ASX lower as gold, silver miners tumble; Banks jump

Seoul stocks dip over 5% on Fed chair nomination, drop in gold prices

Korean stocks nosedived by more than 5 percent Monday, due largely to a risk-averse sentiment following the nomination of the new Federal Reserve chair, and a sharp decline in silver and gold prices. The Korean won plunged against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 274.69 points, or 5.26 percent, to close at 4,949.67, snapping a four-session winning streak. The country's main bourse operator, the Kor…

ASX set to follow Wall Street lower ahead of RBA meeting

Wall Street and precious metals react negatively to the announcement of the US Fed chair. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

ASX set to fall as Wall Street retreats; Gold, silver plunge

Financial markets churned as investors tried to figure out what President Donald Trump’s new nominee to lead the Federal Reserve will mean for interest rates.

Gold Price Slides Below $4,550 After Fed Chair Pick, Profit-Taking Pressures

Gold (XAU/USD) slides to a fresh three-week low below $4,550 during early European trading on Monday, pressured by renewed profit-taking. The precious metal remains on the back foot after hitting record highs last week, as improving political stability in the United States eases demand for safe havens. Confidence rose after Kevin Warsh was named the […] The post Gold extends losses after Fed chair announcement, profit-taking weighs appeared firs…

Ramelius Resources (ASX:RMS) share price slides 6.6% as bullion rout hits gold miners

Sydney, Feb 2, 2026, 17:38 AEDT — The market has closed. Ramelius Resources shares dropped 6.57%, closing at A$4.41 on Monday, dragged down by broad selling in precious metals hitting Australian gold miners hard. (StockAnalysis) Gold and silver prices dropped further after CME Group hiked margin requirements—the cash traders must put up to maintain futures positions—following last week’s steep selloff sparked by reports that Donald Trump might n…

Gold and Silver Plunge After Fed Chair News

Gold and silver experienced a significant slump on Monday, triggered by market reactions to US President Donald Trump’s nomination of Kevin Warsh as the potential successor to Jerome Powell as Federal Reserve chair. Gold prices plummeted as much as 6.3 per cent, briefly dipping below $US4600 an ounce, following a rally that had pushed it to nearly $US5600 the previous week. Silver also took a hit, plunging as much as 12 per cent after a record 2…