Gold stays under pressure from a firm dollar before the Fed decision, trading near 4,025 dollars in Wednesday's Asian hours

Spot gold moved lower on Tuesday, 28 July 2026 (6 Mordad 1405), as the US dollar index held close to its highest level in nearly a month and investors stayed cautious ahead of the Federal Reserve's interest rate decision. Spot gold was reported at around 4,042 dollars an ounce during that session, a fall of roughly 32.6 dollars, or 0.80 percent, on the day.

As of 5:29 a.m. Tehran time on Wednesday, 7 Mordad (29 July), the ounce was trading around 4,024.74 dollars, close to unchanged from the previous day, down 0.07 percent. The mechanism is straightforward: a stronger dollar makes gold more expensive for holders of other currencies, and expectations of higher interest rates raise the opportunity cost of holding a non yielding asset such as gold.

The Federal Open Market Committee's decision is due on Wednesday evening Tehran time. For Iran's market, the global ounce is one of the two pillars of domestic gold and coin pricing; the other is the exchange rate, which is why domestic gold prices sometimes move against the direction of the global ounce.