COMEX gold slips below $5k mark and its lowest level in one month on Wednesday morning in Asia ahead of Federal Reserve decision due later in the global day. Soaring oil prices and its implication on inflation are likely to turn central bankers hawkish in their stance. The US-Israel attacks on Iran and the effective closure of the Strait of Hormuz – a critical chokepoint handling around 20% of global oil supply – led to severe disruption of energy trade. This has been fueling inflationary concerns. The market focus, however, will be on the accompanying policy statement and updated economic projections and for more cues about the path of future interest rates amid fears of a war-driven spike in inflation. Currently, the yellow metal is quoting at $4998.20 an ounce, down 0.22% on the day. Silver futures are also trading down 1.5% under $80 mark.