Gold Prices Retreat After Trump's Fed Chair Pick Firms Dollar, Profit-Taking Cited

• Gold prices fell by as much as 8% on Friday, briefly dipping below $5,000 per ounce, as the dollar strengthened.
• The dollar firmed following President Trump's announcement of Kevin Warsh as his choice for Federal Reserve chair, succeeding Jerome Powell.
• Analysts attributed the selloff to profit-taking, despite gold being on track for its strongest monthly gain since 1982.
• Other precious metals like silver, platinum, and palladium also experienced significant drops.
• Despite the dip, gold is still set for a more than 17% rise this month, marking its sixth consecutive monthly increase.

Why It Matters: Gold prices fell due to a stronger dollar after Trump's Fed chair pick, but remain on track for a strong monthly gain.