Gold prices continued their decline over the course of the week, despite closing Friday's session in positive territory, weighed down by expectations that interest rates will remain elevated for a prolonged period.
Spot gold recorded around $4,218 per ounce, down 2.87% over the week, while silver fell 1.42%.
This performance comes amid pressure stemming from the increased attractiveness of yield-bearing assets such as bonds and deposits, as tight monetary policy persists.
The relationship between interest rates and gold is governed by the "opportunity cost" equation; gold is a traditional safe haven, but it is an "asset that generates no periodic returns."