Gold Hits 4-Week Low Near $4,585: Will Powell’s Final FOMC Act Break the $4,400 Floor?

Spot Gold (XAU/USD) plummeted 2.1% to a near four-week low of $4,585.21 on April 29, 2026, as the market braced for Jerome Powell’s final FOMC press conference. Despite structural support from central banks like Poland and China, the yellow metal is reeling from a Geopolitical Stagflation trap. With President Trump officially rejecting Iran’s latest peace proposal and the Strait of Hormuz remaining effectively closed, surging oil prices near $111 have fueled hawkish Fed expectations, crushing bullion’s non-yielding appeal.