Gold and silver prices experienced a dramatic reversal, plummeting after reaching record highs. Spot gold fell sharply from $5,598 to below $5,100, while silver dropped over 6% from $121 to below $110. The market volatility was triggered by escalating tensions in Iran, with President Trump announcing a large fleet en route to Iran, intensifying geopolitical concerns. Additionally, exchanges like the Shanghai Gold Exchange raised margin requirements to cool the overheated market. In parallel, speculation over the next Federal Reserve Chair added to market uncertainty. President Trump is expected to announce his nominee soon, with former Fed Governor Kevin Warsh as a leading candidate. Warsh has been critical of the Fed's monetary policies, warning against excessive quantitative easing. This uncertainty has impacted markets, with Bitcoin falling below $85,000, down 33% from its October peak, and Ethereum struggling to break above $3,300. Standard Chartered has halved its 2026 Bitcoin price target to $150,000, reflecting cautious institutional sentiment.