Gold price crash: what to watch after Warsh Fed pick sparks a historic drop
Spot gold plunged 9.5% Friday in New York, closing at $4,883.62 an ounce after hitting a record $5,594.82 the previous day. The selloff followed renewed doubts over Fed leadership and fading hopes for U.S. rate cuts. The dollar strengthened and Treasury yields rose after a hotter-than-expected inflation reading. Indian and Chinese gold premiums surged amid strong physical demand.