Gold and Silver Plunge as Dollar Strength and Fed Outlook Roil Markets
Gold fell about 5% to around $4,611 an ounce and silver dropped more than 10% after Friday’s rout, as a firmer dollar and profit-taking cooled a rally that had pushed prices near record highs. Traders weighed a possible shift in Federal Reserve policy after Kevin Warsh’s nomination, with analysts noting the pullback could be a classic correction unless the dollar weakens or the Fed signals easing.