Federal Reserve 30 January 2026 - 31 January 2026

Gold and silver prices plunged on Friday, sending gold toward its sharpest daily drop since 1983 and silver toward its biggest one-day fall ever, after U.S. President Donald Trump chose Kevin Warsh to lead the Federal Reserve. By 1:57 p.m. ET, spot gold had tumbled 9.5% to $4,883.62 an ounce, down from a record $5,594.82 hit Thursday. Silver collapsed 27.7% to $83.99, while platinum dropped roughly 19% and palladium nearly 16%. U.S. gold futures closed 11.4% lower. The dollar index, which tracks the greenback against major currencies, gained 0.7% amid the selloff. Standard Chartered’s Suki Cooper attributed the slide to profit-taking as the dollar and “real yields” — inflation-adjusted bond returns — moved. MKS PAMP strategist Nicky Shiels called January “the most volatile month in precious metals history,” pointing to $4,600 gold and $80 silver as potential support levels.