Gold slips on Tuesday as the dollar firms, with markets awaiting the Federal Reserve decision

Global gold prices fell in trading on Tuesday 28 July 2026 (6 Mordad 1405) under pressure from a firmer US dollar. Spot gold lost 0.7 percent to $4,044.81 an ounce, while gold futures for August delivery traded 0.8 percent lower at $4,045.40. The dollar index sat near its highest level in a month on the same day, which makes bullion more expensive for holders of other currencies.

Traders are waiting for the conclusion of the Federal Reserve's two day meeting on Wednesday for clarity on the US interest rate outlook. The decline followed Monday 27 July, when the August futures contract opened 0.7 percent higher at $4,097.5.

The global gold price is the basis for pricing gold and coins in Iran's domestic market and, alongside the exchange rate, sets the direction of the Tehran market.