Silver price (XAG/USD) halts its seven-day winning streak, trading around 113.30 during the Asian hours on Friday. The precious metal retreated from its fresh record high of 121.66, reached on January 29, as profit-taking set in, though prices remained on track for over 60% monthly gains amid elevated economic and geopolitical uncertainty. Geopolitical risks remained elevated after Iran warned it would “defend itself and respond like never before” following fresh threats from President Trump. US President Donald Trump plans to announce his choice to replace Fed Chair Jerome Powell on Friday morning. Trump said his nominee would do a “good job” and expressed a desire for rate cuts when economic growth shows strength, per Bloomberg.