Gold and Silver Pull Back From Surge as Dollar Strength and Fed Outlook Shift

Gold and silver cooled after their meteoric rise, with gold dipping below $4,500 an ounce and silver falling more than 31% on Friday—the largest one-day drop since 2013—before rebounding to about $4,779 and $81 by late morning. The slide followed a stronger dollar and expectations that Fed policy could stay tight under nominee Kevin Warsh, along with margin calls that forced leveraged investors to sell. Analysts are divided on the near-term path, with some predicting a bounce and others warning the rally may have been inflated.