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Precious metals extended losses on Monday, with analysts and strategists flagging U.S. President Donald Trump’s choice of Kevin Warsh as successor to Federal Reserve Chair Jerome Powell as a key trigger to the latest downturn.
Spot gold prices traded 3.2% lower at $4,713.39 per ounce during early European trading hours, deepening losses from a historic rout on Friday, when it fell more than 9% to notch its sharpest one-day drop since 1983.
Spot silver prices fell 2.7% at $82.29 per ounce at around 9:54 a.m. London time (4:54 a.m. ET). The white metal fell over 31% on Friday, registering its worst daily performance since 1980.
The worsening metals rout coincides with an oil price slump and a broader market downturn, with the pan-European Stoxx 600 index tracking losses from Asia-Pacific markets. U.S. stock futures were also seen starting the trading week in negative territory.
