Spot gold held at $4,708.38 per ounce while futures slipped to $4,723.79, reflecting market caution ahead of the Fed rate decision.
The Fed is expected to hold rates unchanged on Wednesday, likely Chair Powell’s final meeting before his May 15 term end.
Ongoing Iran‑Israel conflict keeps the Strait of Hormuz largely closed, pushing oil prices above pre‑war levels and raising global inflation concerns.
A weakened U.S. dollar slightly reduced demand for dollar‑denominated gold among overseas investors.