Despite a solid performance from the major iron ore miners, alongside strength from gold stocks, the ASX mustered up a fall of 0.2%, with the ASX 200 finishing the week on 7,443 points as trading updates and surging inflation underpinned the action.

Which shares excelled?

Soaring almost 50%, Chalice Mining (ASX: CHN) was the week undisputed top-performer among mid-to-large cap stocks. Driving the news was a maiden mineral resource estimate from the miner that suggests its Gonneville discovery, located just 70km out of Perth, is one of the largest finds of platinum group elements across recent decades, and potentially all-time according to one analyst. Nickel, copper and cobalt are among the metals, spurring considerable investor interest.Momentum was still flowing for Australia largest diversified media business, Seven West Media (ASX: SWM), which rallied another 25% this week. After last week unveiling its plans to acquire Prime Media Group in a move to expand into regional areas across the country, the company hit three-year highs after its AGM trading update pointed to a strong FY21, and a positive outlook. Throughout the year Seven was the most-watched free-to-air network in Australia, with growth continuing since.

Gold prices hit their highest level since mid-June, circling US$1,855 per ounce. Precious metals surged after the latest bout of inflation data pointed to more pain for consumers, touching its highest level in 31 years, and as economists noted the worst negative real interest rates on record. Local gold shares were flying higher amid the move, led by Gold Road Resources (ASX: GOR), Bellevue Gold (ASX: BGL), De Grey Mining (ASX: DEG), St Barbara (ASX: SBM), Evolution Mining (ASX: EVN) and Regis Resources (ASX: RRL).

Meanwhile, market darling Brainchip (ASX: BRN) had a stellar week, which came as the tech firm announced it has completed production version testing of its Akida chip. According to the company, testing showed better performance and lower power consumption results than the original engineering samples. Further testing and verification is set to follow as its production chips are integrated into PCIe and mini-PCIe boards being shipped to Early Access Customers.Fortescue Metals Group (ASX: FMG) rebounded from its recent slump, helping lift the ASX thanks to its significant market cap. The company foray into hydrogen is starting to gain more attention, while at the same, the Chinese government reportedly could be prepared to help support developers, which might safeguard activity in the iron ore-dependent property and construction market.This week other top-performing names included uranium producer Paladin Energy (ASX: PDN), Lynas Rare Earths (ASX: LYC), which is the world's second-largest producer of neodymium and praseodymium, family location sharing app Life360 (ASX: 360), and luxury fashion retailer Cettire (ASX: CTT).

Which shares dragged on the market?

A host of popular stocks were on the back foot this week, caught up amid selling pressure.

Coming off worse for wear was lithium miner Liontown Resources (ASX: LTR), which plunged nearly 20% as the company unveiled a cost blow-out. Management expects its Kathleen Valley mine will cost up to 45% more than previously forecast as inflation headwinds mount for a number of players within the resources sector. Forecasts also indicated that plans to build a $1.5 billion refinery to produce lithium at the site were likely to cost 37% more than previously indicated. Inflation wasn't the only driver, however, with the miner looking to accelerate production sooner in an effort to time an expected lithium shortage by 2024, while also delivering a bigger project.Among the other ASX lithium stocks, there were mixed fortunes over recent trading sessions, with some names holding up well, while others were sold off sharply. Vulcan Energy Resources (ASX: VUL) took a beating as the stock continues to face a wave of selling pressure after a recent short report' and a number of questions raised around the project viability. Lake Resources (ASX: LKE) and Core Lithium (ASX: CXO) also followed suit, with profit taking following their recent rallies.Elsewhere, Nearmap (ASX: NEA) shares plunged after the company trading update fell short of shareholders' expectations. Despite the annual contract value (ACV) of its clients expected to increase, with management guiding ACV of between $150 million and $160 million, it was the rate of growth that disappointed some. Growth on a constant currency basis was 12-19% year-on-year, well below the mid-point of its medium-to-long-term ACV growth target of 20-40% per annum.Weakness also extended to Xero (ASX: XRO), with the accounting software firm another casualty following an earnings release. Although operating revenue leapt more than 20% in the six months ending September 30, the company EBITDA slumped by 19% to NZ$98.1 million. With management anticipating total operating expenses to be 80%-85% of revenue in FY22, this may have prompted some shareholders to reassess their value of the company.Last but not least, it was also a difficult week at the office for shareholders in the likes of Polynovo (ASX: PNV), Li-S Energy (ASX: LIS), Sezzle (ASX: SZL), Eagers Automotive (ASX: APE), and Temple & Webster (ASX: TPW), with all of them faring poorly despite the absence of any price-sensitive news.

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!