TechFlow News: On February 2, according to JIN10 Data, Asian gold prices plunged on Monday after the record-breaking rally in precious metals cooled off. Gold prices fell as much as 6.3%, dropping below $4,600 per ounce—the first time since January 16. Silver prices tumbled 11.9% to $75 per ounce. The correction began last Friday following Kevin Warsh’s nomination as Federal Reserve Chair, a move widely perceived as signaling a more “orthodox” stance on monetary policy compared with other potential candidates. Raymond Cheng, Chief Investment Officer at Standard Chartered Bank, stated: “We saw significant speculative activity at that time. The announcement of Warsh’s nomination triggered a market reversal.” Cheng added that, given uncertainties surrounding U.S. government spending, $4,650 per ounce represents a “buy-the-dip” opportunity for gold. He said: “We believe the Trump risk premium remains justified. Regardless of who chairs the Fed, Trump will remain U.S. President, and his fiscal policy will continue to be expansionary.”
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