Gold, silver prices tumble as investors soothed by Trump Fed pick

Weather - Sydney 11°C

Gold, silver prices tumble as investors soothed by Trump Fed pick

ECONOMY 30.01.2026

Gold, silver prices tumble as investors soothed by Trump Fed pick / Photo: © GETTY IMAGES NORTH AMERICA/AFP/File

Gold and silver prices dived Friday and European stock markets ended the week up while Wall Street pulled back with investors reassured by US President Donald Trump's pick to take over as head of the Federal Reserve.

Change text size:

The precious metals, viewed as safe-haven investments, had already begun sliding on reports, later confirmed, that Trump had nominated former Fed official Kevin Warsh to replace Jerome Powell as chair of the US central bank.

Trump announced his choice Friday on social media, saying that Warsh, a former Morgan Stanley investment banker and Fed governor, "will go down as one of the GREAT Fed Chairmen, maybe the best."

Kathleen Brooks, research director at XTB trading group, said the "interesting pick...may give the market some hope that Fed independence will be preserved."

Trump's personal attacks on Fed boss Jerome Powell -- set to depart in May -- have fueled widespread fears among investors that the central bank's policy independence is under threat, potentially posing an inflation risk to the US economy.

- A roller-coaster week -

Precious metals prices tumbled on Friday after surging in recent days when investors sought a safe haven over doubts about Trump's policies.

Gold fell as much as 12 percent at one point, retreating below $5,000 an ounce after hitting a record high near $5,600 on Thursday.

Silver, which Thursday reached an all-time peak above $120 an ounce, shed around 30 percent to about $82 an ounce.

Financial markets have endured a roller-coaster ride this week as traders weathered a weaker dollar, Trump's threats against Tehran, the president's resumption of tariff threats and a possible US government shutdown.

Asian stock markets closed out the week with some hefty losses following Thursday's tech-led retreat on Wall Street on renewed concerns over vast investments in artificial intelligence.

Healthy earnings from Meta, Samsung and SK Hynix provided much cheer early in the week but Microsoft was punished over worries its costly AI program might not result in financial gains.

There are fears that firms' valuations may be a little too stretched and that markets could be in a bubble, having soared in recent years to record highs on the back of a tech-fueled rally.

The dollar pushed higher on Warsh's nomination.

"Most currency strategists would argue that his nomination may be good news for the dollar, which can price out some risks of a more dovish pick," said Forex.com's Fawad Razaqzada.

"However, for as long as policy uncertainty hangs over the US economy with Trump's tariff theatrics, the dollar debasement narrative is likely to hold back the greenback from making a meaningful comeback."

Among individual companies, Verizon surged 11.8 percent as it reported its highest quarter of mobility and broadband subscription increases since 2019.

- Key figures at around 2110 GMT -

New York - Dow: DOWN 0.4 percent at 48,892.47 (close)

New York - S&P 500: DOWN 0.4 percent at 6,939.03 (close)

New York - NASDAQ Composite: DOWN 0.9 percent at 23,461.82 (close)

London - FTSE 100: UP 0.5 percent at 10,223.54 (close)

Paris - CAC 40: UP 0.7 percent at 8,126.53 (close)

Frankfurt - DAX: UP 0.9 percent at 24,538.81 (close)

Tokyo - Nikkei 225: DOWN 0.1 percent at 53,322.85 (close)

Hong Kong - Hang Seng Index: DOWN 2.1 percent at 27,387.11 (close)

Shanghai - Composite: DOWN 1.0 percent at 4,117.95 (close)

Euro/dollar: DOWN at $1.1856 from $1.1929 on Thursday

Pound/dollar: DOWN at $1.3688 from $1.3772

Dollar/yen: UP at 154.64 yen from 153.61 yen

Euro/pound: UP at 86.63 pence from 86.62 pence

Brent North Sea Crude: DOWN less than 0.1 percent at $70.69 per barrel

West Texas Intermediate: DOWN 0.3 percent at $65.21 per barrel

R.Campbell--TNT

Featured

Carney touts Canada 'pivot' away from US as Trump levels new threat

Canadian Prime Minister Mark Carney said Tuesday that reducing economic ties with the United States would come at a cost but the benefits were clear, as President Donald Trump threatened new penalties targeting Canada.

