Gold and Silver Prices Start to Stabilize After Plunge... Gold Up Around 1%, Silver Up 7%

[The Financial News] Following United States of America (US) President Donald Trump’s nomination of former Federal Reserve System (Fed) Governor Kevin Warsh as the next chair of the Federal Reserve System (the Fed), gold and silver prices, which had plunged, are now showing signs of stabilizing.
According to Koscom Corporation data on the 2nd, as of 9:16 a.m. gold was trading at 4,831.40, up 1.82% from the previous session. Silver was at 84.47, a gain of 7.56%.
On the 30th (local time), US President Trump formally nominated former Fed Governor Kevin Warsh as his candidate for the next Fed chair. In a post on the social media platform Truth Social, Trump said, "I have known Kevin for a long time, and I have no doubt that he will be one of the great Fed chairs, perhaps the greatest."
After the nomination of Warsh, who is regarded as a policy hawk, international gold and silver prices tumbled while the value of the United States dollar (USD) climbed. In the global commodities market, silver futures at one point plunged by more than 30% during the session. On the 30th (local time), gold closed at 4,745.10, down 11.39%, and silver ended at 78.531, a drop of 31.37%.

koreanbae@fnnews.com Bae Han-geul Reporter