Precious metals markets recorded one of their sharpest declines on Monday, as both gold and silver entered a “free fall” driven by a strong U.S. dollar and investor anticipation surrounding the potential policy direction of Kevin Warsh, President Donald Trump’s nominee to lead the Federal Reserve.
According to Reuters, gold prices extended their losses in spot trading, with the yellow metal dropping more than 7% to around $4,500 per ounce. This marks a significant retreat from its all-time high of $5,594 reached last Thursday.
Silver also suffered steep losses during the session. Reuters reported that spot silver fell by 12%, bringing the price to approximately $74.18 per ounce after previously touching $121.64.
The sharp correction comes amid heightened caution in global financial markets, as investors increasingly favor the U.S. dollar as a safe-haven asset. Markets are also closely watching upcoming signals on U.S. monetary policy, particularly regarding interest rates and inflation, which could shape the near-term outlook for precious metals.
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