Gold saw its biggest one-day drop since 1983 and silver witnessed its largest drop on record.

On Friday, the price of spot gold fell and is expected to mark the biggest single-day decline since 1983, due to the rise in the US dollar exchange rate, following Trump's announcement of the next Federal Reserve chairman; while the price of silver is expected to record its worst single-day performance ever. This sell-off is being referred to by analysts as "profit-taking" and has also put pressure on other precious metals. Sukhi Cooper, head of commodities research at Standard Chartered Bank, said that the triggering factors behind this sell-off may be a combination of various factors, including the appointment of the Federal Reserve chairman and broader macroeconomic fund flows. She added: "Both from the perspective of the US dollar trend and the expectations for real interest rates, the combined impact of these factors has led to the occurrence of profit-taking behavior."