Gold prices continued their decline on Monday following a steep drop at the end of last week, which ended a 10-week upward trend. As of 0700 GMT, gold traded at $4,535.8 per ounce, down about 6.7% from Friday, after an 11% drop on the previous session. Over the past 12 months, gold has surged roughly 66%, down from last week’s 90% peak.
Silver also saw a sharp fall, plunging 11.7% to $74.8 per ounce. Its 12-month gain is now 139%, compared with 255.6% just last week.
Market analysts attributed the declines to the Federal Reserve’s decision to keep interest rates unchanged on Wednesday, which strengthened the dollar from multi-year lows, combined with US President Donald Trump’s announcement on Friday of former Fed governor Kevin Warsh as his nominee for the next Fed chair. The Warsh nomination eased uncertainty in financial markets, triggering a sell-off in precious metals.
