The U.S. Dollar Index (DXY) surged by 0.9% on January 31, marking its largest one-day gain since July, as gold and silver prices plummeted. This sharp rise in the dollar affected exchange rates for several currencies, including the Australian dollar, Swiss franc, and Swedish krona, which are sensitive to precious metal prices. Despite the dollar's rebound, the DXY still recorded a 1.4% decline for January, its worst monthly performance since August. The dollar's recent strength was bolstered by Trump's selection of Warren to lead the Federal Reserve, alongside the significant drop in precious metal prices. Silver experienced its largest single-day drop in history, while gold saw its steepest decline since the early 1980s.