Gold prices see biggest weekly drop since 1983

ISTANBUL

The price of gold saw the biggest weekly drop since 1983, decreasing more than 10% to below $4,500 threshold on Friday.

Hovering between $4,477.5-$4,735.81 per ounce on Friday, gold price is at $4,509.08 as of 1940GMT, down 3% on a daily basis.

Gold prices saw significant drop amid escalating Middle East tensions, which push energy prices up, cause inflationary concerns and decrease hopes for near-term interest rate cuts.

This week, the Fed, the European Central Bank, the Bank of England and the Bank of Japan kept interest rates constant warning that the war may increase prices globally.

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