The price of gold rebounds after selling off.

After two days of serious selling, the price of gold recovered lost ground, rising 6.5% on the New York gold futures to $4,955.90 per ounce. The previous selling trend was triggered by the nomination of Kevin Warsh as the next chairman of the Federal Reserve by US President Trump - the market believed this candidate to be more hawkish than others - as well as the rebound of the US dollar. Analysts at SocGen said, "The previous gold price had far exceeded levels associated with pure safe-haven demand typically related to geopolitical or macro uncertainty." "Therefore, this pullback seems more like an unwinding of overextended positions rather than uncertainty diminishing." At the same time, silver futures rose 13% to $87.07 per ounce.