Markets await 29 July Fed meeting; odds of a rate hold near 65 percent

The US Federal Reserve holds its next monetary policy meeting on 29 July, and markets, pricing in roughly a 65 percent probability, expect the benchmark rate to stay in the 3.50 to 3.75 percent range. New Fed Chair Kevin Warsh held rates unchanged at his first meeting in June, and the minutes of that meeting showed officials split almost evenly over the future path of rates.

The dollar index (DXY) has hovered near 100.6 in recent days. The Fed's decision and the dollar's path matter for Iran's market because they influence the global gold price and, indirectly, the domestic gold and currency markets.