Gold, silver plunge as dollar rallies on Kevin Warsh's Fed chair nomination

A sharp drop in the prices of precious metals such as gold and silver on Jan. 30 was due to a rally in the U.S. dollar, according to a Bloomberg analysis. The dollar's strength was triggered by U.S. President Donald Trump's confirmation of Kevin Warsh as his nominee for the next Federal Reserve Chair. On that day, the price of gold fell more than 12% to below $5,000 per ounce, while silver plunged by as much as 36%.