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Gold price drops significantly in 2026
Gold prices have experienced a significant decline since the beginning of 2026, with global prices dropping by 26.4% from their peak of $5,600 per ounce in January. Locally, prices decreased by 19.4%, as the price of 21-karat gold per gram fell from 7,600 pounds to around 6,125 pounds by early October. This decline is attributed to rising global inflation and increasing oil prices, which exert upward pressure on gold prices and raise the likelihood of a rate hike by the US Federal Reserve. These factors put pressure on the precious metal, leading to sharp drops in its prices.
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