Gold fell 10% and silver over 15% before recovering slightly, with margin hikes and Fed leadership uncertainty fueling broader market caution.
On February 2, gold prices dropped 10% and silver fell more than 15% before paring losses, triggering concerns over potential declines in U.S. stock and cryptocurrency markets. CME Group responded by raising margins on precious metals futures, a move aimed at mitigating trading risk amid heightened volatility. The nomination of Kevin Warsh as Federal Reserve chair added further policy uncertainty, contributing to turbulence across asset classes.