Gold Prices Fail to Hold $4,100 as Market Bets on September Rate Hike Rise

The gold price surged to $4,116.28 after the Federal Reserve kept interest rates unchanged at its July meeting, but failed to hold above $4,100.

Market bets on a September rate hike remain high, with a roughly 65% probability of a rate increase expected by traders.

The Fed's decision was approved by a 9-3 vote, with three dissenters advocating for a 25-basis-point rate hike, indicating significant concern over inflation risks within the Fed.