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.