When Trump confirmed the nomination on the social network Truth Social, both gold and silver prices had recovered slightly. However, gold was still down 4.5 percent on the day, while silver was down 10 percent.
The dollar is rising against other currencies, and US market interest rates are also rising.
The market reaction indicates that former Fed Governor Kevin Warsh, 55, is seen by President Donald Trump as less of a monetary policy risk-taker than others who have been considered for the nomination.
