...The cad! Twice caught beating wimmin!...'s pick to take over as head of the Federal Reserve.
The precious metals, viewed as safe-haven investments, had already begun sliding on reports, later confirmed, that Trump had nominated former Fed official Kevin Warsh to replace Jerome Powell as chair of the U.S. central bank.
Trump announced his choice Friday on social media, saying that Warsh, a former Morgan Stanley investment banker and Fed governor, "will go down as one of the GREAT Fed Chairmen, maybe the best."
Kathleen Brooks, research director at XTB trading group, said the "interesting pick...may give the market some hope that Fed independence will be preserved."
Trump's personal attacks on Fed boss Jerome Powell -- set to depart in May -- have fueled widespread fears among investors that the central bank's policy independence is under threat, potentially posing an inflation risk to the U.S. economy.
- A ROLLER-COASTER WEEK -
Precious metals prices tumbled on Friday after surging in recent days when investors sought a safe haven over doubts about Trump's policies.
Gold fell as much as 12 percent at one point, retreating below $5,000 an ounce after hitting a record high near $5,600 on Thursday.
Silver, which Thursday reached an all-time peak above $120 an ounce, shed around 30 percent to about $82 an ounce.
Financial markets have endured a roller-coaster ride this week as traders weathered a weaker dollar, Trump's threats against Tehran, the president's resumption of tariff threats and a possible U.S. government shutdown.
Asian stock markets closed out the week with some hefty losses following Thursday's tech-led retreat on Wall Street on renewed concerns over vast investments in artificial intelligence.