<\/p>\n\n\n\n
Gold prices fell sharply again in Asian trade on Friday, extending a bout of profit-taking after U.S. President Donald Trump said he will announce his nominee for the next Federal Reserve chair later in the day.<\/p>\n\n\n\n
Spot gold dropped 3.6% to $5,180.26 an ounce by 01:28 ET, while April gold futures slid 2.8% to $5,199.24. Despite the pullback, bullion remains on track for a strong January after posting a series of record highs earlier in the month.<\/p>\n\n\n\n
Other precious metals also cooled after extreme volatility this week. Spot silver fell 5.5% to $109.29 an ounce, retreating from Thursday\u2019s record high, while platinum slid 6.5% to $2,474.98.<\/p>\n\n\n\n
Gold had surged close to $5,600 an ounce on Thursday amid heightened safe-haven demand following reports that the U.S. was considering further military action against Iran. Trading conditions were briefly unsettled by a technical glitch at the London Metal Exchange.<\/p>\n\n\n\n
Markets now await Trump\u2019s announcement on the next Fed chair, with reports pointing to former Federal Reserve governor Kevin Warsh as the leading candidate. Warsh has previously supported calls for more aggressive rate cuts, raising questions over future Fed independence and policy direction.<\/p>\n\n\n\n
The prospect of clarity on Fed leadership appears to have eased some near-term uncertainty, prompting investors to lock in profits. Still, expectations of a more dovish policy stance under new leadership could support gold over the longer term.<\/p>\n\n\n\n
Despite Friday\u2019s sharp losses, spot gold is still up about 20% in January. Silver remains the standout performer, set to gain more than 50% for the month, while platinum and palladium are also posting double-digit monthly gains.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices fell sharply again in Asian trade on Friday, extending a bout of profit-taking after U.S. President Donald Trump said he will announce his nominee for the next Federal Reserve chair later in the day. Spot gold dropped 3.6% to $5,180.26 an ounce by 01:28 ET, while April gold futures slid 2.8% to $5,199.24. …<\/p>\n","protected":false},"author":9,"featured_media":122477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,37,36],"tags":[],"class_list":["post-123228","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/123228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=123228"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/123228\/revisions"}],"predecessor-version":[{"id":123229,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/123228\/revisions\/123229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/122477"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=123228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=123228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=123228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}