Gold, Silver Suffer Historic One-Day Plunge After Trump Picks Kevin Warsh for Fed Chief
Summary
Gold and silver prices experienced historic one-day drops following President Trump's nomination of Kevin Warsh as Federal Reserve chief, triggering a market selloff amid a strengthening U.S. dollar and rising real yields.
Key Points
- Gold prices fell 9.5 percent to $4,883.62 per ounce after reaching a record high the previous day.
- Silver experienced a historic 27.7 percent single-day plunge, dropping to $83.99 per ounce.
- The selloff coincided with a stronger U.S. dollar and rising real yields, pressuring precious metals.
- Market uncertainty increased due to Kevin Warsh's nomination as Fed chief, impacting expectations on interest rate policies.
