Gold Holds Ground Ahead of US Fed Rate Decision

The price of gold has stabilized near $4,020 an ounce as traders await the US Federal Reserve's interest rate decision on July 29.

The upcoming decision is seen as finely balanced, with a one-in-three chance of a quarter-point hike in rates, according to interest-rate swaps.

Bullion has been under pressure due to higher borrowing costs, which are typically unfavorable for non-yielding assets like gold.

However, gold has managed to hold its ground near the key support level of $4,000 an ounce since late June, thanks to a wave of dip-buying.