30.01.2026 22:20
Markets reacted strongly to U.S. President Donald Trump's nomination of Kevin Warsh to head the Fed. The downward trend in gold and silver, which began yesterday, gained momentum following this development. Gold fell to $4,710 with a 12% drop per ounce, while silver decreased by 33% in a day, reaching $75. Gram gold also showed a decline to the level of 6,600.
The decline that started yesterday continues in gold and silver, which showed a strong rise in the first four days of the week. The pullback in precious metals gained momentum after U.S. President Donald Trump announced that he would nominate Kevin Warsh for the Chairmanship of the Federal Reserve (Fed).
DAILY LOSS REACHED 12%
Gold, which saw a record level of 5,590 dollars during the week, experienced a sharp pullback today. With a loss approaching 12% during the day, gold fell to 4,730 dollars, testing the lowest level seen since January 20, 2026.
The rapid loss of value in gold has led to a significant value wipeout in global markets. With the sales in the precious metals market over the last two days, approximately 2.5 trillion dollars in market value has evaporated. It is noted that this amount is close to the total size of the cryptocurrency market.
GRAM GOLD ALSO PLUNGED
The decline was sharply felt in the Turkish markets as well. Gram gold started the day near 7,500 lira, testing below the 6,900 lira level during the day. As of 10:00 PM, gram gold was trading at approximately 6,600 lira.
DECLINE IN SILVER CONTINUES
The decline in precious metals was not limited to gold. Silver experienced a record drop of 33% on a daily basis, falling to 75 dollars. In Turkey, silver, which was trading at 110 TL as of 10:00 PM, had reached a record of 121.64 dollars during the week and had shown strong performance throughout the month.
"THE SIMULTANEOUS TRIGGERING OF 3 ELEMENTS TRIGGERED THE WAVE OF SALES"
Analysts primarily associate the sharp wave of sales with profit realization and a strengthening dollar. Suki Cooper, Head of Global Commodity Research at Standard Chartered Bank, speaking to Reuters, emphasized that developments regarding the Fed chairmanship were not the sole determining factor, stating, "The strengthening of the dollar, real return expectations, and the simultaneous triggering of technical levels triggered a wave of sales on this scale."