Gold suffered its biggest slide in four decades and silver posted a record intraday decline in a stark reversal of the rally that lifted prices to all-time highs.

Opting for a conventional choice to lead the Federal Reserve, President Trump on Friday nominated former Fed governor Kevin Warsh to be the next chair of the central bank.

Markets broadly perceive Warsh as a candidate who would support lower interest rates, but stop well short of the more aggressive easing associated with other potential picks, including Kevin Hassett, ...