Gold steadies near $4,044 as dollar firms

July 28, 2026 (MLN): Gold prices retreated on Tuesday as a firmer dollar weighed on bullion, with investors awaiting the Federal Reserve's upcoming policy decision for direction on interest rates.

Currently, spot gold is steady, slightly down 0.17% to $4,044.43 an ounce as of [09:32 am] PST, according to data reported by Mettis Global.

The dollar held close to a one-month high, making dollar-denominated bullion costlier for buyers holding other currencies.

The Fed is set to wrap up its two-day policy meeting on Wednesday.

Market pricing points to a 62% probability that the central bank will keep rates unchanged, while 38% of participants see at least a 25-basis-point hike, according to CME FedWatch data, a sharp jump from just 16% a week earlier, CNBC reported.

President Donald Trump renewed his call on Monday for the Fed to cut interest rates, arguing that the United States should hold the lowest borrowing costs in the world.

Separately, Donald  Trump said Washington was engaged in constructive discussions with Iran and that a deal to de-escalate the conflict remained possible, though he cautioned that military strikes could resume if talks failed to produce results.

Iran, however, appeared to test the ceasefire quickly, with Saudi Arabia, Jordan, and Iraq all reporting drone attacks on Monday.

Among other precious metals, spot silver fell 1.9% to $57.30 per ounce, platinum dropped 1% to $1,605.14, and palladium declined 1.6% to $1,271.09.

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