Gold plunges 17% in worst weekly drop since 1983 amid rising rates and strong dollar.

Gold prices have dropped over 17% in three weeks, marking the worst weekly decline since 1983. Despite ongoing geopolitical tensions in the Middle East, rising interest rates, a stronger U.S. dollar, and forced liquidations by hedge funds have pressured gold prices downward. Major banks remain optimistic about gold's long-term prospects, maintaining high price targets above $5,400. Investors are advised to consider gradual accumulation amid continued volatility, as the fundamentals supporting gold remain intact.