Global markets saw gold prices plunge by more than 7% earlier today, Friday, weighed down by a strengthening dollar, before recovering some losses to trade at $5,109 per ounce.
Silver prices also plummeted by 15%, with the price per
ounce falling below $100 after hitting a record peak of $121.64 on Thursday.
Other precious metals also saw sharp declines as profit-taking intensified.
The dollar rebounded from recent lows following the decision
to leave interest rates unchanged, though it remains on track for its second
consecutive weekly loss.
The market fluctuations followed comments from US President
Donald Trump, who stated he may announce his nominee to succeed Jerome Powell
as Federal Reserve chair within the coming hours.
Kevin Warsh, a former Federal Reserve governor, is considered the frontrunner for the position.