Barrick Mining Corp (NYSE:B) shares are under pressure Wednesday as gold and silver prices retreat sharply and the U.S. dollar strengthens ahead of the Federal Reserve's rate announcement this afternoon.

With geopolitical tensions high and inflation concerns building, traders expect a firm tone from Fed Chair Jerome Powell — a setup that's weighing on precious‑metal names.

Gold And Silver Slide As Dollar Rally Intensifies

Gold prices sank 1.7% to $4,917 per ounce, slipping below the $5,000 threshold for the first time since the Middle East conflict escalated in late February, Reuters reported. Spot silver also dropped 3% to $76.90.

The sell-off in gold and silver is being amplified by a powerful rally in the dollar. Reuters reported that the dollar index is up 2% this month and has climbed roughly 5% from January's four‑year low. Since the Iran conflict began, the greenback has become the market's preferred safe haven, outshining traditional shelters like gold, the yen and the Swiss franc.

When the dollar strengthens, commodities priced in dollars become more expensive for foreign buyers, reducing demand and pushing prices lower.

HSBC analysts say the dollar is likely to stay dominant if oil prices remain elevated and market volatility persists.

Fed Meeting Looms, With Risks Tilted Hawkish

The Federal Reserve will announce its policy decision at 2 p.m. ET on Wednesday. While markets overwhelmingly expect rates to remain unchanged, Powell's comments on inflation and the economic fallout from the Iran conflict will be crucial.

Goldman Sachs economist David Mericle said the war in Iran and the spike in oil prices are the most significant developments since the last Fed meeting, creating a difficult backdrop for policymakers.

Economist Mohamed El‑Erian raised his recession odds to 35%, citing the combination of higher rates, slower growth and rising unemployment. Goldman Sachs also warned that markets may be underestimating the economic fallout from the Middle East conflict.

B Price Action: Barrick Mining shares were down 4.77% at $40.76 at the time of publication on Wednesday, according to Benzinga Pro.

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