Gold Holds $364 as Oil Collapses 8.7%: The FOMC Binary Driving Commodities This Week
Two things happened in commodities this week that don't usually happen at the same time. Oil collapsed 8.73% in a single session as OPEC+ confirmed a supply ramp that the market had been half-believing would get reversed. And gold sat tight, holding its one-month support at $364.96 on the SPDR Gold Shares ETF (GLD) even as risk appetite cratered, because the buyers keeping it there aren't momentum traders. The July 28-29 Federal Reserve meeting is the event that decides which direction everything moves from here.
Key Takeaways GLD closed at $374.63 on July 28, 2026, holding above its one-month floor of $364.96 as the FOMC meeting begins, with markets pricing roughly 20% odds of a rate hike. T…
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