Weekly decline marks the largest drop for gold since 1983 as tensions rise
Now – Gold Plunges Below $4500 as Weekly Drop Becomes Largest Since 1983
Spot gold has fallen below $4500 per ounce for the first time since early 2026 sending shockwaves through commodity markets.
The precious metal which surged above $5400 earlier this month amid escalating Middle East tensions is now on track for its steepest weekly decline in more than four decades.
The sharp reversal comes as investors unwind safe haven positions. A strengthening US dollar rising interest rate expectations and profit taking after the recent record run have outweighed traditional geopolitical support.
Even as oil prices spiked on fears of disrupted shipments through key waterways gold failed to sustain its gains with some analysts pointing to central banks pausing purchases and traders locking in profits.
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