Warsh Pick Sparks Selloff in Gold and Silver as Fed Independence Fears Recede

The U.S. dollar strengthened nearly 1 percent after a rough start to the year.

An employee displays gold bars at a store of the Korea Gold Exchange in Seoul, South Korea, on Jan. 26, 2026. Jung Yeon-je/AFP/Getty Images

Gold and silver prices suffered a sharp selloff as President Donald Trump’s pick to lead the Federal Reserve eased concerns surrounding central bank independence.

Following months of speculation, the president nominated former Fed board member Kevin Warsh, a hard-money hawk who has been highly critical of the century-old institution.