Gold Falls 9.6% for Worst Week Since 2011, Rebounds to $4,500
Gold suffered a 9.6% weekly drop, its steepest since September 2011 and worst monthly performance since October 2008, before rebounding from $4,150 to $4,500 per ounce after President Trump signaled productive talks with Iran. Silver prices climbed 3% as the SPDR Gold Trust ETF stabilized around breakeven.
1. Steepest Weekly Decline for Gold in 15 Years
Gold prices plunged 9.6% in the past week, marking their sharpest weekly loss since September 2011 and positioning gold for its worst monthly downturn since October 2008 as investors weighed escalating U.S.-Iran tensions.
2. Sharp Rebound on Diplomatic Signals
Gold sank to around $4,150 per ounce on Sunday before recovering to approximately $4,500 per ounce when President Trump indicated the U.S. had held very good and productive talks with Iran, easing safe-haven demand.
3. ETF Stabilization and Silver Gains
Following the rebound, the SPDR Gold Trust ETF traded near unchanged levels while the iShares Silver Trust rose about 3%. A retreat in the U.S. dollar and broader risk-asset rally also underpinned gains in precious metals and crypto markets.