The price of gold has fallen sharply from a record high of $5,600 per ounce to $4,770 per ounce, marking the largest percentage drop since March 1980. Silver, meanwhile, was trading at $120 per ounce during the same period.
Gold hit its record peak on Thursday at $5,600 per ounce, but by Friday evening, prices had already dropped nearly $470 per ounce, reflecting the metal’s notorious volatility and unpredictability. Despite the recent decline, prices remain significantly higher than they were a year ago, according to Euronews.
Market analysts attribute the fluctuations to global uncertainty. The demand for gold and other precious metals such as silver tends to increase sharply in times of economic and geopolitical turmoil.
The price surge earlier this week coincided with rising geopolitical tensions, including developments in Venezuela and Iran, repeated calls by former U.S. President Donald Trump regarding Greenland, and heightened friction with U.S. allies. These factors, coupled with historical instability and ongoing economic pressures, continue to drive investor interest in gold as a safe-haven asset.
