Gold Suffers Worst Week Since 1983 — And It's Not Just About Fed Rate Hikes

Gold is being hit from two directions simultaneously — and the combination is producing a sell-off not seen in over four decades.
• SPDR Gold Shares stock is showing weakness. Why is GLD stock trading lower?
The precious metal is down nearly 9% week-to-date through Friday morning — its worst weekly performance in over four decades.
While rising expectations for Fed rate hikes have been the primary driver, another pressure point is emerging: growing speculation that some Gulf states may be forced to sell gold reserves to plug fiscal gaps as crude export revenues evaporate.
The chart tells two stories simultaneously. The percentage decline of 9.11% is the worst weekly move since 1983.
But the dollar loss is even more striking — gold has shed $441 per ounce this week, the largest weekl