Gold dropped over 9% on Friday, the most since 1983

Gold and extended silver fell on Monday after CME Group raised margin requirements following a sharp selloff in precious metals last week on US President Donald Trump's nomination of Kevin Warsh to be the next Federal Reserve chair.
Spot gold logged its sharpest one-day drop since 1983 on Friday with a fall of more than 9%, and had lost a further 3.6% to $4,686.51 per ounce by 0504 GMT.
US gold futures for April delivery were down 0.8% at $4,707.60 per ounce.

Gold prices in Oman

24K - RO57.200

22k - RO53.400

18k - RO42.200

Spot silver plunged ‌27% in the previous session in its worst daily fall on record and has lost an additional 6.7% to $78.96 an ounce on Monday.“

The Warsh nomination, whilst likely being the initial trigger, did not justify the size of the downward move in precious metals, with ‌forced liquidations and margin increases having a cascading effect,” said ‍KCM Chief Trade analyst Tim Waterer.
CME ‌Group announced hikes in margins on its metal futures on Saturday, and the changes ‍are set to take effect after market close on Monday.
COMEX gold futures margins (1oz) are raised from 6% to 8%, while COMEX 5000 silver futures (SI) are set to increase to 15% from 11%. Platinum and palladium futures will also see increases in margin requirements.
An increase in margin requirements is generally negative for the affected contracts, as the higher capital outlay can dampen speculative participation, reduce liquidity, and pressure traders to unwind positions.
Analysts noted that leveraged investors were getting wiped out, forcing them to sell other assets to cover silver and gold margin calls. Asian stock markets were ⁠sliding, and US equity futures dropped 1%.
“Warsh may still lower rates soon after he gets into office, but ⁠he is not the 'ultra dove' nomination that the market had largely priced in,” Waterer said.