After reaching record highs, global gold prices have witnessed a sharp decline, creating fresh volatility in international commodity markets. At the same time, crude oil prices surged, adding to uncertainty across the global energy sector.
According to international market data, gold prices fell by more than 4 percent in a single day, bringing the price down to around $5,150 per ounce. This marks a significant drop from the recent record level of $5,594 per ounce.
Why Did Gold Prices Fall?
Market analysts attribute the sudden decline in gold prices to profit-taking by investors and increased selling pressure after the metal’s rapid rise in recent sessions. Experts say investors opted to lock in gains following the historic rally, triggering a sharp correction.
Oil Prices Hit Five-Month High
In contrast, global crude oil prices jumped by nearly 4 percent, pushing oil to its highest level in five months.
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Brent crude is currently trading at around $71 per barrel
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WTI crude has reached approximately $65.56 per barrel
The rise in oil prices has intensified fluctuations in the global energy market.
Impact on Global and Local Markets
The opposite movements in gold and oil prices highlight the ongoing instability in global markets. For countries like Pakistan, changes in gold prices affect local bullion rates, while higher oil prices can increase fuel and inflationary pressures.
Market watchers expect continued volatility in the coming days as investors react to global economic signals.
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