Gold prices have suddenly begun to decline in the global market. On Friday, the precious metal’s value fell by USD 434.45 per ounce, impacting domestic prices as well.

Just last week, gold prices surpassed USD 5,000 per ounce for the first time in history, even exceeding USD 5,500 briefly. Now, prices have dropped to USD 4,893 per ounce, a fall of over USD 600 in just a few days.

Reports indicate that the decline began after there were signs of relative political stability in the United States. While global tensions remain higher than the same period last year, the initial panic has eased, reports BBC.