Gold, silver plunge after Trump names Fed chair pick

February 1, 2026

TL;DR

Gold and silver prices experienced a significant one-day decline on Friday.
The plunge followed President Trump's nomination of Kevin Warsh to lead the Federal Reserve.
Gold fell 12% from its peak, and silver dropped over 30%, marking steep losses.
The sell-off was attributed to market belief that Warsh's nomination signals Fed independence and a focus on price stability, reducing 'inflation panic'.
Despite the correction, core drivers for safe-haven assets remain intact.
Analysts suggest central banks might see the current dip as a buying opportunity for gold reserves.

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