Gold, Silver Slide as Market Confidence Shifts
By 0700 GMT, gold was trading at $4,535.8 per ounce, marking a decline of about 6.7% compared with Friday’s close, after plunging nearly 11% during Friday’s session.
Despite the recent retreat, gold has still climbed approximately 66% over the last year. This gain, however, is noticeably lower than the roughly 90% increase recorded just last week before the sharp sell-off.
Silver values mirrored the weakness, tumbling around 11.7% to $74.8 per ounce. Over a 12-month period, silver has risen 139%, down significantly from the 255.6% surge seen a week earlier.
The Federal Reserve’s decision on Wednesday to leave interest rates unchanged supported a rebound in the US dollar from multi-year lows, although the currency continued to hover near a second straight weekly decline.
On Friday, US President Donald Trump revealed that he had selected former Federal Reserve governor Kevin Warsh as his candidate to become the next chair of the Fed.
Trump’s announcement regarding Warsh eased market uncertainty and contributed to a sell-off in precious metals.
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