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US Oil Blockade Deepens Iran’s Economic Crisis 
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Gold Prices Hold Near $4,500 as Fed Rate Hike Bets Ease 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
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Gold prices edged lower on Tuesday as the U.S. dollar hovered near its highest level in almost a month, while investors remained cautious ahead of the Federal Reserve’s policy announcement and Chair Kevin Warsh’s remarks for signals on the future direction of U.S. interest rates.
Spot gold declined 0.7% to $4,048.40 per ounce, while U.S. gold futures also fell 0.7% to $4,049.10. The pullback followed two consecutive sessions of modest gains as traders locked in profits before major economic events.
The stronger U.S. dollar continued to pressure bullion prices by making gold more expensive for buyers using other currencies. The U.S. Dollar Index remained close to a one-month high, limiting demand for the precious metal.
Market participants widely expect the Federal Reserve to leave interest rates unchanged when its two-day meeting concludes on Wednesday. However, expectations for additional monetary tightening remain elevated. According to the CME FedWatch Tool, traders are pricing in roughly a 40% chance of a rate hike this week and an 80% probability of another increase in September. Higher interest rates typically reduce the attractiveness of non-yielding assets such as gold.
Investors are also awaiting key U.S. economic reports later this week, including second-quarter GDP data and the Fed’s preferred inflation measure, both of which could influence the central bank’s policy outlook. Analysts believe gold is likely to remain range-bound until clearer guidance emerges from the Fed.
Geopolitical developments also remained in focus. U.S. President Donald Trump said Washington was engaged in productive talks with Iran and suggested a potential agreement was possible, while warning military action could resume if negotiations failed. The continued pause in hostilities between the two countries eased concerns over energy supply disruptions, helping push oil prices lower and reducing inflation worries.
Elsewhere in the metals market, silver dropped 1.8% to $57.387 per ounce, platinum declined 0.9% to $1,611.60 per ounce, while copper prices also weakened, with London Metal Exchange copper futures and U.S. copper futures both trading lower.
