GC=F futures hover just below $4,100 as investors weigh Fed policy against escalating U.S.-Iran tensions and oil price pressures.
Gold August futures (GC=F) opened at $4,020.90 on July 29, 2026, down 0.4% from Tuesday’s close, but climbed to $4,090 by 8:17 a.m. ET. Prices remain near $4,100 despite renewed U.S.-Iran hostilities, which typically boost safe-haven demand.
Over the past two weeks, gold has traded in a tight range, with one-week and one-month declines of 1.8% and 0.9%, respectively. Year-over-year, prices are up 21%, though gains have slowed from January’s 95.6% surge. The Fed’s rate decision later today adds uncertainty, with markets pricing a 64.2% chance of unchanged rates and a 35.8% probability of a 25 basis point hike.
Geopolitical risks and oil-driven inflation expectations are counterbalancing, leaving gold’s near-term direction tied to the Fed’s signal on monetary policy.