The spot price of gold hit a multi-week low on Sept. 28, erasing more than $550 billion from the combined market value of gold and silver in a 3 hour span. Prices slid more than 3% to drop under $4,155 an ounce, extending a daily decline that pushed the asset below the $4,200 level for the first time since Aug. 5.

The downturn follows a weekly decline driven by an impasse over the Strait of Hormuz that has kept energy costs high and maintained pressure on the Federal Reserve to raise interest rates to combat sticky inflation. These macroeconomic conditions typically create headwinds for bullion, as higher borrowing costs reduce the appeal of non-yielding assets.