Gold plummeted 11% this week to $4,488 per ounce, marking its steepest weekly decline since 1983, as Middle East conflict intensifies. The precious metal has fallen over 15% since February 28, when U.S. and Israeli forces attacked Iran, eroding its safe-haven status.
Oil flows through the Strait of Hormuz are disrupted, fueling energy crisis fears. The U.S. is reinforcing military presence in the region despite President Trump's comments on winding down operations. With the Federal Reserve expected to hold rates steady, investors are shifting from gold to yield-bearing assets. Bitcoin, however, has risen 11.6% to $70,535 amid the turmoil.