economy
February 2, 2026
Gold and silver prices seesaw as FTSE 100 hits record high
Trump’s pick of ‘respected central banker’ Kevin Warsh as Fed chair prompts investors to sell safe haven assets
TL;DR
- Gold prices dropped by as much as 8% to $4,465 an ounce on Monday, recovering slightly to $4,700.
- Silver prices fell by as much as 7% before recovering to $79.60 an ounce.
- The sell-off in metals was triggered by the announcement that Kevin Warsh, a former Fed governor, would be nominated as the next Fed chair.
- The FTSE 100 stock index closed higher, breaching the 10,300 mark.
- Industrial metals like platinum and copper also dropped in price.
- Bitcoin recovered some losses but remained below its previous peak.
- Oil prices fell by 4% amid easing geopolitical tensions between the US and Iran.
- The US stock market opened higher, and the dollar rose against rival currencies.
- Analysts at Deutsche Bank still expect gold to reach $6,000 this year.
- Gold is up approximately 65% and silver is up over 120% compared to this time last year.
Continue reading the original article