Gold and silver’s record-breaking rally has come to an abrupt halt — for now
Skylar Montgomery Koning explains what’s behind the slump in precious metals https://www.bloomberg.com/news/articles/2026-02-01/gold-silver-extend-declines-after-dramatic-reversal-of-rally?srnd=homepage-uk
Spot gold fell by about 4%, after tumbling 10% earlier, extending its biggest slump in more than a decade on Friday, while silver dipped by more than 7%.
The trigger for Friday’s dramatic selloff was the news that US President Donald Trump would nominate Kevin Warsh to lead the Fed, which sent the dollar higher and undercut sentiment among investors.