Gold prices faced downward pressure on July 28, 2026, as the spot gold price dropped 0.7% to $4,044.81 per ounce.
August delivery gold futures were recorded at $4,045.40 per ounce, representing a 0.8% decline.
Spot gold price on July 28, 2026
Market activity remains focused on the US Federal Reserve, with Ilya Spivak, Tastylive Global Macro Strategy Head, stating that gold is fluctuating between $3,950 and $4,200 and the market is waiting for signals.
The timing of the Federal Reserve rate decision is subject to conflicting reports; S1 and S3 indicate the decision is scheduled for 21:00 Turkish time on July 28, 2026, while S2 states the decision will occur on Wednesday, July 30, 2026.
Current projections from the CME FedWatch show a 62% probability of the Fed holding rates steady and a 38% probability of a 25 bps hike, an increase from 16% one week prior. The data also shows an 81% probability of a rate hike at the September 2026 meeting.
On Monday, US President Donald Trump called on the Fed to lower interest rates, arguing the US economy requires the world's lowest rates to maintain global competitiveness.
Gold product pricing and technical levels
In Turkey, various gold products saw declines. Quarter gold saw a 0.78% decrease, with a buy price of 9,826.60 TL and a sell price of 10,072.27 TL. Half gold and full gold also fell by 0.78%. ATA gold declined by 0.73%, while Cumhuriyet gold rose by 0.24%.
Reports on gram gold prices showed slight variations. For gram gold buy prices, S1 reported 6,163.66 TL while S3 reported 6,161.41 TL. Regarding sell prices, S1 reported 6,163.98 TL and S3 reported 6,161.77 TL.
Different sources provided varying daily decline rates for different purities. S1 reported a 0.71% decline for 14, 18, and 22 ayar gold, whereas S3 reported a 0.71% decline for 22 ayar and 0.73% for 14 and 18 ayar gold.
Technical levels for gold include resistance at $4,062; if broken, the next resistance levels are at $4,087-$4,117. Support is identified at $4,038, with subsequent support levels at $3,987-$4,008 and $3,959.
Additional market data
Specific large-scale gold transactions were noted: S1 reported 1 kilogram of 24-ayar gold sells for 6,163,980.00 TL, while S3 reported 100 grams of 24-ayar gold sells for 616,177.00 TL and 500 grams of 22-ayar gold buys for 2,788,128.00 TL.
A fragile ceasefire in the Middle East has somewhat eased inflation concerns.
