Global financial markets face a broad sell-off on Monday as sharp falls in precious metals spread across commodities, cryptocurrencies and equities.

Gold and silver prices drop heavily, wiping out almost all gains made since the start of January. Other raw materials follow, while stock markets in Asia, Europe and the United States trade lower amid rising caution.

Gold falls by more than ten per cent from last week’s peak, sliding to about 4,500 dollars per ounce.

The decline amounts to a drop of over 1,000 dollars in a matter of days. Silver sinks even faster. The metal trades down by around 16 per cent on Monday, after a collapse of more than 30 per cent on Friday. The one-day fall ranks as the steepest since the early 1980s.

Both metals had surged earlier in January, driven by demand for perceived safe assets and heavy speculative buying. That rise leaves prices exposed to rapid corrections once sentiment shifts.

Copper also trades lower, with prices down by more than five per cent. Platinum and palladium join the decline, extending losses across the wider metals market.

Oil prices fall at the same time. Brent crude drops by more than five per cent to just over 65 dollars a barrel, adding to pressure on energy markets.

Cryptocurrencies also weaken. Bitcoin slips below 80,000 dollars during the session, marking the lowest level since April. The price remains more than ten per cent lower than a week earlier, signalling a wider retreat from risk.

In Europe, the Euro Stoxx 50 index opens down about 0.8 per cent before recovering most of the decline during the morning. In Helsinki, the main index slips at the open but edges slightly higher later in the day.

In Asia, selling proves heavier. Shares in South Korea fall by about five per cent, while Hong Kong’s market drops around three per cent. The sharpest fall occurs in Indonesia, where Jakarta’s main index slides by more than five per cent.

The current turmoil follows a move from Washington. Late last week, Donald Trump named Kevin Warsh as his nominee for the next chair of the US Federal Reserve. Warsh has previously supported reducing the central bank’s balance sheet and taking a firm stance against inflation.

Investors believe a Federal Reserve led by Warsh would pursue tighter and more disciplined monetary policy than other candidates. That view boosts confidence in the dollar and other central bank currencies, reducing demand for gold and similar assets. The US dollar strengthens sharply following the announcement.

HT