Right after the international market opened, gold prices faced a sudden and heavy drop. Within moments, the yellow metal lost almost 3 percent of its value.
According to global market reports, gold prices fell below 4,000 dollars per ounce. At the time of reporting, the price was around 3,990 dollars per ounce. Along with gold, silver also faced a major decline. Compared to the previous day, silver prices dropped by 4.21 percent, settling at around 46.55 dollars per ounce. Just a few days ago, gold had touched a record high of nearly 4,400 dollars per ounce. After that, it stayed above 4,100 dollars for a short time. But as talks between the US and China started showing signs of a trade agreement, uncertainty in the market began to fade.
With hopes of peace between the two biggest economies, investors started shifting their money from safe assets like gold to other opportunities. As more gold entered the market for sale, its price dropped sharply. Market experts believe that if the trade deal between the US and China is finalized, gold prices could continue to fall even faster in the coming days.
