Gold and silver prices fell sharply as a record-breaking rally in precious metals abruptly reversed, driven by market expectations that Kevin Warsh will be nominated as the next chair of the Federal Reserve to serve after current Chairman Jerome Powell’s term ends in May, The Financial Times reported. Gold, which had surged to nearly USD 5,600 per ounce a day earlier, dropped as much as 8% in a single session, briefly falling below USD 5,000 per troy ounce. The selloff spread across the metals market. Silver sank about 15%, platinum fell roughly 16%, and copper slid around 3%. Trump nominated Warsh to succeed Jerome Powell as chair of the Federal Reserve on Friday, ending a months-long and politically charged selection process.