Sharp Decline in Gold and Silver Prices: 5.7% and 8.4%

Shocking Drop in Gold and Silver Markets

In recent days, the strengthening of the US dollar has led to significant fluctuations in the precious metals market. Gold prices experienced their sharpest decline since October, losing 5.7 percent in value. This is recorded as the highest daily drop seen since October 21.

Silver Prices Also Plummet

Meanwhile, silver prices were also affected, dropping by as much as 8.4 percent. This situation has caused concerns among investors.

Values Rising Throughout the Year

Throughout the year, geopolitical tensions and increasing concerns about the Independence of the US Federal Reserve (Fed) contributed to the rise in gold's value. Gold had gained approximately 20 percent in value within this month alone.

Expert Opinions

Bart Melek, head of global commodity strategy at TD Securities, stated, "The momentum has slowed, and investors have started to realize their profits at high levels." In addition, Phil Streible, chief market strategist at Blue Line Futures, noted that declines in the stock markets have led to liquidation in other assets, including precious and industrial metals.

Market Data

As of 11:27 AM New York time, spot gold was trading at 5,288 dollars per ounce after a 2.5 percent drop. Silver was trading at 112.7 dollars per ounce.