Overview
- Gold fell roughly 7% toward $5,000 an ounce as silver plunged about 17% below $100, marking one of the sharpest single-day drops in recent years.
- The move followed investor expectations that Warsh will keep the Fed at arm’s length from political pressure, shifting rate-cut assumptions and lifting the dollar.
- Despite the setback, both metals remain higher for 2026 to date, with gold up about 18% and silver up roughly 30%.
- The pullback came days after fresh records, with gold briefly above $5,600 and silver near $120, underscoring volatile swings on headlines including a reported Russia–Ukraine truce rumor.
- Structural demand has underpinned the broader commodity surge, including 863 tonnes of central-bank gold buying in 2025 and new crypto-sector interest such as Tether’s stated plan to raise its gold allocation.