Gold fell and was poised for its biggest daily loss since 1983, Friday, as the dollar strengthened after U.S. President Donald Trump announced his choice for Fed chair, while silver was heading for its worst day on record. Spot gold dropped 8.9 percent to $4,915.17 per ounce at 12:30 p.m., local time, after retreating to an intraday low of $4,898.89 earlier. U.S. gold futures for February delivery slipped 7.7 percent to $4,940.70. The selloff, described by analysts as profit-taking, also pressured other precious metals. The triggers behind the sell-off could be a combination of factors, ranging from the Fed Chair announcement to broader macro flows, said Suki Cooper, the global head of commodities research at Standard Chartered Bank. Whether we look at the dollar or expectations for real yields, a combination of these drivers has helped trigger profit-taking, she added. Trump named former Federal Reserve Governor Kevin Warsh as his choice to succeed Jerome Powell as Fed chair in May, placing a frequent critic of the central bank in a key leadership role. Gold hit a record peak of $5,594.82
No evidence Greenland faces foreign threat EU transport chief
...
Read moreDetails
