Early Monday, safe-haven metals and crude oil prices plunged as the dollar rallied on Kevin Warsh’s Fed chair nomination, ahead of central bank meetings and U.S. jobs data.
In early Monday trading, the U.S. dollar strengthened against the yen while Asian equity futures fell broadly. Spot gold dropped 3.5%, silver nearly 9%, and WTI crude declined 4%, extending losses from last week’s sharp dollar surge tied to Kevin Warsh’s Federal Reserve chair nomination. The nomination boosted expectations of tighter monetary policy, pressuring precious metals and commodities. Key central bank decisions and U.S. jobs data later this week are expected to shape market sentiment further.