MCX gold February futures dipped 9 per cent while MCX silver March futures slid down 25 per cent on Friday.

MCX gold February futures dipped 9 per cent while MCX silver March futures slid down 25 per cent on Friday. The price of 10 gram 24-carat gold was at Rs 1,65,795 down from Rs 1,75,340 of previous day's close. Bearishness in precious metals came as US President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair. Analysts said Warsh would be less supportive of lower interest rates due to his hawkish stance on inflation control and emphasis on Fed independence. According to market watchers, the correction served as a healthy reset purging excess leverage, speculative froth, and overbought conditions positioning the market for more sustainable upside.