Gold prices dropped below $4,800 an ounce, pressured by a firmer dollar and fading expectations for near-term rate cuts. In early European trading, futures fell 2.9% to $4,755, while the U.S. dollar index edged up to 100.18, making gold costlier for overseas buyers. The Fed held rates steady but flagged inflation risks from higher energy prices. ING noted that while Middle East tensions and rising oil typically support safe-haven demand, the inflationary impact is weighing on gold.