Gold price dives below $5,000 as Trump’s Fed chair pick jolts the dollar
Spot gold fell 5.5% to $5,076.18 an ounce by 5:40 a.m. ET Friday, after briefly dipping below $5,000. The drop follows Thursday’s record high and comes as markets await Donald Trump’s announcement of a new Fed chair. Silver and other precious metals also plunged. U.S. gold futures slid 4.7% to $5,104.31.