Gold prices continued to fall in early February trading, extending sharp losses seen at the end of January amid heightened market volatility and profit-taking. In late Sunday spot trading, gold dropped by more than 3 percent to around $4,701.04 per ounce.
Silver also posted steep losses, falling over 5 percent to $78.93 per ounce, while platinum declined by more than 3 percent to $2,091.09 per ounce.
Markets were shaken last Friday by extreme volatility following U.S. President Donald Trump’s announcement nominating Kevin Warsh to succeed Jerome Powell as Chair of the Federal Reserve in May. The move pushed the U.S. dollar higher and triggered a sharp sell-off in precious metals.
Gold recorded its worst daily performance since 1983, with prices plunging by up to 11 percent and breaking below the $5,000 mark. Silver futures suffered even heavier losses, dropping more than 31 percent, marking their worst session since March 1980.