Nearly 1,100 flights cancelled after UK air traffic control glitch

Almost 1,100 flights to and from UK airports were cancelled Tuesday due to what the country's air traffic control service called a technical issue, in the latest glitch to spark travel chaos.

Carney touts Canada 'pivot' away from US as tariffs rise

Canadian Prime Minister Mark Carney on Tuesday said reducing economic ties with the United States would come at a cost but the long-term benefits were clear, as retaliatory tariffs on US products took effect.

The "Everlasting Battery" Inside Your Joints:UConn Professor's Self-Powered Healing Material just Got Acquired

A material that turns your own movement into medicine has just landed a corporate home. PetVivo Holdings (OTCQX: PETV), a veterinary biotech and biomedical device company focused on treating osteoarthritis in dogs and horses, has acquired PiezoBioMembrane (PBM) — a startup built around a biodegradable implant that generates electricity from the everyday force of a joint in motion, and uses that charge to help regrow cartilage from the inside out. The material is the invention of Thanh Nguyen, a professor of mechanical engineering in UConn's College of Engineering, who founded PBM in 2021 to advance new implementation methods for his work with piezoelectric materials — substances that convert mechanical force into electrical energy. These materials are typically ceramics: hard, brittle, and poorly suited for medical use. But Nguyen's lab developed new forms that are so , flexible, and biodegradable, breaking down naturally within the body over time. wound healing, The materials have already shown strong potential across a range of medical applications, including tissue regeneration, implanted force sensors, and targeted drug delivery in tumor treatment. How It Works biodegradable ultrasound for In the case of arthritis, Nguyen explains, the piezoelectric materials function as an off-the-shelf product that can be implanted or injected directly into the ailing joint — with no drugs, chemicals, or cells required. The everyday force exerted on the joint generates a small electrical charge, which helps regrow healthy cartilage, mimicking the body's natural use of electricity to regenerate tissue. "The body can be electrically stimulated to regrow," Nguyen says. PBM's materials "act like a battery — an everlasting battery that works whenever there is a force applied, and vanishes safely inside the body over time." PetVivo's Vision for the Acquisition PetVivo Holdings CEO John Lai expressed enthusiasm for the merger's potential to improve the lives of companion animals globally. "PBM has developed a compelling functional biomaterials platform with the potential to support the development of multiple medical device and therapeutic product lines across both human and animal health markets," Lai said in a press release. "By combining PBM's scientific innovation with PetVivo's product development capabilities, commercialization experience, regulatory expertise, and public company infrastructure, we believe we can accelerate theadvancement of technologies that may serve as the foundation for numerous future products and strategic opportunities." For Nguyen, the deal is a chance to scale technology that could eventually benefit both animals and people. "PetVivo is an animal health company, but they do have a big passion: pushing the technology towards clinical trials for human use," Nguyen says. "That aligned perfectly with my passion for developing technology that has an impact on human life. That is why I am excited about this merger, which facilitates my passion." A Track Record of Innovation Nguyen's research sits at the intersection of medicine, micro/nanotechnology, and biomaterials. His inventions have earned him publications in prominent scientific journals and media coverage from outlets including NPR. Nguyen founded PBM during the COVID-19 pandemic, a er realizing the material he had developed could be used to create an especially effective, biodegradable face mask — one where the mechanical force of breathing generated an electrical charge that provided an extra layer of protection against viruses. PBM is not Nguyen's only venture in the acquisition pipeline. His other startup, Single-Time Microneedles (STM), is also currently undergoing an acquisition process. STM has pioneered stable, efficient vaccine delivery technology in the form of an adhesive patch. shelfNguyen's focus on biodegradable materials has translated into a remarkably diverse range of medical applications. He has received five R01 grants from the National Institutes of Health (NIH) supporting research in cartilage regeneration, bone regeneration, HIV antibody delivery systems, and biodegradable ultrasound technology to boost the effectiveness of chemotherapy for brain cancer. "Whatever we are working on, we want to show that it works very well in vitro and in vivo," Nguyen says. "Then, when we are at the point of commercialization, we set up a startup or license the technology — or maybe team up with an industry partner." Thanh Nguyen is a professor of mechanical engineering in UConn's College of Engineering. (Courtesy of Thanh Nguyen

Change text size:

The National Times - Gold, silver prices tumble as investors soothed by Trump Fed pick