The price of gold has slid sharply, reaching its weakest level since December 11 last year, after logging its worst week in about 43 years, as the escalating US-Israel war on Iran raises inflation concerns and higher global interest rates.

Spot gold fell 6 percent to $4,214.89 per 1 ounce (28.3 grams) extending losses into a ninth straight trading session.

The metal dropped more than 10 percent last week, its worst week since February 1983, and has also retreated more than 20 percent from its record peak of $5,594.82 an ounce reached on January 29.