Asian mining stocks are generally falling, with gold prices plummeting earlier.

Asian mining stocks fell sharply, with gold prices plummeting after US President Trump nominated a new Federal Reserve Chairman. Zijin Mining's shares in Shanghai and Hong Kong fell by 5.9% and 6.8% respectively. Shandong Gold's A shares hit the limit down, dropping by 10%, while Zijin Gold International's H shares fell by 4%. Gold prices had surged in recent months, breaking through the $5,000 per ounce mark in January, but experienced a sharp drop last Friday. Gold futures contracts plunged by 11% to $4,713.90 per ounce, marking the largest single-day decline since January 1980. According to data from the International Exchange, spot gold continued to decline on Monday by 4% to $4,696.97 per ounce after a 9% drop last Friday. Meanwhile, the stock price of Korea Zinc fell, with silver prices weighing down investor sentiment for the world's largest zinc smelter, which also produces silver as a byproduct during the smelting process. The stock fell by 11% to 1,674,000 South Korean won, dropping by as much as 13% in early trading on Monday. In Indonesia, Merdeka Copper Gold's stock price dropped by 14.95%, while nickel miner Vale Indonesia's stock fell by 13.95%. At the time of the gold price plunge, the US dollar surged as Trump nominated former Fed Governor Kevin Warsh to replace Jerome Powell as the central bank chairman. Warsh has historically been more concerned about high inflation rather than slowing growth, easing Wall Street's concerns about the Fed succumbing to Trump's pressure to lower interest rates. The market has been worried that Trump's handpicked successor to Powell would be influenced by the president, compromising the independence of the Federal Reserve.