Gold weakened significantly this week. On Friday, gold prices declined further by 3.5% to $4,488 per ounce; calculated on a weekly basis, cumulative losses were approximately 11%, marking the largest single-week drop since 1983. Markets believe that ongoing geopolitical developments in the Middle East creating uncertainty, combined with changes in macroeconomic expectations, have jointly exerted pressure on gold prices.

Meanwhile, investor expectations that the Federal Reserve may not cut rates this year have intensified. Fed Chair Powell indicated that inflation may rise, further reinforcing market expectations for the continuation of a high-rate environment, thereby dampening the appeal of non-yielding assets like gold.