Gold prices have plummeted to an 11-week low, driven by concerns over the US Federal Reserve's interest rate hike and a surge in oil prices.
The price of gold, which is often seen as a safe-haven asset, has been impacted by the US central bank's decision to raise interest rates in a bid to combat inflation.
According to the World Gold Council, the price of gold has fallen by 6% in the past week, with spot prices currently trading at around $1,630 per ounce.
The organisation noted that the decline in gold prices has been driven by a combination of factors, including rising interest rates and higher oil prices. The latter has seen crude oil prices surge to a nine-year high, further exacerbating the decline in gold prices.
Investors have been seeking safer assets, such as government bonds, as a result of the rate hike and oil price surge, which has contributed to the decline in gold prices.