Gold Slides 7% Below $5,000 as Dollar Surges on Trump's Fed Chair Nomination

Gold is trading near $4,975 per ounce after dropping more than 7% intraday, following a sharp rebound in the U.S. dollar tied to Donald Trump's Federal Reserve chair announcement. The metal briefly fell to $4,941.79, but January's advance of roughly 16% and a recent record high above $5,590 remain intact despite heavy profit-taking across precious metals, including a steep pullback in silver.