The price of gold, considered a safe-haven asset in times of economic uncertainty, and silver plummeted again on Monday, accumulating losses of 23% and over 60%, respectively, from their all-time highs reached last week. According to Bloomberg data collected by EFE, at 7 a.m. on Monday (6 GMT), the price of gold fell 7.31% to $4,542.80. Last Friday, gold had already dropped by almost 9%, thus moving strongly away from the all-time highs it reached on January 29 at $5,595.47. The price of silver also collapsed on Monday, down 11.64% to $75.36. Last Friday, it had already dropped another 28%. In this way, silver loses more than 61% from the records it reached on January 29 at $121.65. XTB analyst Adrián Hostaled explained that the drop in the price of gold "suggests a general adjustment in precious metals after a very intense period of purchases as a safe haven". Likewise, according to Manuel Pinto, an analyst at XTB, the precious metal has been affected by the announcement of Kevin Warsh as the future president of the US Federal Reserve (Fed) to replace Jerome Powell. "Gold and silver could suffer new corrections, just like bitcoin, as the appreciation of the dollar, the rise in bond yields, and the reduction of market liquidity are discounted, while banks emerge as a new opportunity," Pinto added.
