Spot Gold Drops by 5% as Reports on Fed Nominee Boost Dollar

Gold plunged as a report the Trump administration is preparing to nominate Kevin Warsh for Federal Reserve chair boosted the dollar, in a broad metals selloff.

Bullion fell as much as 5.8%, continuing the wild swings that interrupted a record-breaking rally on Thursday. A gauge of the dollar rose as much as 0.5%, making precious metals more expensive for most buyers. Silver and platinum tumbled more than 10%.