Gold Hits $5,000, Then Steps Back as Rate Bets Shift

Gold futures briefly broke $5,000 per ounce—a first—before falling 0.5% as investors rethought Federal Reserve rate expectations. The Fed is expected to keep rates at 3.50–3.75%, making non-yielding gold costlier to hold. Spot prices steadied at $5,019, suggesting real demand for physical gold. The bounce-back shows gold's long-term appeal clashing with short-term rate pressure.