US EditionGold, Silver Extend Declines After Dramatic Reversal of Rally
Kevin Warsh's Fed chair nomination shifted expectations toward tighter policy and a stronger dollar, triggering a sharp drop of over 10% in gold and 30% in silver, analysts said.
- On Monday, wild overnight swings eased as Wall Street opened, with the S&P 500 up 0.5%, the Dow Jones Industrial Average rising 317 points, and the Nasdaq composite 0.6% higher.
- Investors sought safe havens amid worries about a less independent Federal Reserve, an expensive U.S. market, tariff threats and heavy government debt.
- Gold briefly fell below $4,500 per ounce overnight and later pulled back to $4,742.80, while silver swung from a 9% loss overnight to a 0.3% gain after a 31.4% plunge on Friday.
- Sandisk leaped 11.4% to lead the S&P 500 after strong profits, while airlines and cruise-ship operators gained as oil fell more than 4% following Trump saying `seriously talking to us`.
- JPMorgan and Deutsche Bank called the recent dip a buying opportunity, with Gregory Shearer stating `Gold remains a dynamic, multi-faceted portfolio hedge and investor demand has continued to come in stronger than our previous expectations`.
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89 Articles
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Gold, silver prices continue to slide after Trump picks new Fed chair
Wild swings that swept through financial markets overnight calmed as Wall Street opened for trading on Monday. U.S. stocks are holding relatively steady following gains in Europe and sharp drops in Asia, while gold and silver prices rallied back from severe earlier losses.
The Ibex 35, the main index of Spanish exchanges and markets, has exceeded 18,000 points by...
The Ibex 35 beats a new record. The Spanish selective, who had started the session with cuts, has turned upward and has played the 18,000 points for the first time in history. With an advance of 0.7% the Spanish Stock Exchange, which has already closed in maximums last week, leads the progress in Europe. The biggest increases of the session are recorded by Mapfre with 1.5%, followed by Amadeus and IAG, both with increases of about 1.3%. On the s…
Gold, silver plunge after Fed chair announced
A precious-metals sell-off intensified, driven in part by US President Donald Trump’s seemingly hawkish choice for the next Federal Reserve chair. The selection suggested borrowing costs will stay high, driving gains in the dollar and a rout of gold and silver, which each fell more than 5% after plunging on Friday. “The scale of the unwind… is something I haven’t witnessed since the dark days of the 2008 global financial crisis,” one analyst tol…
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