On Tuesday (July 28), August gold futures opened at $4,083 per ounce, up 0.1% from Monday’s closing price, before falling to $4,027. Gold prices have remained below $4,100 since July 14 and are currently fluctuating within a narrow range ahead of the Federal Reserve’s two-day interest rate meeting. Market expectations for a 25-basis-point rate hike by the Fed have risen from 25.77% last week to 35.8%.

Notably, as the U.S. and Iran attempt to reach a permanent peace agreement to reopen the Strait of Hormuz and resume oil and natural gas exports, U.S. airstrikes against Iran have once again been suspended, causing oil prices to fall nearly 5% over the past five days.