Gold Falls 11%, Biggest Weekly Fall Since 1983

Gold tumbled another 3.5% to $4,488 per ounce on Friday, finishing the week down 11% — the largest weekly loss for the metal since 1983 — as geopolitical instability and uncertainty in the Middle East weighed on markets. The metal has fallen more than 15% since Feb.

28, when the US and Israel first attacked Iran, erasing part of the rally that pushed prices up to the $5,500 mark in late January and casting doubt on gold’s safe-haven status. TradingView confirmed March 16–20 as gold’s worst-performing week since 1983; the 11% weekly drop was slightly larger than the late-January swing when prices briefly reached about $5,320 before sliding to $4,650, a move that shaved more than $2 trillion off the market cap in days.

The war with Iran is disrupting global oil flows, particularly through the Strait of Hormuz, stoking fears of a prolonged energy crisis.

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