The price of gold tumbled while the dollar firmed up on Friday after President Donald Trump selected Kevin Warsh to succeed Jerome Powell as Federal Reserve chair.
Spot gold tumbled 9.82 per cent at $4,796.00 per ounce as of 1.26pm ET, while silver declined nearly 30 per cent to $82.15 an ounce. Spot copper, platinum and palladium also suffered steep declines.
The decision ends months of speculation over who will lead the world's most significant central bank after Mr Powell's chairmanship expires in May.
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