Gold falls 2%, closes below $5,000

Gold futures for April rose 0.16%, or $8, to $5,016.2 per ounce

Gold and silver prices declined on Wednesday, pressured by a stronger US dollar and growing concerns over the impact of the Middle East conflict on inflation and global monetary policy.

Gold futures for April delivery fell 2.23%, or $112, to $4,896.20 per ounce.

Silver futures for March delivery also declined 2.88%, or $2.292, to $77.238 per ounce.

This came amid continued gains in the US dollar and Treasury yields, after official data showed producer price inflation rising for the third consecutive month in February.

Precious metals also faced additional pressure due to market anticipation ahead of the Federal Reserve decision to keep interest rates unchanged for the second consecutive meeting, as policymakers warned of uncertainty surrounding the economic outlook amid the ongoing conflict in the Middle East.