Global gold prices fell sharply on Friday (January 30th). United States (US) President Donald Trump announced his choice for the next head of the US central bank. As reported by Reuters, spot gold prices fell 9.5% to US$4,883.62. Meanwhile, gold futures plunged 11.4% to US$4,745.10. Selling pressure also hit other precious metals. Spot silver plunged 27.7% to US$83.99, platinum plunged 19.18% to US$2,125, and palladium plummeted 15.7% to US$1,682 per ounce. Despite the sharp decline, a number of analysts believe this correction will not necessarily change the long-term outlook for gold, which is still considered supported by geopolitical uncertainty and the direction of global monetary policy. However, half of these risks are likely to pass soon or be short-lived, especially following a number of recent maneuvers by United States (US) President Donald Trump. Trump recently entrusted the central bank to former Federal Reserve Governor Kevin Warsh. This nomination is considered to maintain the central bank's political independence, strengthening the dollar and thus putting pressure on gold. "This confirmation will further strengthen our base case that the central bank's independence remains intact, which is one of the factors pressuring gold prices in the medium term."