FX.co ★ Gold Steady Ahead of Fed Decision

Gold traded around $4,020 an ounce on Wednesday, little changed from the previous session and hovering near its lowest level since November 2025, as investors awaited the Federal Reserve’s policy decision. The Fed is widely expected to leave interest rates unchanged, though markets are currently pricing in roughly a 35% probability of a 25-basis-point hike today and an 80% chance of an additional increase in September. Elsewhere, the Bank of England and the Bank of Japan are also expected to keep rates on hold this week while maintaining a cautious stance on inflation. Meanwhile, Commerzbank cut its year-end gold price forecast to $4,500 per ounce and now expects silver to reach $67 per ounce. On the geopolitical front, Tehran reportedly rejected Oman’s proposal for joint regional management of the Strait of Hormuz, dampening hopes for easing tensions. Oil prices also rose following joint US-Saudi strikes in Iraq.