Gold climbs above $4,084 after the Fed holds rates steady

The global gold market reversed course after the US Federal Reserve announced its interest rate decision on Wednesday, 29 July 2026. Spot gold, which had been trading at around $4,000 an ounce before the announcement, climbed to a high above $4,084 and then eased back toward $4,076.

The Fed held its policy rate in the 3.5 to 3.75 percent range for a fifth consecutive meeting. The decision passed by a 9 to 3 vote, with the three dissenters, Beth Hammack, Neel Kashkari and Lorie Logan, voting in favour of a rate increase.

The global ounce is the main external anchor for gold and coin pricing in Iran's domestic market. The reversal came late on Wednesday, 29 July, after several days of trading near the lowest levels since November 2025.