The precious metal has surged more than 20% since the onset of January
Gold prices fell on Friday but were on track for their sixth consecutive monthly gain and the strongest monthly performance since 1980, after rising more than 20% since the start of January.
April gold futures, the most active contract, dropped 2.35%, or $126.5, to $5,228.30 an ounce, after touching $5,145.80 earlier.
Spot gold fell 3.5% to $5,190.81 an ounce, while spot silver slid 4.9% to $110.03 an ounce.
The dollar index, which tracks the greenback against a basket of six major currencies, rose 0.25% to 96.51 as of 9:04 a.m. Mecca time.
March silver futures declined 3.4% to $110.55 an ounce, while spot platinum fell about 4.95% to $2,514.79 and spot palladium dropped 4.8% to $1,913.88.
On Jan. 29, US President Donald Trump said he plans to announce his nominee to succeed Federal Reserve Chair Jerome Powell today, Jan. 30, amid growing speculation the pick could be Kevin Warsh, a former Fed governor.
The precious metal has surged more than 20% since the onset of January
Gold prices fell on Friday but were on track for their sixth consecutive monthly gain and the strongest monthly performance since 1980, after rising more than 20% since the start of January.
April gold futures, the most active contract, dropped 2.35%, or $126.5, to $5,228.30 an ounce, after touching $5,145.80 earlier.
Spot gold fell 3.5% to $5,190.81 an ounce, while spot silver slid 4.9% to $110.03 an ounce.
The dollar index, which tracks the greenback against a basket of six major currencies, rose 0.25% to 96.51 as of 9:04 a.m. Mecca time.
March silver futures declined 3.4% to $110.55 an ounce, while spot platinum fell about 4.95% to $2,514.79 and spot palladium dropped 4.8% to $1,913.88.
On Jan. 29, US President Donald Trump said he plans to announce his nominee to succeed Federal Reserve Chair Jerome Powell today, Jan. 30, amid growing speculation the pick could be Kevin Warsh, a former Fed governor.
