The global and local gold markets have experienced significant fluctuations, with prices showing both sharp declines and rebounds in recent days. According to Dawn, on February 5, 2026, gold prices fell sharply by 2.5% to $4,838.81 per ounce due to a stronger dollar and easing US-China trade tensions. This decline was part of a broader market selloff affecting various asset classes, including cryptocurrencies and equities. Tim Waterer from KCM noted that the dollar's strength, bolstered by the nomination of Kevin Warsh as Federal Reserve chief, has made gold more expensive for holders of other currencies. Meanwhile, silver also saw a dramatic drop of 14.9% to $74.94 an ounce, with industrial demand reportedly vanishing at higher price levels, as noted by Shah from Nirmal Bang Commodities.