Overview
- President Donald Trump said the United States and Iran paused strikes and entered talks, a development that chilled near‑term tail risks and helped push Brent crude sharply lower.
- Global spot gold rallied on that news but settled back into a roughly $4,050–$4,110 per ounce band as traders took profits and digested overnight moves.
- Markets shifted focus to US monetary policy with the Federal Reserve decision due July 29, and a firmer dollar plus higher short‑term rate odds have reduced demand for non‑yielding bullion.
- Domestic markets reacted quickly: Pakistan’s per‑tola rate jumped to about Rs431,736 before falling the next session and Indian futures and retail contracts also showed sharp intraday swings.
- Chart watchers cite the $4,050 area as key technical support and say gold’s next sustained move will depend on Fed guidance, oil price direction, and any reversal or breakdown of the US‑Iran pause.