Gold Prices Drop by Over 1% Ahead of August, But Still Post Monthly Gain

International gold prices fell by more than 1% before August, but still managed to post a gain of approximately 1.7% for the entire month.

The spot price dropped to $4,062.05 per ounce at 8:57 GMT, but this was a short-term setback in what is still considered a long-term uptrend.

Analyst Ross Norman believes that gold prices are undergoing a correction within a long-term uptrend and the market lacks sufficient momentum to surge strongly after the Fed's policy meeting.