New york: The prices of gold and silver plummeted sharply on Friday, reacting to a surge in the US dollar and increased profit-taking by investors. This market movement followed the announcement that President Donald Trump had nominated Kevin Warsh as the next chairman of the Federal Reserve.
According to Thai News Agency, the gold futures, which are the most actively traded contract on the New York Mercantile Exchange (NYMEX), closed at $4,745.10 per ounce. This figure represents a decline of 11.39 percent compared to the previous trading day. Silver futures were similarly affected, with the benchmark contract experiencing a decline of 31.37 percent, closing at $78.531 per ounce.
The nomination of Kevin Warsh, a former Federal Reserve board member, as the next central bank chairman by President Trump was announced on Friday. This development contributed to the fluctuations in the gold and silver markets, as investors adjusted their strategies in response to the potential policy changes under Warsh's leadership.