Gold extended its retreat this week, falling for a fourth straight session and settling near $4,157 an ounce as investors continued unwinding safe-haven bets.

More Than 20% Off the Peak

The metal has now dropped over 20% from the all-time high it reached earlier this year during the height of the Iran conflict, when it briefly touched an intraday peak above $5,626 and closed at a record near $5,355 in late January.

Safe-Haven Trade Unwinds

As geopolitical fears eased somewhat toward the end of the week, investors pulled back from gold’s earlier “fear premium,” pushing prices lower even as tensions in the Middle East remained unresolved.

Year-to-Date Picture

Despite the pullback, gold’s longer-term trend remains a story of sharp swings tied closely to headlines out of the Middle East, leaving the metal only modestly negative for the year so far.