Gold and silver prices plunged on Friday as investors were reassured by US President Donald Trump's nomination of Kevin Warsh as the next head of the Federal Reserve. The announcement eased concerns about the central bank's independence, which had been under scrutiny following Trump's public criticism of outgoing chair Jerome Powell. European stock markets climbed in response, while Wall Street opened slightly lower, reflecting lingering caution after a volatile week marked by tech sector worries and geopolitical tensions.

Precious metals, often seen as safe havens, had surged earlier in the week amid uncertainty over Trump's policies and global market jitters. However, confirmation of Warsh's nomination led to a sharp reversal, with gold dropping seven percent and silver falling fifteen percent from their record highs. Meanwhile, oil prices stabilized after recent gains fueled by escalating tensions between the United States and Iran, and Asian markets closed the week with losses following renewed concerns over heavy investments in artificial intelligence by major technology firms.