 80% chance that the Fed holds rates this month and about an 88% chance of a hike in December.

Elevated oil prices are feeding inflation worries, alongside possible US involvement against Houthi militants in Yemen and a Russia-Ukraine "energy ceasefire" reported as already violated. A stronger dollar can make gold dearer for holders of other currencies, and higher expected interest rates raise the opportunity cost of holding a metal that pays no yield.

How Miners Earn From the Price

Producers sell metal at spot-linked prices while their costs are largely in local currencies, fuel, labor and consumables. A higher gold price usually widens margins, but cost inflation, grades, hedging and tax can offset it. Newmont (NYSE:NEM) reported second-quarter attributable gold output of about 1.29 million ounces, a realized price of US$4,414 per ounce and an all-in sustaining cost of US$1,621 per ounce, and it will publish third-quarter results after the US close on October 22.

Barrick Mining (NYSE:B) reported second-quarter gold production of 796,000 ounces at a realized US$4,417 and an all-in sustaining cost of US$1,866, kept 2026 guidance of 2.90 to 3.25 million ounces, and said its settlement with Newmont over Nevada Gold Mines includes a US$1.95 billion payment to Barrick. Agnico Eagle (NYSE:AEM) reported payable gold production of 855,816 ounces, a realized price of US$4,483 and an all-in sustaining cost of US$1,459.

Other Gold Producers and Streamers

Northern Star Resources (ASX:NST) reported record statutory profit of A$1.66 billion for FY26 and guided to FY27 all-in sustaining cost of A$3,050 to A$3,450 per ounce, so the Australian dollar gold price matters as well as the US dollar price. Fresnillo (LSE:FRES) is a Mexican-operating primary silver producer that also mines gold; in the first half its gold realized price was US$4,666.8 per ounce, with gold 38.7% of adjusted revenue and silver 54.0%.

Wheaton Precious Metals (NYSE:WPM) receives gold and silver under streaming agreements rather than operating mines, with a second-quarter realized gold price of US$4,452 against an average gold cash cost of US$543 per ounce, which shows why stream revenue is less exposed to mining cost inflation.

Calendar: US Inflation Prints and Newmont Results on October 22

US consumer prices are due on October 14 and producer prices on October 15, and Newmont will release third-quarter results on October 22. Barrick has said its North American IPO is targeted for completion by the end of 2026. Silver traded near US$60.11 today.

In short, gold is being pulled between a firm dollar and rate expectations on one side and geopolitical demand for safe assets on the other, and miner results are best read for realized price, unit costs and guidance.