Lates News

On Friday, the spot price of gold fell and is expected to hit the largest single-day decline since 1983. The reason is the rise in the US dollar exchange rate, as Trump has announced the next chair of the Federal Reserve. Meanwhile, silver prices are expected to see their worst single-day performance in history. Analysts refer to this sell-off as "profit-taking" which has also put pressure on other precious metals. Sue Ki Cooper, global head of commodities research at Standard Chartered Bank, said the trigger behind this sell-off may be a combination of factors including the announcement of the Federal Reserve chair and broader macroeconomic fund flows. She added, "These factors have collectively prompted profit-taking behavior, whether from the perspective of the US dollar trend or the expected real yields."