Gold and silver sell-off gathers steam in correction after record highs
Gold and silver prices plunge in correction after record highs
- Gold and silver prices have experienced a "brutal" sell-off, dropping sharply after recently reaching record highs.
- The decline began on Friday following US President Donald Trump's nomination of Kevin Warsh as the incoming Federal Reserve chairman.
- This nomination eased investor concerns, strengthening the US dollar and reducing demand for safe-haven assets like gold and silver.
- Gold saw its worst one-day drop since 1983, falling over 9%, while silver plunged by nearly 30% on Friday, with further significant drops on Monday.
- The sharp fall in precious metals is expected to negatively impact UK and US stock markets, particularly mining companies, and Brent oil prices have also fallen.
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