Precious Metals Prices Plunge Following Trump Nomination of Kevin Warsh for Fed Chair
Precious metals prices saw record scale selloffs on Friday after the nomination of a new Fed chair. Gold and silver dropped significantly from recent highs.
Insights:
U.S. President donald trump announced on Friday that he has chosen former Federal Reserve governor kevin warsh to be his nominee to succeed jerome powell as chair of the Federal Reserve in May. The announcement in the 
US coincided with an immediate and record-scale selloff across precious metals markets, with gold, silver, platinum, and palladium all experiencing extreme intraday percentage drops across spot and futures contracts.
US coincided with an immediate and record-scale selloff across precious metals markets, with gold, silver, platinum, and palladium all experiencing extreme intraday percentage drops across spot and futures contracts.Spot gold dropped 9.5% to $4,883.62 per ounce at 1:57 p.m. ET (1857 GMT), representing a steep decline from the record peak of $5,594.82 reached on Thursday. Meanwhile, US gold futures for February delivery settled 11.4% lower at $4,745.10. Despite the single-day plunge, gold remained on track for a more than 13% rise this month, marking its sixth consecutive monthly increase.
US gold futures for February delivery settled 11.4% lower at $4,745.10. Despite the single-day plunge, gold remained on track for a more than 13% rise this month, marking its sixth consecutive monthly increase.
