Gold has declined in the pre-market session, pressured by a strengthening U.S. dollar, which makes the metal more expensive for holders of other currencies. [2, 3] Investors are also positioning ahead of the Federal Reserve's monetary policy decision on July 29. [1, 6] Anticipation of a potentially hawkish stance from the Fed, with markets pricing in a chance of an interest rate hike, is increasing the opportunity cost of holding non-yielding bullion. [3, 8, 9]