Gold price today: Bullion slips below $5,000 after Trump taps Warsh for Fed chair
Gold prices plunged on Friday, dipping briefly below $5,000 an ounce after U.S. President Donald Trump announced Kevin Warsh, a former Federal Reserve Governor, as his pick for the next Fed chair. The news boosted the dollar and sparked a wave of profit-taking. By 12:57 GMT, spot gold was down 5.7% at $5,087.99, having touched a low of $4,957.54 earlier. Just the day before, it hit a record $5,594.82.