The Comex most-active August contract slid as low as $3,993.80 during the morning as interest-rate swaps assigned better than a one-in-three chance to a quarter-point hike. Spot gold traded 1.3% higher at $4,081.10. “Should policymakers deliver a more-hawkish-than-expected message, reinforcing the prospect of higher rates or signaling greater concern over inflation, gold is likely to come under some pressure.” Gold is still down 5.5% in 2026 and nearly a quarter below its late-January record. Silver, more than 40% below its January peak above $100 an ounce, remains over 50% higher than a year ago.