Gold Prices Plummet Over 1% as Investors Await Fed Decision

Gold prices plummeted by more than 1% on July 28 as investors await the Federal Reserve's interest rate decision. The market's attention is focused on the Fed's move, causing gold to fall to around $4,050 per ounce.

The precious metal had increased by 0.6% in the previous session but failed to sustain its upward momentum. Gold prices have been fluctuating around the $4,000 per ounce range since the end of June, with buying power helping it maintain above this important psychological threshold.

Despite this recent stability, gold remains 20% lower than when the conflict began at the end of February. It had reached a record high of nearly $5,600 per ounce at the end of January before entering a multi-year upward cycle.

In other markets, oil prices also fell on July 28, with Brent oil dropping by 1.18% to $84.86 per barrel. Spot gold prices decreased by 1.07% to $4,049.32 per ounce and August gold futures fell 0.67% to $4,499.40 per ounce.