Gold ends the week near £2,934 an ounce after a 3.7% drop to a one-year low

Gold closed the week at about $3,875 a troy ounce, according to Kitco. That is roughly £2,934 an ounce, or £94 a gram, on our approximate conversion before any dealer costs. The metal lost 3.74 per cent over the week and hit a low of $3,870.25 (about £2,930) late on Friday, its weakest level in more than a year.

Kitco points to several overlapping causes: the Federal Reserve holding rates at 3.75 to 4.00 per cent with two policymakers voting for a hike, strong US growth and inflation figures, and a Friday rout in technology shares that pushed investors to sell assets to raise cash. Gold usually struggles when markets expect higher interest rates.

Sentiment has turned cautious. In Kitco's weekly survey, 10 of 16 analysts, or 63 per cent, expect further falls, while 53 per cent of retail voters expect a rise. One analyst quoted sees gold possibly sliding towards $3,000 (about £2,270) by early next year, though forecasts like this are far from certain.

The coming week brings the US midterm elections, the Bank of England decision on Thursday and US jobs data on Friday, any of which could move prices. For UK buyers, investment gold is VAT free, so the real cost is spot plus dealer premium plus delivery. Compare that all-in total rather than chasing the spot price. This is market information, not financial advice.