3.4% US GDP Growth Reprices Fed Outlook as Gold Mine Output Hits Record - Crux Investor

AI desk brief

Gold stood near US$3,913/oz on October 30, down 2.5% that week; WGC attributed part of the decline to restrictive Fed expectations as third-quarter 2026 US GDP grew 3.4% annualized and September PCE inflation reached 3.6%. Approximately 70 tonnes of combined COMEX position reductions preceded the economic releases and were not physical sales. Countering policy pressure, third-quarter physically backed ETF inflows reached 211 tonnes and estimated central-bank purchases totalled 321 tonnes. Mine output rose 3% to a quarterly record 1,071 tonnes, while recycling fell 8% to 314 tonnes; second-quarter AISC rose 22% to US$1,930/oz. Strong institutional demand could cushion policy-related pressure, while higher costs make recovery efficiency and capital discipline increasingly important for producers.