Bhubaneswar, March 4 -- Gold prices fell sharply on Tuesday, sliding toward the $5,000-per-ounce mark as a stronger US dollar and expectations of higher interest rates pressured the safe-haven metal.

Spot gold dropped as much as 6%, hitting nearly $5,018 an ounce after last session's record highs, while gold futures declined more than 4%. Silver also tumbled nearly 12%, slipping below $80 an ounce. Analysts say the retreat erased last week's gains, though bullion remains up over 17% for the year.

The decline came as investors shifted toward more attractive assets and the US dollar strengthened to a one-month high, reducing gold's appeal for holders of other currencies. Ongoing tensions from the conflict in the Middle East-centered aroun...