Gold, silver prices plunge
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Buying the precious metal has become the antidote for market jitters.
Gold prices dropped to $4,892 per ounce last week amid profit-taking after reaching historic highs above $5,600, Dar Al-Sabaik reports.
Gold has fallen from recent highs but there are several reasons investors are still finding refuge in the precious metal.
Jan 30 (Reuters) - UBS has raised its gold price target to $6,200 per ounce from $5,000 for March, June and September 2026, citing stronger-than-expected demand stemming from increased investment. However,
Gold prices surged past US $5,000 price per ounce for the first time late Sunday and into Monday, topping at $5,100.
Wall Street analysts expect the gold rally to continue as investors pile in because of mounting geopolitical uncertainty and economic concerns.
In the international market, the COMEX gold price was down by 8.35 per cent to approximately USD 4907.5 per troy ounce. The spot gold price at 9:45 am was USD 4,893.2 per ounce, down by USD 434.45 or 8.
The price of the precious metal jumped above $5,000 per ounce over the weekend and continued hitting record highs this morning.