Gold Rebounds to Near $4,100 as Fed Holds Rates Steady

The gold price has rebounded to near $4,100 as the US Federal Reserve left interest rates unchanged at its July policy meeting. The Fed's decision was in line with expectations, but not without some dissenting voices. Three committee members voted for a 25-basis-point rate hike, which could have had implications for the gold market.

However, according to Commerzbank analysts, the recent weakness in gold prices may be overdone. They argue that current market expectations of Fed rate hikes are excessive and that interest rates will remain unchanged until the end of the year, providing a more supportive backdrop for gold.