Market reassessment of Fed path causes gold to stumble on higher yields.

Gold prices fell below $2,000 per ounce as US yields rose, with investors becoming more skeptical about potential US rate cuts later this year due to persistent inflation. The dollar strengthened as markets priced in an 85% chance of a 25-basis-points rate hike at the Federal Reserve's May 2-3 meeting. A stronger dollar weighs on overseas demand for gold, while higher rates blunt non-yielding bullion's appeal.