After a sharp drop in global gold prices, residents of Kyrgyzstan have rushed to sell their gold to the Kyrgyzaltyn state-owned company, with eyewitnesses reporting long queues forming outside its retail outlets.

Many citizens are selling previously purchased certified gold bars in an effort to protect their savings invested in precious metals, The Caspian Post reports via Kyrgyz media.

In Kyrgyzstan, individuals can legally buy standard gold bullion directly from Kyrgyzaltyn, with each purchase accompanied by a certificate confirming the metal’s purity and origin.

The rush comes amid turbulence on the global precious metals market, which has lost more than $7 trillion in capitalization in recent days, a shock that has also been felt locally.

Financial analysts point to several factors behind the downturn, including a global price correction after record highs, market reactions to statements by the Federal Reserve, speculation about possible changes in its leadership, large-scale speculative trades, and a broader domino effect across global markets.