Gold Sees Largest One-Day Drop Since 1983, Silver Records Record Drop

BlockBeats News, January 31, Friday, the spot gold price fell and is expected to see its biggest single-day decline since 1983, due to the rise in the dollar exchange rate following Trump's announcement of the next Federal Reserve Chairman; while the silver price is set to mark its worst single-day performance ever.

This sell-off, analysts say, is called "profit taking," and has also put pressure on other precious metals. Sukhi Cooper, head of commodities research at Standard Chartered Bank, said the triggering factors behind this sell-off may be a combination of various factors, including the appointment of the Federal Reserve Chairman and broader macro fund flow conditions.

She added: "Whether from the perspective of the dollar trend or the expected real yield, the combined impact of these factors has prompted the occurrence of profit-taking behavior." (FX168)