Gold Prices Tumble Sharply in Global Market, Oil Also Slides

Global gold prices recorded a sharp decline once again, indicating that the precious metal is struggling to recover from ongoing pressure in international markets.

During the latest trading session, gold prices fell by a significant USD 172 per ounce, bringing the price down to USD 4,721. More than a 3 percent drop was observed during the session, further denting investor confidence.

Meanwhile, crude oil prices also witnessed a notable decline. In the global market, oil prices fell by up to 4 percent, with Brent crude trading at USD 67 per barrel, while West Texas Intermediate (WTI) crude was priced at USD 63 per barrel.

Market experts say that persistent global economic concerns, a stronger US dollar, and profit-taking by investors are keeping pressure on precious metals and energy markets.