Bloomberg links the sharp correction in precious metals to the likely new head of the U.S. Federal Reserve. Remember, Trump decided to nominate Kevin Warsh for this position.

Gold showed the most severe daily move in decades, while silver had the biggest in history (even copper was affected, as part of the risk-off sentiment in metals). But before that, they had shown an enormous rise. So, the sharp correction is, to a large extent, a liquidation of long positions. And the trigger was indeed the rebound of the dollar after reports of Kevin Warsh's nomination for the head of the Federal Reserve. The market perceived this as a risk of a more aggressive monetary trajectory and, correspondingly, the 'anti-devaluation' narrative quickly saw long positions being liquidated.