"High diving" in the precious metals market, gold briefly fell below the $5,000 mark.

In recent days, gold and silver, which have been rising continuously and setting records, experienced a sharp decline on Friday. It was reported earlier that the Trump administration is considering nominating Kevin Wash as the chairman of the Federal Reserve, which has led to a strengthening of the US dollar. The price of silver plummeted by more than 16%, approaching $96 per ounce, while gold fell by over 7%, dropping below the $5000 mark, intensifying the sharp fluctuations in this round of the market, breaking the continuous record-breaking rise, and putting pressure on technical indicators. The US dollar index rose by 0.5%, making precious metals more expensive for most buyers. Both silver and platinum prices fell by over 10%. As of the time of writing, silver fell by 14.11%, to $99, and gold fell by 5.75%, to $5063. It is reported that US President Trump is expected to nominate Wash as the chairman of the Federal Reserve. The former Federal Reserve director is known as an "inflation hawk", but he has openly supported interest rate cuts in recent months, aligning his stance with Trump. Trump stated that he will announce the nominee on Friday morning US time. Christopher Wong, a strategist at Oversea-Chinese Banking Corporation, said, "The trend of gold confirms the warning of 'rapid rise must come with rapid fall'." He pointed out that although the reports about Wash's nomination were the trigger, the market correction was already imminent. "It's like the market has been waiting for an excuse to calm down those parabolic rises." Due to the sharp increase in gold and silver prices so far this year, some technical indicators have shown warning signals. One of them is the relative strength index, which in recent weeks has indicated that both metals may be overbought and facing downward pressure. Gold's RSI recently hit 90, its highest level in decades. Even after this retracement, gold has risen by about 17% in January, approaching its strongest monthly gain since 1980. Silver's rise has been even more impressive, soaring by 43% so far this year. The disruption of the global order by the Trump administration, including the arrest of Venezuelan leaders, threats to take over Greenland, and tariffs on allies, has been a major driver of the rise in gold prices. Recently, Trump has warned of possible strikes against Iran and stated that any country providing oil to Cuba will be taxed. At the same time, Trump reached a temporary agreement with Senate Democrats, avoiding the risk of another government shutdown in the US. The White House is continuing negotiations with Democrats on new restrictions on immigration raids. Previous actions have sparked nationwide protests.