Gold Jumps 2% to $4,102 After Fed Holds Rates Steady

Spot gold rose 1.9% to $4,101.99 per ounce on July 29, 2026, after the FOMC voted to hold its federal funds target range at 3.50–3.75% — unchanged since January. A roughly $80 single-session rally on a rate hold tells you markets had priced in some chance of a cut. When it didn't come, the repricing flowed into non-yielding gold.