Ankara: The price of gold saw the biggest weekly drop since 1983, decreasing more than 10 per cent to below US$4,500 threshold on Friday. Hovering between US$4,477.5-US$4,735.81 per ounce on Friday, gold price is at US$4,509.08 as of 1940GMT, down 3 per cent on a daily basis, Anadolu Ajansi reported. According to BERNAMA News Agency, gold prices saw significant drop amid escalating West Asia tensions, which push energy prices up, cause inflationary concerns and decrease hopes for near-term interest rate cuts. This week, the Fed, the European Central Bank, the Bank of England and the Bank of Japan kept interest rates constant warning that the war may increase prices globally.