Gold and Silver Prices Keep Falling After Warsh Named Fed Chair

According to The Financial News, international gold and silver prices have continued to decline since Kevin Maxwell Warsh was appointed as the next chair of the Federal Reserve System (the Fed).
In early trading on the 2nd, spot gold prices plunged about 4%, while silver tumbled nearly 12%.
At 8:16 a.m. Korea Standard Time, in the Republic of Singapore, gold was trading at 4,742.73 dollars per ounce (31.1 grams), down 3.2%, while silver was at 78.64 dollars, 7.7% lower than the previous session.
After Donald John Trump appointed Kevin Warsh as the next head of the Federal Reserve System (the U.S. central bank) on the 30th of last month local time, the value of the U.S. dollar rose, triggering a sell-off in precious metals.
Market analysts had expected a correction in the rally of precious metals, but foreign media reported that the scale of the current decline is larger than anticipated.
jjyoon@fnnews.com Yoon Jae-joon Reporter