International gold price falls 5% on nomination of Kevin Warsh as Fed chair candidate; silver drops 13%

[The Financial News] The international gold price is on a downward trend. Market watchers attribute the move to United States of America (U.S.) President Donald Trump naming former Federal Reserve System (the Fed) Governor Kevin Warsh, known as a relatively dovish supporter of monetary easing, as a candidate for the next Chair of the Federal Reserve.
According to foreign media, spot gold was trading at $5,081.52 per ounce as of 9:37 a.m. Eastern Time on the 30th, down 5.8% from the previous session.
Spot gold prices fell more than 6% intraday immediately after news broke that Kevin Warsh had been nominated as a candidate.
Markets had regarded Kevin Warsh as the "safest choice" among the candidates for the next Chair of the Federal Reserve. He has held key positions across the Fed, financial markets, and government agencies.
With uncertainty over the next Fed chair easing, investors appear to be taking profits.
Previously, the international gold price had been rising amid concerns that the independence of the Fed could be undermined.
Along with gold, the international silver price is also declining. At the same time, spot silver was trading at $99.94 per ounce, down 13.9% from the previous session, and at one point during the session it fell below the $100-per-ounce level.

yimsh0214@fnnews.com Im Sang-hyuk Reporter