Gold and Silver Prices Plummet Amid Wider Stock Market Sell-Off and Hawkish Federal Reserve Appointment

Gold futures fell 11% to $4,800 per ounce, its biggest daily drop since the 1980s, while silver tumbled 25% to $87 per ounce, its largest daily decline on record. The volatility came alongside a wider stock market sell-off following President Trump's appointment of Kevin Warsh as the next Federal Reserve chair. Strategists said gold and silver's epic rally was due for a pullback, citing concerns about the central bank's independence and the metals' rapid price rise.