Gold Price Today Drops Below $5,000 as Oil Shock Rewrites Fed Cut Bets
Spot gold fell 0.5% to $4,994.89 an ounce Monday, hitting its lowest since Feb. 19, as traders scaled back bets on U.S. rate cuts ahead of the Federal Reserve’s March meeting. Oil prices stayed elevated, with Brent at $102.42 a barrel, fueling inflation concerns. Two-year Treasury yields rose 31 basis points this month. Central banks in the U.S., Europe, Japan, and the UK all meet this week.