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Gold Prices Slide Below $4,700 as Iran Hormuz Strait Proposal and Fed Anticipation Weigh

Gold prices fell below the $4,700 per ounce threshold on Tuesday as news of a potential proposal from Iran to reopen the Strait of Hormuz dampened demand for the precious metal. Traders also adopted a cautious stance as the Federal Open Market Committee (FOMC) convened for its two-day policy meeting, set to conclude on Wednesday.

XAUUSD-2026-04-28

XAUUSD – 5 Days Chart

Market Snapshot

Gold (XAU/USD) traded lower during Tuesday’s session, extending losses that saw the metal break beneath the significant $4,700 support level. Prices remained pressured as investors recalibrated their portfolios ahead of the upcoming US Federal Reserve interest rate decision, which is scheduled for announcement at 2:00 PM ET on April 29. The metal’s decline reflects a cooling of geopolitical risk premiums that have historically supported its recent performance.

Event Details

Market participants are reacting to reports of a proposed deal between Iran and the United States aimed at de-escalating tensions in the Strait of Hormuz. While previous weeks were dominated by supply disruption fears, this development has introduced a cautious optimism into the commodities sector. Simultaneously, the FOMC began its scheduled meeting on April 28, with market consensus widely expecting the committee to maintain the current federal funds rate of 3.50%–3.75%.

Outlook

The trajectory of gold prices in the coming sessions will likely depend on concrete developments regarding the Hormuz proposal and the tone of the FOMC policy statement. Investors will watch the following factors:

  • Official confirmation of terms regarding the Strait of Hormuz reopening.
  • The outcome of the FOMC policy statement and any updates to the committee’s economic projections.
  • Continued technical support or resistance levels for XAU/USD as it consolidates below the $4,700 mark.

About the author

Martin Lam

 

Martin Lam is ATFX Chief Analyst for Asia Pacific, with over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior roles at leading FX brokerage firms.

More from Martin Lam

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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