Analysis: Gold Posts Largest Weekly Drop in 43 Years, Rebound Proves Fleeting

Odaily News According to Gate data, gold's rebound proved fleeting, showing an intraday inverted V pattern, falling over 5% from its daily high and breaking below the crucial $4,500 support level. It plummeted over 10% this week to a seven-week low, marking its largest weekly drop since March 1983. As of the New York close on Friday (March 20), spot gold fell 3.42% to $4,491.67 per ounce, accumulating a weekly loss of over 10%; COMEX gold futures dropped 2.47% to $4,492 per ounce, with a weekly decline exceeding 11%. Spot silver fell 6.8% to $67.897 per ounce, down over 15% for the week; COMEX silver futures fell 4.78% to $67.810 per ounce, with a weekly loss surpassing 16%.