Gold Extends Gains on Softer Dollar

2026-07-30 13:47 By Joana Ferreira 1 min. read

Gold climbed to $4,080 per ounce on Thursday, extending Wednesday's 2% rally as a weaker US dollar provided support, while investors assessed the Federal Reserve's decision to leave rates unchanged and monitored escalating tensions in the Middle East.

The Fed kept rates at 3.50%-3.75%, with Chair Kevin Warsh reaffirming the central bank's commitment to bringing inflation down.

Meanwhile, the US military said it struck dozens of IRGC targets in Iran after Tehran launched ballistic missiles at US troops in Jordan, raising concerns over renewed inflationary pressures.

Although gold is widely viewed as a hedge against inflation and geopolitical uncertainty, expectations of higher interest rates for longer tend to weigh on the non-yielding metal.

Markets are currently pricing in roughly a 60% chance of a Fed rate hike in September.

Separately, the World Gold Council said unofficial gold inflows into India have risen since the country increased import tariffs earlier this year.



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Gold Extends Gains on Softer Dollar
Gold climbed to $4,080 per ounce on Thursday, extending Wednesday's 2% rally as a weaker US dollar provided support, while investors assessed the Federal Reserve's decision to leave rates unchanged and monitored escalating tensions in the Middle East. The Fed kept rates at 3.50%-3.75%, with Chair Kevin Warsh reaffirming the central bank's commitment to bringing inflation down. Meanwhile, the US military said it struck dozens of IRGC targets in Iran after Tehran launched ballistic missiles at US troops in Jordan, raising concerns over renewed inflationary pressures. Although gold is widely viewed as a hedge against inflation and geopolitical uncertainty, expectations of higher interest rates for longer tend to weigh on the non-yielding metal. Markets are currently pricing in roughly a 60% chance of a Fed rate hike in September. Separately, the World Gold Council said unofficial gold inflows into India have risen since the country increased import tariffs earlier this year.
2026-07-30
Gold Slips as Markets Reassess Fed Outlook
Gold fell below $4,050 an ounce on Thursday, giving back the previous session’s gains as traders reassessed the Federal Reserve’s policy outlook after the central bank left interest rates unchanged. Three FOMC members dissented in favor of a rate hike, while Chair Kevin Warsh emphasized that the decision to keep rates steady should not be viewed as a sign of policy inertia, adding that markets would continue to respond to incoming economic data. Markets are now pricing in roughly a 67% chance of a 25-basis-point Fed rate hike in September, up from 56% a day earlier, while expectations for a larger 50-basis-point increase have largely disappeared. Gold also came under pressure from rallying oil prices after the US launched a fresh wave of strikes against Iran in response to attacks on American forces across the Middle East, raising concerns about further disruptions to global energy supplies.
2026-07-30
Gold Steadies After Fed Decision
Gold steadied around $4,050 an ounce on Thursday after rising in the previous session, as the Federal Reserve left interest rates unchanged despite mounting inflationary pressures stemming from renewed conflict in the Middle East. The decision offered some support to bullion, as higher interest rates tend to weigh on demand for non-yielding assets. Still, three FOMC members dissented in favor of a rate hike, while Chairman Kevin Warsh said that if inflation remains elevated throughout the forecast period, higher interest rates could become an appropriate policy response. Elsewhere, both the BOE and the BOJ are widely expected to keep interest rates unchanged this week while maintaining a cautious approach to inflation. In the Middle East, President Donald Trump pledged a strong response after an attack on US forces in Jordan. Meanwhile, the two sides continued to struggle to reach a potential agreement as Tehran insisted on retaining control of the Strait of Hormuz.
2026-07-29