đ Gold Prices Steady After Sharp Rout â Warsh Fed Nomination Still in Focus
Gold prices have stabilized early in the week after an intense sellâoff last week triggered by profitâtaking and reactions to Kevin Warshâs nomination as Fed Chair, which strengthened the U.S. dollar and reduced safeâhaven demand for bullion. Despite large losses, prices are showing signs of support as markets rebalance.
Price Action Snapshot:
⢠Spot gold rose ~0.2% to ~$4,870.68/oz after steep declines.
⢠Gold futures (April) jumped ~3% to ~$4,886/oz as buyers stepped in.
⢠Silver and platinum also rebounded after deep losses last week.
What Happened:
⢠Precious metals had suffered historic sellâoffs, with gold wiping out nearly 10% of its value from recent highs.
⢠The Warsh nomination eased earlier uncertainty about Fed direction and boosted the U.S. dollar, pressuring gold prices.
⢠ANZ analysts note this was one of the biggest slides in decades, driven by positioning and hedge unwinds.
Market Context:
After breaking record highs near $5,600/oz recently, gold is now regaining footing around the $4,800â$4,900/oz area as traders absorb last weekâs volatility.
Expert Insight:
Although recent drawdowns were sharp, long-term demand remains supported by geopolitical tensions and safeâhaven flows â and weaker prices could attract dip buyers. Continued macro drivers like U.S. data and Fed policy outlook will determine the next directional leg.
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