PRECIOUS-Gold slips as firm dollar weighs; focus turns to Fed meeting
Reuters2026/07/28 07:38Updates prices as of 0726 GMT
By Pablo Sinha
July 28 (Reuters) - Gold prices fell on Tuesday, pressured by a stronger dollar as markets awaited the Federal Reserve's upcoming policy decision for clues on the interest rate outlook.
Spot gold XAU= fell 0.6% to $4,051.07 per ounce by 0726 GMT after rising as much as 1% on Monday. U.S. gold futures GCcv1 for August delivery lost 0.6% to $4,051.60.
The dollar held near a one-month high, making greenback-priced bullion more expensive for holders of other currencies. USD/
"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 Fed will conclude its two-day policy meeting on Wednesday. Expectations that it 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, up from 16% a week earlier.
Markets are pricing in an 81% chance of a hike at the central bank's September meeting.
U.S. 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 the U.S. 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 said if the Fed meeting generates language that does not set the groundwork for a rate hike in September, gold is likely to rally above $4,200 per ounce.
Spot silver XAG= fell 1.6% to $57.48 per ounce, platinum XPT= lost 0.6% to $1,611.48 and palladium XPD= slid 1.4% to $1,274.10.
(Reporting by Pablo Sinha in Bengaluru; Editing by Varun H K, Ronojoy Mazumdar and Subhranshu Sahu)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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