The selloff was triggered after US President Trump tapped Kevin Warsh to chair the Federal Reserve Gold and silver prices fell further on Monday, extending losses after a sharp reversal of a recent rally that had lifted both to record highs. Gold prices plunged 8% to $4,465 an ounce on Monday, breaking a streak of record highs that had briefly pushed the metal to nearly $5,600 last week, before a partial rebound. Silver dropped 7%, following a 30% slide on Friday. The sell-off was triggered