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By Rodrigo Santos Andrade
US dollar surges and gold, silver prices plunge as Trump reveals Fed Reserve nominee
visibility comment0 event February 1, 2026 timer 19:12
CommSec’s Ryan Felsman explains gold and silver prices plummeted after US President Donald Trump nominated Kevin Walsh to lead the Federal Reserve.
“We did see gold prices plunge 11.4 per cent on Friday to $US4,745.10 an ounce – that was the biggest decline since 1983. Silver prices were down by 31.4 per cent, and that was the biggest fall since 1980,” Mr Felsman told Sky News Australia.
“The reason for that was we saw the US President, Donald Trump, nominate Kevin Walsh as the next US Federal Reserve Chair, and on the back of that, we saw a big lift in the United States dollar … that rose by the most since May last year, that pressured commodity prices.”
Presented by CommSec.
Tags: Australian News, Breaking News Australia, Sky News Australia
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