The recent surge in gold and other precious metals appears to be losing momentum Friday as expectations rise surrounding a potential nomination of Kevin Warsh as the next Federal Reserve chair.
Gold Prices Retreat
Gold GC00 experienced a significant drop, falling more than 3%, or $171, to $5,179 an ounce. This potential decline would mark the first down session in nine days for the precious metal.
The shift in gold’s trajectory coincides with growing speculation about Kevin Warsh’s potential appointment to lead the Federal Reserve. While the direct link isn’t explicitly stated, market reactions often anticipate policy changes based on leadership expectations.
Should the downward trend continue, it could signal a broader correction in the precious metals market after a period of substantial gains. However, it’s also possible that this is a temporary pause, and the rally could resume depending on further economic data and official announcements.
Frequently Asked Questions
What caused gold prices to fall on January 30, 2026?
Gold prices fell more than 3%, or $171, to $5,179 an ounce amid rising expectations that Kevin Warsh will be nominated to be the next Federal Reserve chair.
What was the recent high for gold?
On Thursday, gold settled at a fresh record of $5,318.40 an ounce, a gain of $14.80, or 0.3%.
How long had gold been rising before today’s decline?
If the current trend continues, today’s decline will mark the first down session in nine days for gold.
How might a change in Federal Reserve leadership influence the price of gold?
