Gold Ends Four-Month Slump as Investors Weigh Fed Signals

Gold prices are on track to end a four-month slump as investors weigh signals from the US Federal Reserve. The precious metal is headed for its first monthly gain in five, with spot gold inching 0.2% lower at $4,096.29 per ounce.

The Fed's latest policy meeting left interest rates unchanged, and chairman Kevin Warsh gave little indication of the central bank's next move. Markets are now pricing in a 63% chance of a rate hike in September, down from about 80% prior to the policy meeting.

Gold demand was steady year on year at 1,268.9 metric tonnes in the second quarter of 2026, as central banks accelerated purchases to offset a slump in investment.