"Commodity, precious metals and crypto asset prices are all sliding today, as the record-breaking rally in gold and silver cools. Financial markets have begun the new week in a volatile mood, with analysts talking about a metals meltdown that is also rattling the equities markets. Gold is falling back after a months-long rally drove it to a series of record highs. It's slumped by over 8% so far this session, down to $4,465 a ounce, having hit a record high of nearly $5,600/oz"
"Certainly, the final trading day of January was anything but calm, being dominated by what can only be termed a meltdown in the metals space. In terms of scores on the doors', spot gold ended Friday with losses of 9%, bullion's worst day since 2013, and fourth worst in the last 45 years. Silver, meanwhile, shed as much as 35% at the lows, before trimming losses to end the day a still-chunky 26% lower, the worst daily loss ever, at least per Bloomberg data."
Commodity, precious metals and crypto prices are sliding as gold and silver reverse a record-breaking rally. Gold fell over 8% to $4,465/oz after topping nearly $5,600/oz last week; silver plunged as much as 35% intraday before closing about 26% lower, its worst daily loss on Bloomberg data. Markets reacted after Donald Trump said he would nominate Kevin Warsh for Fed chair, raising expectations of tighter policy because Warsh is viewed as hawkish and likely to shrink the Fed's balance sheet. A stronger U.S. dollar added pressure across metals, oil and base metals, and selling spread into equities.
Read at www.theguardian.com
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