Gold plunged as a report the Trump administration is preparing to nominate Kevin Warsh for Federal Reserve chair boosted the dollar, in a broad metals selloff.
Bullion fell as much as 5.8%, continuing the wild swings that interrupted a record-breaking rally on Thursday. A gauge of the dollar rose as much as 0.5%, making precious metals more expensive for most buyers. Silver and platinum tumbled more than 10%.
Gold, silver stocks and ETFs dropped in premarket trading. ProShares Ultra Gold, Coeur Mining, and Hecla Mining fell 11%; Kinross fell 9%; Harmony Gold, Anglogold Ashanti, Agnico Eagle Mines, and Barrick Mining fell 8%; Newmont and Gold Fields fell 7%; Gold Trust Ishares and SPDR Gold ETF fell 6%.
ProShares Ultra Silver fell 26%; Hycroft Mining fell 15%; Endeavour Silver and First Majestic Silver fell 14%; iShares Silver Trust fell 13%; Pan American Silver fell 11%; Fortuna Silver Mines fell 7%.