Gold prices continue to fall after sharp drop

By Gokhan Ergocun

ISTANBUL (AA) - Gold prices continue to drop on Monday, after closing last week with a sharp decline following a 10-week upward trend.

As of 0700GMT, the ounce price of gold saw $4,535.8 level, down around 6.7% from Friday; it also fell around 11% on Friday.

Gold has surged roughly 66% over the past 12 months, whereas this rate was around 90% last week before the recent sell-off.

Silver prices also plummeted by some 11.7% to $74.8 per ounce. Its 12-month surge was at 139%, down from 255.6% last week.

The Fed's decision on Wednesday to keep interest rates constant helped the dollar recover from multi-year lows, but it remained on the verge of a second consecutive weekly fall.

US President Donald Trump announced Friday that he has picked former Federal Reserve governor Kevin Warsh as his nominee for the next Fed chair.

Trump's Warsh announcement reduced uncertainty in markets and triggered a drop in precious metal prices.