Gold slumps 8.5% to $4,866.60 after Trump names Kevin Warsh as Fed chair
Spot gold fell 8.5% to $4,866.60 an ounce on January 30, 2026, after President Trump nominated Kevin Warsh to succeed Jerome Powell as Federal Reserve chair. The US dollar index rose 0.84% to 97.09 on the same move. For traders, the move showed gold reacting to Fed leadership expectations and the dollar at the same time.
- Spot gold down 8.5% to $4,866.60 an ounce
- US Dollar Index up 0.84% to 97.09
- Trigger: Trump nomination of Kevin Warsh as Fed chair
XAU around the story · hourly24 h reaction ▼ 2.35%
Moves this explains
BTC−6.54%Jan 30 · Fell 6.5% in the session after Trump named Kevin Warsh as the next Fed chair, a rates-driven selloff that also hit gold, which dropped 8.5% on the news the day before.ETH−6.26%Jan 28 · Fell 6.3% in a global risk-off rout that also hit gold and silver, with crypto liquidations of about $1.8 billion. The selloff ran into the next day, when Trump named Kevin Warsh as Fed chair and gold dropped 8.5%.XAU−10.02%Jan 29 · Fell 10% in one session, its worst day in decades, after Trump named Kevin Warsh as the next Fed chair. The pick was read as tilting policy toward a stronger dollar and higher rates, unwinding the record rally.HOOD−4.37%Jan 29 · Robinhood fell 4.37% on 2026-01-30 in a risk-off session: silver -26.82%, gold -10.02%, ETH -4.09%, QQQ -1.39% and the S&P 500 -0.53%. Reports tie the metals crash to Trump naming Kevin Warsh as Fed chair; no Robinhood-specific cause was reported.XAG−26.82%Jan 29 · Silver fell 26.82% to a close of 86.04, the largest single-day drop in our series, while gold fell 10.02%. Reports tie the sell-off to Trump naming Kevin Warsh as Fed chair, which hit gold the same day. The fall came after silver's record run in late January.MU−6.60%Jan 29 · Micron fell 6.6% to $421.11 in a metals and risk-off selloff after Trump named Kevin Warsh as Fed chair. Silver fell 26.82%, gold 10.02%, copper 5.87%, AMD 5.3% and the S&P 500 0.53%.Source
The NationalJan 30, 2026