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Trump's Fed Chair Nominee Triggers Metals Market Plunge

2/1/2026

23 5 Full Breakdown

Summary

Trump Nominates Warsh

U.S. President Donald Trump nominates Kevin Warsh as the new Federal Reserve chair, triggering a rapid metals selloff.
Gold fell nearly 10% to around $4,850 per ounce.
Silver fell more than 25% to below $85 per ounce.
Analysts said Warsh's nomination eased fears about the Fed's independence, prompting investors to lock in profits.
Over the past year, gold is up about 70% and silver about 150%.

Summary

Trump Affects Gold Prices

Gold prices fell over 8% to dip below $5,000 ahead of U.S. President Donald Trump's Federal Reserve announcement.
Spot gold stood at $5,087.99, with U.S. gold futures down 4.6%.
Analysts attribute the decline to profit-taking after a rally, with gold on track for a 17% monthly gain.
Silver fell 14.1% to $99.79, despite a record high earlier this month.
Investment demand in India and China remains strong, signaling recovery potential.

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Trump Nominates Warsh

U.S. President Donald Trump nominates Kevin Warsh as the new Federal Reserve chair, triggering a rapid metals selloff.
Gold fell nearly 10% to around $4,850 per ounce.
Silver fell more than 25% to below $85 per ounce.
Analysts said Warsh's nomination eased fears about the Fed's independence, prompting investors to lock in profits.
Over the past year, gold is up about 70% and silver about 150%.

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