Precious metals rebounded strongly after opening lower. Gold turned higher, silver rose nearly 4%, and U.S. stock futures and crude oil fell.

Source: Wall Street Insights

Zhao Ying
Affected by Trump's nomination of Josh Warsh as chairman of the Federal Reserve, precious metals opened sharply lower but subsequently rebounded strongly. Spot gold turned higher, silver fell from a deepest fall of 9% to nearly 4%, and Brent crude oil futures fell 2.8% to $67.38 per barrel.
On Monday, affected by Trump's nomination of Warsh as chairman of the Federal Reserve, precious metals opened sharply lower but subsequently rebounded strongly. Spot gold turned higher, silver rose from a deepest fall of 9% to nearly 4%, and U.S. stock futures and crude oil fell.

The sell-off in precious metals was triggered by news that Trump nominated Warsh to lead the Federal Reserve, which pushed the dollar higher. Although market watchers had warned that the hot rally would face a pullback, the decline was steeper than most investors expected.

【Updated at 8:22】

Spot gold turned higher, and spot silver's intraday gains once expanded by nearly 4%, reaching a new daily high of $86.68 per ounce.



【Updated at 8:00】

Spot gold fluctuated sharply at the beginning of the session, with the decline once expanding to 4%, continuing the previous largest decline in more than a decade. It has now rebounded to around $4,758, down 2.1% on the day.



Silver's decline was even more severe, with the deepest intraday drop of nearly 9%. It has now rebounded to $81.68, down 3.26% on the day.



Other precious metals such as platinum and palladium were not spared and both recorded losses.

Brent crude futures fell 2.8% to $67.38 a barrel.

According to CCTV News, on February 1, local time, when answering reporters’ questions about Iran at Mar-a-Lago, U.S. President Trump expressed the hope that “an agreement can be reached.” Trump responded to Iranian Supreme Leader Ayatollah Ali Khamenei's warning that "if the United States launches an attack, it will trigger a regional war," saying that if an agreement cannot be reached, "then we will see if he (Khamenei) is right."



U.S. stock futures were lower in early Asia, with Nasdaq 100 futures down 0.6% and S&P 500 futures down 0.32%.



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