Gold and silver prices fell across international bullion markets and local exchanges in Pakistan, India, and Nepal during mid-May 2024 [1, 2, 3, 4, 5].
This downturn follows a period of record highs, signaling a potential shift in investor sentiment toward safe-haven assets amid changing economic conditions.
In the international bullion market, gold prices decreased by $6 per ounce [1]. This global trend mirrored declines in several South Asian domestic markets. In Nepal, gold prices dropped by Rs 700 per tola [4].
Reports from Pakistan showed varying degrees of decline. Some data indicated gold fell by Rs 600 per tola [1], while other reports cited a sharper drop of Rs 15,500 per tola [2].
Silver markets showed mixed results across the region. In India, silver prices fell on Monday, May 18, 2024, across major cities including Delhi, Uttar Pradesh, and Bihar [5]. However, in Nepal, silver prices rose by Rs 15 per tola [4].
Analysts said the broad sell-off was due to several macroeconomic factors. A stronger U.S. dollar and general global uncertainty have pressured precious metals, while many investors opted for profit-taking after the recent surge in prices [3].
“Gold and silver prices fell across international bullion markets and local exchanges.”
The simultaneous drop in gold and silver across diverse markets suggests that the recent record-breaking rally has hit a ceiling. When investors engage in profit-taking while the US dollar strengthens, it typically indicates a move away from hedge assets and back toward currency-based investments, reflecting a cautious outlook on immediate global volatility.
