Gold prices fell to ‌their lowest level in more than a month on Thursday, pressured by a stronger dollar and rising Treasury yields, ​while a hawkish U.S. Federal Reserve further dampened bullion's appeal. Spot gold was down 2.7% to $4,687.19 per ounce ​as of ​1125 GMT, after falling to $4,665.69, its lowest since February 6, earlier in the session.

U.S. gold futures for April delivery fell 4.3% to $4,688.20.

"Gold fell sharply for a second ⁠day after breaking key support below $5,000, amid a stronger dollar and a more hawkish tone from Fed Chair Jerome Powell following the latest FOMC meeting," said Ole Hansen, head of commodity strategy, Saxo Bank.

The dollar and benchmark 10-year U.S. Treasury yields rose, making gold more expensive for holders ​of other currencies ‌and diminishing the appeal ⁠of the non-yielding ⁠metal.

Central banks in the U.S., Canada and Japan struck hawkish tones this week, wary that rising energy ​prices could spark a fresh wave of inflation. The European Central Bank ‌is widely expected to keep interest rates on hold ⁠on Thursday, but will make clear it stands ready to raise them if the Iran war fuels a lasting surge in euro zone inflation.

While gold is traditionally seen as a hedge against inflation and uncertainty, high interest rates curb its appeal by raising the cost of holding bullion and boosting returns on yield-bearing assets.

Oil prices jumped above $115 per barrel after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war.

Rising oil prices can feed into inflation as businesses ‌pass on higher costs, which could encourage the Fed to keep ⁠rates higher for longer.

"Geopolitical risks are going to linger and ​be a very strong catalyst for gold prices, so despite short-term consolidation, I could easily see gold at $6,000 by the end of the year," said Nitesh Shah, commodity strategist at WisdomTree. Spot silver fell 6.3% ​to $70.65 per ‌ounce after having touched $69.95, its lowest since February 6. Spot platinum fell 4.4% ⁠to $1,934.90, and palladium lost 1.9% to $1,448.05.

(Reporting ​by Pablo Sinha in Bengaluru; Editing by Ros Russell and Harikrishnan Nair)