Precious metals continue to be sold off, with gold once dropping 4%, U.S. stock futures and crude oil also declining
Affected by Trump's nomination of Waller as the Federal Reserve Chairman, spot gold experienced significant fluctuations, with a decline that once expanded to 4%, currently reported at $4,758. Silver's decline was even more severe, with an intraday drop approaching 12%. Brent crude oil futures fell 2.8% to $67.38 per barrel
On Monday, following Trump's nomination of Waller as the Federal Reserve Chairman, precious metals continued to face heavy selling, with spot gold plunging by as much as 4% and silver experiencing a drop of nearly 12%. U.S. stock futures and crude oil also fell.
The sell-off in precious metals was triggered by Trump's nomination of Waller to lead the Federal Reserve, which pushed the dollar higher. Although market observers had previously warned that the hot rally would face a correction, the extent of the decline exceeded most investors' expectations.
Spot gold experienced significant volatility at the beginning of trading, with the decline widening to 4%, continuing the largest drop in over a decade. It has since rebounded to around $4,758, down 2.1% for the day.
Silver's decline was even more severe, with the intraday drop nearing 12%. It has now rebounded to $81.68, down 3.26% for the day.
Other precious metals, such as platinum and palladium, also did not escape the downturn, recording declines.
Brent crude oil futures fell by 2.8% to $67.38 per barrel.
U.S. stock futures were lower in early Asian trading, with Nasdaq 100 futures down 0.6% and S&P 500 futures down 0.32%.
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