Gotrade News - Global gold prices extended losses to a one-month low on Wednesday (29/04). Spot gold tumbled 1.15% to USD4,541 per ounce after the Fed decision.
The US central bank held its benchmark rate at 3.5%-3.75% as markets had expected. The vote turned into the FOMC's most divided decision since 1992, splitting 8-4.
Key Takeaways
- Spot gold dropped 1.15% to USD4,541 per ounce on Wednesday (29/04), the lowest since 30 March.
- The Fed held rates at 3.5%-3.75% with the most divided FOMC vote since 1992.
- Gold has now fallen three sessions in a row, losing 3.38% amid US-Iran tensions.
Higher-for-Longer Pressures Bullion
According to Liputan6 citing CNBC, June gold futures also slipped 1.3% to USD4,546 per ounce. Higher rates reduce gold's appeal because the metal pays no yield.
OANDA's MarketPulse analyst Zain Vawda said market sentiment shifted toward skepticism on a US-Iran deal. The higher-for-longer narrative on rates regained strength across global markets.
Mining-linked names like Newmont (NEM) tracked the commodity lower during the session. The VanEck Gold Miners ETF (GDX) also reflected the rate-driven pressure.
Middle East Risk Adds Volatility
According to Bloomberg Technoz, gold has now declined for three straight sessions with a 3.38% drop. The metal touched its weakest level since 30 March 2026.
Washington reportedly maintains a blockade in Iranian waters while the Strait of Hormuz remains closed. The geopolitical standoff is amplifying uncertainty around the global inflation outlook.
Bullion-backed ETFs such as SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) typically mirror spot moves. Both are popular vehicles for retail investors tracking gold exposure.
Vawda added that a swift US-Iran deal could revive gold's uptrend later this year. He sees prices potentially ending 2026 between USD5,300 and USD5,500 per ounce.
Sources
IDX Channel, Harga Emas Dunia Turun Lagi usai The Fed Tahan Suku Bunga, 2026. Bloomberg Technoz, Harga Emas Anjlok 3 Hari Beruntun, Mending Jual atau Beli?, 2026. Liputan6, Harga Emas Dunia Anjlok Setelah The Fed Tahan Suku Bunga, 2026.
