Gold falls as the dollar rises following a potential nomination for Federal Reserve chair.
Gold falls as the dollar rises following a potential nomination for Federal Reserve chair.
1-30-2026
Information/Follow-up…
Gold prices fell on Friday, marking their first decline in nearly two weeks, as the US dollar rose following reports that President Donald Trump’s administration is preparing to nominate Kevin Warsh to head the Federal Reserve.
Gold prices fell by as much as 4.8%, after rising as much as 1.4% earlier in the session, amid sharp swings following a previous record-breaking rally. An index measuring the dollar’s performance rose by as much as 0.5%, making precious metals more expensive for buyers.
Worsh is known for his reputation as an anti-inflation fighter, despite his recent calls, in cooperation with Trump, for lower interest rates. Trump is expected to formally announce his nominee on Friday, US time.
Despite the current decline, gold is still up more than 20% since the beginning of the year, supported by international political tensions, including Trump’s threats to attack Iran and impose tariffs on countries that supply oil to Cuba, as well as a series of tariff threats towards Europe, Canada, and South Korea.
In the markets, gold fell to $5,207.70 an ounce, and silver dropped 4.3% to $110.67, while platinum and palladium also declined. The Bloomberg Dollar Index rose 0.3%.
almaalomah.me
