Gold and Silver Prices Drop Amid Speculation of New Federal Reserve Chair

Gold and silver prices experienced a significant decline following reports that Kevin Warsh is likely to be nominated as the new Federal Reserve Chair. According to NS3.AI, Warsh's hawkish reputation indicates a reduced risk of a weaker US dollar, contributing to the sell-off. Analysts also point to month-end profit-taking and banking hedging operations as factors in the price drop. The decrease in base metals such as copper, which lacks retail investor involvement, indicates that the movement extends beyond just retail investor reactions.