Gold Holds Steady Near $4000 Amid Significant Weekly Losses

Gold prices stabilized on Monday near the $4000 per ounce mark after experiencing the largest weekly drop since June, as investors awaited the U.S. Federal Reserve's meeting and assessed the impact of rising energy prices on inflation and interest rates. The spot price of gold fell by 0.1% to $3993.20 per ounce, following a decline of more than 4% last week, while silver prices rose by 0.5% to $54.12 per ounce. Markets are anticipating the Federal Reserve's interest rate decision later this week amid expectations that inflationary pressures from higher energy costs may lead to tighter monetary policy, increasing pressure on gold, which does not yield returns. Since the outbreak of the U.S.-Iran conflict in February, gold prices have dropped by about a quarter due to tighter monetary expectations and a shift of some investments toward bonds, whereas platinum and palladium have seen slight gains.