Gold, silver prices drop sharply this week: Check rates here
Gold and silver prices dropped sharply this week. Gold slipped 3% to 4% to around $4,500 per ounce after topping $5,000 earlier this month.
Silver fell as much as 7%. It is now trading in the high $60s to the low $80s range.
This comes after recent weeks of sharp declines.
Factors behind the price drop
If you're into investing or just curious about markets, here's the scoop: the gold-silver ratio is now at 63, meaning silver looks cheap compared to gold. The recent dip could be an entry point for new investors.
Silver's drop is also linked to weaker demand from industries and a stronger US dollar, making metals pricier worldwide.
Institutional investors and geopolitical tensions
A mix of institutional investors cashing out profits, rebalancing their portfolios, and margin calls in futures trading triggered these sharp declines.
Plus, ongoing Middle East tensions are adding extra uncertainty to an already jumpy market.