Overview
- Gold fell roughly 4–5% toward $5,100–$5,200 per ounce after spiking above $5,595 a day earlier, while silver plunged into the $90s with losses exceeding 15–20% from its peak above $120.
- The precious‑metals swing erased more than $3 trillion in notional value intraday before a partial rebound, marking the largest single‑day market‑cap whipsaw on record for gold, according to multiple reports.
- A sharp drop in major tech names, led by Microsoft’s worst session since 2020, coincided with a stronger dollar and higher volatility, reinforcing a liquidity‑driven selloff that hit equities, metals and crypto.
- Bitcoin slid into the low $80,000s with large forced unwinds, as CoinGlass tracked roughly $0.8–$1.7 billion in crypto liquidations over 24 hours and U.S. spot ETFs posted about $818 million in net outflows.
- Policy headlines added to repricing as reports pointed to President Trump selecting Kevin Warsh for Fed chair, the dollar firmed, and Chinese authorities halted trading in several commodity funds including the UBS SDIC Silver Futures Fund.