#CryptoMarketsDipSlightly

Gold Under Pressure, Market Awaits Fed Decision

Focus of Gold:

US–Iran negotiation deadlock
Global interest rate policy expectations
Tuesday, April 28, 2026 – Gold prices opened weaker at US$4,682 per troy ounce, reflecting market participants' cautious stance amid the deadlock in US–Iran negotiations and ahead of major central banks' monetary policy decisions. Diplomatic efforts have faced setbacks again after Iran's latest proposal was deemed not to meet Washington's expectations, especially regarding the nuclear program issue. This situation keeps geopolitical uncertainty high and impacts global energy supply disruptions.

From a macroeconomic perspective, the surge in energy prices increases the risk of global inflation and narrows the room for monetary policy easing. The Fed is widely expected to hold interest rates at the April 29 meeting, with market focus on the central bank's outlook on the impact of energy shocks on inflation and growth. Expectations of prolonged high interest rates, coupled with the strengthening US dollar as an alternative safe haven, are the main factors suppressing gold's appeal as a non-yielding asset. On the other hand, analyst surveys show upward revisions to the annual gold price forecast, supported by strong demand from central banks and ongoing global economic uncertainty.

Overall, gold movements remain under pressure from a combination of tight monetary policy and dollar strength, amid structural support from long-term demand. Market participants are also monitoring other upcoming central bank meetings, including the ECB, BOJ, and BOE, as well as US economic data releases, which will be key catalysts for short-term gold price direction.

Technically, the nearest support level for gold prices is around $4,656 to $4,630, while the nearest resistance is at $4,718 to $4,754. If selling pressure increases, deeper support is seen at $4,568, while medium-term resistance is in the $4,816 area.