The price of gold dropped from $1,895 per ounce on June 11 to $1,765 one week later, a 6.9% plunge, before rising to $1,779.
As of yesterday, gold was down 14% from all-time highs above $2,067 recorded last August.
The week-long decline in gold prices accelerated Wednesday after the world bank projected two interest rate hikes by the end of the year.
Gold prices have been dropping amid expectations of rising inflation, the money supply and strength of the dollar worldwide.
Gold delivered its worst weekly performance in 15 months last week inspite being a safety net for investors.