Gold rises 1.9% to $4,101 after the Fed decision; silver jumps 3.2%

Gold erased earlier losses and rose in Wednesday's session on 29 July 2026 after the US Federal Reserve held benchmark interest rates steady. Spot gold was up 1.9% at $4,101.99 an ounce, after rising earlier the same day to $4,116.26, its highest level since 23 July. US gold futures for August delivery settled around 0.1% lower at $4,036.30.

The US dollar fell against the euro after the rate decision, making bullion less expensive for overseas buyers. Tai Wong, an independent metals trader, said precious metals were leading a modest asset rally even though the Fed chair sounded hawkish overall, and that fear of inflation was helping gold outperform.

According to CME Group's FedWatch tool, traders put the probability of a rate hike at the September meeting at 64% after the statement, compared with around 81% before it. In the same session, spot silver climbed 3.2% to $58.96 an ounce, platinum added 1.9% to $1,636.10 and palladium firmed 1% to $1,281.75.