PESHAWAR: Gold prices in the domestic and international markets experienced significant volatility this week, with a historic surge followed by an even sharper decline within just four days.
Market data indicates that gold prices increased by more than Rs 42,000 per tola on Wednesday and Thursday, marking one of the largest increases in the country’s history. However, this upward trend reversed dramatically as prices fell by Rs 61,000 per tola over the following two days, Friday and Saturday, resulting in a record decline in such a short time frame.
A similar trend occurred in the international market, where gold prices dropped by $255 per ounce on Saturday, bringing the rate down to $4,895 per ounce. Recently, gold prices had surpassed the $5,000 per ounce mark for the first time in history. During this period, silver prices also experienced historic gains.
Market analysts believe that the sharp correction in prices was prompted by signs of improvement in the political situation in the United States, leading to a decline in the prices of gold, silver, and platinum over the two days that followed. Despite this recent drop, the prices of precious metals remain significantly higher compared to last year.
Additionally, heightened global political tensions and large-scale gold purchases by central banks around the world have been identified as key factors contributing to the rising prices.
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