Gold's rebound was short-lived, resulting in its biggest weekly drop in 43 years.

PANews reported on March 21 that, according to Cailian Press, the gold rebound was short-lived, with a V-shaped intraday decline, falling more than 5% from the day's high and breaking through the important support level of $4,500. This week's plunge exceeded 10%, reaching a seven-week low and marking the largest weekly drop since March 1983.

As of Friday's (March 20) close in New York trading, spot gold fell 3.42% to $4,491.67 per ounce, a cumulative drop of more than 10% this week; COMEX gold futures fell 2.47% to $4,492 per ounce, a cumulative drop of more than 11% this week.

Spot silver fell 6.8% to $67.897 per ounce, a cumulative drop of over 15% this week; COMEX silver futures fell 4.78% to $67.810 per ounce, a cumulative drop of over 16% this week.