Relief that President Donald Trump said he’d tap Kevin Warsh to head the Federal Reserve, rather than someone seen as more willing to ignore inflation and slash interest rates, sent the dollar and short-dated Treasuries rallying.

The dollar rose 0.5 per cent against a basket of its key trading partners, and a blistering rally in precious metals went into reverse. The US president announced his nomination of Warsh as chair of the central bank on his Truth Social network,

Gold, silver and copper suffered from a selloff on Friday, as the dollar rose on expectations that Kevin Warsh will be the next Federal Reserve chair.

Wall Street's main indexes closed lower on Friday as investors viewed President Donald Trump's nomination of former Federal Reserve Governor Kevin Warsh as a hawkish choice to succeed Federal Reserve Chair ​Jerome Powell,

Gold and silver prices cratered Friday after President Trump named Kevin Warsh to lead the Federal Reserve, following months of gains driven in no small part by fears over the central bank's independence.

CNBC's Pippa Stevens joins 'Money Movers' to discuss why gold and silver dropped after President Donald Trump's Fed chair announcement.

Gold tumbled early Friday as markets reacted to the news that President Donald Trump has selected Kevin Warsh to replace Jerome Powell as head of the Federal Reserve. Continuous gold futures were down 3.

U.S. stocks fell, with the S&P 500 down 0.4% after sinking as much as 1.1% earlier in the day. The Dow Jones Industrial Average dropped 179 points, or 0.4%, and the Nasdaq composite lost 0.9%. The value of the U.