Gold prices fell sharply as the market focused on the nomination of the Federal Reserve Chair.

Gold prices retreated sharply after surging to record highs as traders took profits and a stronger dollar made it more expensive for overseas buyers to purchase the precious metal. Market focus has now shifted to Trump's expected decision on his nominee for Federal Reserve chair, due later on Friday. Trump's advisors have hinted that he may nominate Kevin Warsh. Saxo Bank analysts noted that Warsh is considered less controversial and less clearly dovish compared to other candidates circulating before the nomination announcement. (Jinshi)