Hebron: Gold prices, after continuously increasing for around 10 weeks, posted a sharp decline on Friday: Gold prices, which had been on an upward trajectory for approximately 10 weeks, experienced a significant drop on Friday.

According to Anadolu Agency, as of 1830GMT, the price of gold per ounce fell to $4,775, marking a decrease of about 11% compared to the previous day. Despite this decline, gold has surged roughly 88% over the past 12 months and about 19% since the start of the year. This increase has been driven by ongoing trade and geopolitical tensions, as well as interest rate cuts by major central banks.

In addition to gold, silver prices also experienced a sharp fall, dropping over 33% to $76.1 per ounce. Over the past year, silver has seen a remarkable surge of 255.6%.

The Federal Reserve's recent decision to maintain interest rates at their current level contributed to the dollar's recovery from multi-year lows, although the currency remained poised for a second consecutive weekly decline.

US President Donald Trump announced on Friday his nomination of former Federal Reserve governor Kevin Warsh as the next Fed chair. Trump expressed confidence in Warsh, stating that he would be "one of the GREAT Fed Chairmen, maybe the best," in a post on his Truth Social platform.

The nomination process for Warsh may face challenges, as some Republican senators have expressed intentions to block any Federal Reserve nominations until the US Justice Department completes its inquiry into the central bank's renovation of its Washington headquarters.