Gold crashes 11% in 1 day after Trump nominates Fed
Gold prices dropped 11.4% in a single day—falling to $4,745 per ounce on January 30, 2026—after hitting a high near $5,600.
Silver also tumbled 31.4%.
The selloff came right after President Trump picked Kevin Warsh as his nominee for Federal Reserve chair.
JP Morgan still bullish on gold
Even with this wild swing, JP Morgan thinks gold's story isn't over.
They're still betting on gold reaching $6,300 by the end of 2026, thanks to steady central bank buying and more countries adding gold to their reserves.
For context: gold is roughly double where it was about a year earlier (around February 2025).
Mining stocks take a hit
The US dollar surged after Warsh's nomination, pulling money out of gold and silver fast. Forced selling and margin calls followed as leveraged positions were unwound.
Mining stocks took a hit too—Newmont fell over 11%, and other miners also declined.