Gold Holds Ground at $4,000 as Traders Await Fed Decision
Gold prices held steady at around $4,000 on Tuesday as traders waited for the Federal Reserve's policy decision. Despite lower Treasury yields and a decline in crude oil prices, gold retreated by 1.18% to approximately $4,027.40 an ounce. Silver also fell, down 2.19% to about $57.02.
The Fed's decision was seen as the primary market signal, overshadowing other factors such as lower yields and a drop in oil prices. The central bank's two-day meeting concluded on Wednesday, July 29, with most traders expecting no rate change but assigning a one-in-three chance to a surprise increase.
The $4,000 level remains a critical support for gold, which first broke through this barrier earlier this year. Buyers failed to reclaim the resistance zone between $4,041.65 and $4,072.40, leaving bears in control of the short-term chart.