Gold price slips to $4,980 after touching $5,000 mark
NEW YORK: Gold prices moved lower after briefly crossing the important $5,000 level on Wednesday.
The price of spot gold, which shows the current market value of gold, jumped 2.6 percent to reach $5,003.85 per ounce at 16:36 GMT. However, prices later fell back to around $4,980 at the time of reporting.
At the same time, gold futures in the United States for April delivery also increased. They rose 2.4 percent and settled at $5,024 per ounce.
The US dollar showed mixed movement during the day. Investors are now waiting for the release of the Federal Open Market Committee (FOMC) meeting minutes. These notes from the February meeting of the US central bank will give more details about possible changes in interest rates.
Since the start of 2026, gold prices have climbed more than 15 percent. Experts say this strong rise is mainly because inflation is slowing down and expectations about interest rates are changing.
Market analysts believe gold may continue to see price swings in the coming days as traders react to new economic data and central bank updates.
