The prices of gold and silver have significantly decreased after Donald Trump nominated Kevin Warsh as chairman of the Federal Reserve, which was seen as a signal of stability.

On Friday, the prices of gold and silver recorded significant declines, following the nomination of Kevin Warsh by President Donald Trump as the future chairman of the Federal Reserve (Fed). Spot silver dropped by about 14%, trading around $99 an ounce, while spot gold lost about 6%, reaching approximately $5,060 an ounce. Massive sell-offs also affected other precious metals, such as platinum and palladium.

Warsh's nomination is interpreted by the markets as a signal of firm policy from the Fed, which could stabilize the dollar and counter fears related to the prolonged weakening of the American currency. Analysts noted that precious metals have been supported by geopolitical tensions and the depreciation of the dollar, but a change in sentiment could trigger sharp corrections.

The impact of the declines was also felt in the stock markets, with the European Stoxx 600 Basic Resources index falling by about 2%. Although gold and silver had record gains in 2025, the markets are now vulnerable to massive sell-offs.