Gold and silver prices crash in their worst single-day drop in decades

The prices of gold and silver fell sharply in a single day, marking the worst decline for gold since 1980 and a record drop for silver. Reports indicated a loss of around $5 trillion in market value for the metals. The crash followed a historic rally that had pushed gold above $5,500 per ounce and silver past $120.

Headlines cited heavy investor liquidation and profit-taking after the record highs as reasons for the sudden drop. The sell-off occurred around the time Trump was expected to announce a pick for Federal Reserve chair, with some reports noting the decline happened ahead of that announcement.

Gold had been rising for months, driven by factors investors described as a flight to safety, geopolitical tensions, and policy uncertainty. Despite the crash, some analysts maintained a positive long-term outlook for the metal.