The global and local gold markets have experienced significant volatility over recent days, with prices fluctuating dramatically due to geopolitical tensions and economic factors. According to 'Dawn' on February 5, 2026, gold prices fell sharply in the international market, with spot gold declining by 2.5% to $4,838.81 per ounce, influenced by a stronger dollar and easing US-China trade tensions. Tim Waterer, KCM's chief trade analyst, noted that "the dollar received a new lease of life with the (Kevin) Warsh nomination (as Federal Reserve chief)," which contributed to the downward pressure on gold prices. In contrast, 'Business Recorder' reported on the same day that gold prices rose over 1% due to ongoing geopolitical tensions, particularly between the US and Iran, with spot gold reaching $5,016.89 per ounce. This divergence in reports highlights the complex interplay of factors affecting gold prices, including currency fluctuations and geopolitical developments.