Gold Prices Remain Steady Ahead of Fed Rate Decision on July 29
On Wednesday, July 29, 2026, gold prices held firm ahead of the Federal Reserve's rate decision. Gold August futures opened at $4,020.90, down slightly from Tuesday’s close but showing resilience amid renewed U.S.-Iran tensions and uncertainty around interest rates. The geopolitical situation has created a tug-of-war for gold: rising oil prices suggest higher potential for rate hikes, which typically weigh on gold, while increased global instability drives demand as investors seek safe-haven assets. The CME Group's FedWatch tool indicates a 64.2% chance the Fed will keep rates unchanged and a 35.8% chance of a 25 basis point increase. Gold prices have remained stable for two weeks, with an opening price down just 0.4% compared to Tuesday’s close. Over longer timeframes, gold has seen mixed performance: -1.8% from one week ago and +21% over the past year.
