Gold and silver continue to fall following a sharp turnaround from their previous surge

Gold and Silver Experience Sharp Declines

Gold prices continued to drop, marking their steepest fall in over ten years, as investors reacted to a sudden reversal following a surge to record highs. Silver also experienced a significant downturn.

During early Monday trading, spot gold tumbled by up to 4%, while silver plummeted nearly 12%, after already suffering its largest single-day loss in the previous session.

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The sharp drop in precious metals was sparked by the announcement that US President Donald Trump intends to nominate Kevin Warsh as the next Federal Reserve chair, which boosted the US dollar. Although analysts had cautioned that the rapid rise in gold and silver prices was unsustainable, the magnitude of the decline surprised many investors.

As of 7:16 a.m. in Singapore, gold had fallen 3.2% to $4,742.73 per ounce, while silver was down 7.7% at $78.64. Platinum and palladium also saw losses. Meanwhile, the Bloomberg Dollar Spot Index, which tracks the performance of the US dollar, rose by 0.9% in the previous session.

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Source: Bloomberg L.P., 2026