Gold jumps around as interest rates, not fear, drive prices

Gold fell 1.2% to $4,026.49 on July 28, 2026, per Reuters, then rose 1.6% to $4,061.10 on July 29. The swings followed government bond yields — the interest rate the U.S. pays borrowers — not people seeking safety. As the dollar strengthens before the Fed's next meeting, gold isn't acting as a portfolio cushion when rates and the dollar rise together.