Why did gold price today drop so quickly?

The selloff followed Donald Trump’s nomination of Kevin Warsh for Fed chair, which reinforced expectations of tighter policy. Yields and the dollar firmed, pressuring bullion. Momentum selling and thin liquidity added speed to the move, while silver fell even harder. A partial rebound later reduced losses, but volatility stayed high.

How should Swiss investors handle currency risk in gold?

Decide whether to hedge USD exposure. Hedged CHF share classes can reduce currency swings, while unhedged funds may benefit if the dollar rises. Align the choice with your view on USD/CHF and risk tolerance. Revisit the decision when dollar momentum shifts or when the macro case for rates and inflation changes.

Is silver riskier than gold after this week’s move?

Yes. Silver is more volatile and tied to industrial demand, so it often overshoots in both directions. In Switzerland, silver also carries VAT, which adds to total cost versus VAT‑exempt investment gold. Keep sizes smaller, use limit orders, and reassess if macro indicators point to weaker manufacturing or credit conditions.

What events and levels should we watch next?

Watch USD/CHF, real yields, and US data that could confirm or challenge a hawkish outlook. ZKB’s note points to a lower trading range, so stability near fresh support matters. Any developments around the Fed chair confirmation may sway the dollar and influence short‑term direction for precious metals.

Global Market Insights

Gold Price Today, February 2: Warsh Fed Pick Triggers Selloff

ByHuzaifa Zahoor February 2, 2026

Gold price today fell after Donald Trump nominated Kevin Warsh as the next Federal Reserve chair, boosting bets on tighter policy and a stronger dollar. The selloff hit bullion and sparked a brief silver price crash. Prices later clawed back some losses, but swings stayed large. For Swiss investors, returns in CHF now depend on currency moves and product choice. We explain what drove gold price today, why the dollar matters, the range ZKB is tracking, and how to position with ETFs and physical holdings.