Gold futures fell below USD5,000 per troy ounce for the first time since late February, with silver also dropping amid Fed rate expectations

MOSCOW: The price of gold fell below USD5,000 (RM19,650) per troy ounce on Monday for the first time since late February.

Trading data showed April gold futures on the New York Comex exchange dropped 0.88% to about USD5,017 per troy ounce as of 05:05 GMT.

The price briefly slipped below the USD5,000 mark, a level not seen since February 20.

May silver futures also declined, falling about 1.48% to roughly US$80 per troy ounce.

Analysts are assessing the potential impact of the ongoing West Asia conflict on the global economy.

Market expectations are heavily leaning towards the US Federal Reserve holding interest rates steady.

Most analysts, at 99.2%, expect the Fed to keep its rate at the current 3.5-3.75% level.

The remaining 0.8% of analysts anticipate a cut to a range of 3.25-3.5%.

 The Sun Malaysia