Gold Posts Biggest Weekly Drop in 43 Years: Plunges 11% in One Week, Safe-Haven Status Questioned

BlockBeats News, March 21st. Due to the escalating Middle East situation and interest rate expectations, the price of gold plummeted significantly, marking the largest weekly drop since 1983. Spot gold fell to around $4488 per ounce on Friday, with a weekly cumulative drop of about 11%, and a total drop of over 15% since the end of February.

Market analysis believes that the Fed may maintain interest rates unchanged this year, and Powell's statement on rising inflation has weakened gold's attractiveness. Meanwhile, against the backdrop of the Iran conflict, Bitcoin has shown relatively greater strength, surging more than 11% during the period, contrasting with gold.