Spot gold lost 3% to $5 232.57 per ounce after falling more than 5% earlier. It scaled a record high of $5 594.82 on Thursday. Prices have risen more than 20% so far in January, heading for a sixth straight monthly gain and the largest monthly advance since 1980. United States (US) gold futures for February delivery fell 1.8% to $5 225 per ounce on Friday.
chairperson
“So, a potentially less dovish Fed Chairman pick, a rebound in the Dollar and gold giving way to overbought conditions have contributed to the decline in the price of the precious metal,” KCM Chief Trade Analyst, Tim Waterer said. US President Donald Trump said on Thursday he intends to announce his pick to replace Fed Chairperson, Jerome Powell on Friday, with speculation intensifying that the nod will go to former Fed Governor, Kevin Warsh. Gold jewelry is displayed in a shop window in Manhattan’s diamond district as global gold prices hovered near all-time highs in New York City, January 7, 2026.
–Reuters–
