Gold is reversing the early dip to near $5,000 on Monday, setting off the week on a bearish note amid relentless US Dollar (USD) demand and soaring Oil prices.
The Pound Sterling (GBP) hit the lowest level in three months against the US Dollar (USD) near 1.3250 and staged a modest rebound, but ended the week deep in the red.
The EUR/USD pair ends the week just below the 1.1600 mark, posting its largest weekly decline in over a year. Financial markets shifted to panic mode in March after United States (US) President Donald Trump joined forces with Israel and launched a massive attack on Iran on the last day of February.
Gold (XAU/USD) came under heavy bearish pressure and registered weekly losses even after opening with a bullish gap on news of the United States (US) and Israel carrying out a joint attack against Iran on February 28.
The WTI crude oil price continued its strong rally last week as the impact of the ongoing war in Iran continues. It surged to a multi-year high of $92.66 on Friday, up by 67% from its lowest level this year.
The EUR/USD exchange rate suffered its biggest drop since July last year as investors moved to the safety of the US dollar. It ended the week at 1.1615, down from the year-to-date high of 1.2088.