Gold Plunges Over 2% as US-Iran Tensions Trigger Worst Weekly Drop in Decades

• Gold fell to $4,489, down 3.5% on the day and nearly 18.5% from its February peak of $5,627.
• The selloff defied safe-haven trends as prior rallies had already priced in geopolitical risks.
• Central banks held rates steady but signaled possible tightening amid rising inflation concerns.

Gold tumbled more than 2% on Friday, heading for its steepest weekly decline in over four decades. The escalating hostilities between the United States and Iran drove oil prices sharply higher, rekindling fears of a Federal Reserve interest rate hike that would undercut demand for the non-yielding metal.

Spot gold fell to $4,489 per troy ounce, down 3.5% on the day and roughly 14% below its level a month ago. The metal has shed 18.5% since touching a record $5,627 in late February. Silver fared worse, sliding more than 4% to $70.97 — its seventh straight session of losses and the lo…

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