By 5:44 PM GMT, spot gold had declined 2.96% to $4,341.52 an ounce, after earlier hitting its lowest valuation since March 24. This drop capped off a challenging week for the precious metal, which fell roughly 4.3% overall. Similarly, US gold futures for August delivery settled down 3.1% at $4,365.30.

The sell-off extended across the broader precious metals complex, with all major commodities heading toward weekly losses. Silver plummeted 6.8% to $68.86 an ounce, while both platinum and palladium fell sharply by 5.9%, closing at $1,788.49 and $1,242.50, respectively.