Gold and silver prices go down in sudden market shock

Global gold and silver prices dropped sharply in a broad-based sell-off, speeding up investors and triggering one of the most unpredictable periods for precious metals in recent years. 

According to reports, prices dropped abruptly across gold and silver markets, with silver dropping more than 10% during intraday trading while gold also went down significantly as traders rushed to liquidate. Gold, reportedly, fell about 2.3% to roughly $4,981, while silver dropped 8.8%.

The latest sell-off follows a turbulent month for bullion. Earlier this year, gold and silver experienced drastic highs and lows, including declines of over 20% and 40% respectively from recent highs. Analysts attribute the instability partly to shifting expectations about U.S. monetary policy and global economic conditions.

Despite the sharp decline, analysts say the correction does not necessarily signal a long-term collapse. Some market observers note that gold and silver prices remain elevated compared with last year and that central-bank buying and geopolitical uncertainty, continue to support the precious metals market.