Gold prices pulled back on Thursday as traders digested the Federal Reserve's decision to hold interest rates steady and reassessed the path forward for monetary policy. Spot gold fell 0.4% to $4,049.99 an ounce, while silver slipped 0.6% to $57.32 and platinum dropped 1.3% to $1,597.87.
Markets are now pricing in roughly a 64% probability of a September rate increase, a shift that has weighed on the non-yielding metal. The U.S. Dollar Index held near 100.9, providing additional headwinds for bullion.
Geopolitical tensions offered some underlying support after the United States launched fresh strikes against Iran overnight. Earlier in the week, spot gold had traded as low as $4,036 an ounce, while in Europe the spot price dipped 0.69% to $4,075 as the sell-off extended across sessions.