New york: The price of gold fell below the $4,900 mark on Wednesday for the first time since January 21, following the Federal Reserve's decision to maintain its benchmark interest rate.

According to Anadolu Agency, the US Federal Reserve has left its benchmark rates unchanged, holding steady at the 3.5-3.75% range, a decision that aligns with market forecasts. Throughout Wednesday, the price of gold fluctuated between $4,835.8 and $5,016.45, settling at approximately $4,885 per ounce by 1815GMT, reflecting a 2.45% decrease from the previous day.

In January, gold prices reached a historic high, approaching the $5,600 threshold. Alongside gold, the price of silver also experienced a decrease, falling by 2.8% to $77 per ounce.