goldmarketnews

Gold prices continue to drop on Monday, after closing last week with a sharp decline following a 10-week upward trend.
‎As of 0700GMT, the ounce price of gold saw $4,535.8 level, down around 6.7% from Friday; it also fell around 11% on Friday.
‎Gold has surged roughly 66% over the past 12 months, whereas this rate was around 90% last week before the recent sell-off.
‎Silver prices also plummeted by some 11.7% to $74.8 per ounce. Its 12-month surge was at 139%, down from 255.6% last week.
‎The Fed's decision on Wednesday to keep interest rates constant helped the dollar recover from multi-year lows, but it remained on the verge of a second consecutive weekly fall.
‎US President Donald Trump announced Friday that he has picked former Federal Reserve governor Kevin Warsh as his nominee for the next Fed chair.
‎Trump's Warsh announcement reduced uncertainty in markets and triggered a drop in precious metal prices.
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