Gold drops 2.1% to $4,241.94 an ounce, silver slides 4.5% to $66.8 after Fed dot plot shifts rate expectations

The Federal Reserve kept rates unchanged, but its dot plot showed nine of 18 officials factoring in at least one rate cut by the end of this calendar year. Markets moved to price in a rate hike as early as September, pushing the two-year Treasury yield up 14 basis points to 4.19%, Bloomberg reported. Spot gold fell 2.1% to $4,241.94 an ounce, while silver slid 4.5% to $66.8 an ounce. The repricing lifted real yields and the dollar, weighing on precious metals.