3D illustration of a gold bars.
| Photo Credit:
Stiggdriver
Gold prices fell on Tuesday, pressured
by a stronger dollar, while markets looked to the Federal
Reserve’s upcoming policy decision for clues on the interest
rate outlook.
Spot gold fell 0.7% to $4,044.81 per ounce by 0250
GMT after rising as much as 1% on Monday. U.S. gold futures
for August delivery lost 0.8% to $4,045.40.
The dollar held near a one-month high, making
greenback-priced bullion more expensive for holders of other
currencies.
“We’re oscillating in this narrow range between $3,950 and
$4,200, and I think the market is just waiting for Fed signals,”
said Ilya Spivak, head of global macro at finance content
network Tastylive.
The U.S. Federal Reserve will conclude its two-day policy
meeting on Wednesday. Expectations that the Fed will hold
interest rates steady stand at 62%, while 38% of market
participants expect at least a 25-basis-point rate hike,
according to CME FedWatch — that is up from 16% a week earlier.
Markets are pricing in an 81% chance for a hike at the
central bank’s September meeting.
President Donald Trump on Monday called on the Fed to lower
interest rates, saying the U.S. should have the lowest interest
rate in the world.
Trump also said on Monday that the United States was having
“good talks” with Iran and there was a chance of a deal to
resolve their conflict, but warned that strikes would resume if
negotiations failed to deliver. Tehran appeared to quickly test
the pause in the U.S. military campaign, with Saudi Arabia,
Jordan and Iraq reporting drone attacks on Monday.
Spivak added that if the Fed meeting generates language
that’s not setting the groundwork for a rate hike in September,
gold is likely to rally above $4,200 per ounce.
Spot silver fell 1.9% to $57.30 per ounce, platinum
lost 1% to $1,605.14 and palladium slid 1.6% to
$1,271.09.
Published on July 28, 2026
