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Precious metal prices plunge as CME Group raises margins and Trump nominates new Fed chair

Spot gold and silver prices fell sharply on February 2 as margin hikes and the nomination of a new Federal Reserve chair weighed on precious metal markets.

Insights:
Spot gold and silver prices experienced a significant sell-off on February 2, 2026, with losses deepening after CME Group Inc. announced higher margin requirements for precious-metals futures. Spot gold was down 4.8% at $4,630.59 an ounce by 01:32 p.m. ET (1832 GMT) on Feb. 2, 2026, after tumbling nearly 10% earlier in the session. The volatility emerged as the dollar index extended gains to hit a more than one-week high and President Donald Trump donald trumpnominated Kevin Warsh kevin warshto succeed Jerome Powell jerome powellas the chair of the Federal Reserve in the US USUSstarting this May.
FILE PHOTO: Gold coins are pictured at the local shop of goldsmith Axel Harbaum-Neuhaus in Bonn, Germany, October 21, 2025, as gold prices rise and many trade in their golden possessions. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: Gold coins are pictured at the local shop of goldsmith Axel Harbaum-Neuhaus in Bonn, Germany, October 21, 2025, as gold prices rise and many trade in their golden possessions. REUTERS/Jana Rodenbusch/File Photo
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