Analysis: Gold suffered its biggest weekly drop in 43 years; the rebound was short-lived.

According to Gate data, the gold rebound was short-lived, with a V-shaped intraday decline, falling more than 5% from its daily high and breaking below the important support level of $4,500. This week saw a plunge of over 10%, reaching a seven-week low and marking the largest weekly drop since March 1983. As of Friday's (March 20) New York close, spot gold fell 3.42% to $4,491.67 per ounce, a cumulative decline of over 10% for the week; COMEX gold futures fell 2.47% to $4,492 per ounce, a cumulative decline of over 11% for the week. Spot silver fell 6.8% to $67.897 per ounce, a cumulative decline of over 15% for the week; COMEX silver futures fell 4.78% to $67.810 per ounce, a cumulative decline of over 16% for the week.