Investors shifted away from the yellow metal on Sunday, ending the trading session with widespread losses for bullion. Spot gold prices tumbled more than 1% to reach $4,233.12 per ounce, extending a streak of declines that persisted throughout the week.

A geopolitical impasse in the Strait of Hormuz has kept energy costs elevated, which maintains pressure on the Fed to raise interest rates further to combat sticky inflation. This macro environment has driven the recent slide in spot gold prices.