(Rewrites for EMEA morning session)Precious metals remain on course for monthly gainsTrump says he intends to announce new Fed chair on FridayGold hit record high of $5,594.82 on ThursdayBy Pablo SinhaJan 30 (Reuters) - Gold prices tumbled by more than 7% to break below the $5,000 mark on Friday as the dollar strengthened on the imminent appointment of a new U.S. Federal Reserve Chair, though the safe-haven metal remained set for its biggest monthly gain since 1999 after chalking up multiple record peaks.Other precious metals also dropped sharply as profit-taking kicked in.Spot gold (XAU=) lost 7.5% to $4,992.05 an ounce by 0947 GMT. U.S. gold futures (GCcv1) for February delivery fell 6.4% to $4,985.Gold scaled a record peak of $5,594.82 on Thursday and is still on track for a more than 15% gain this month, heading for a sixth straight monthly gain and largest since 1999.“I still believe several gold-supportive drivers remain in place, but after the strong rally in recent weeks a consolidation is healthy,” said UBS analyst Giovanni Staunovo, adding that the likely nomination of a new Fed chair is applying immediate pressure on prices. U.S. President Donald Trump said on Thursday that he will reveal his pick for the next Fed chair on Friday, with former Fed Governor Kevin Warsh seen as a frontrunner. Warsh has pushed for a smaller Fed balance sheet, contrasting with Trump’s inclination towards looser monetary policy.The U.S. dollar rose on Friday, clawing back some of this week’s slide to a four-year low. A stronger U.S. currency makes dollar-priced gold more expensive for overseas buyers. (USD/) Physical gold premiums in India rose to their highest in more than a decade on strong investment demand ahead of a likely duty increase. Premiums in China jumped after a pickup in investment and jewellery demand. (GOL/AS)“We see gold dipping far lower than today but see a recovery and an average of $5,375 for 2026, reaching a peak of $6,400 during the fourth quarter,” said independent analyst Ross Norman.Among other precious metals, spot silver (XAG=) was down 14.1% at $99.77 an ounce after hitting a record $121.64 on Thursday. The metal has surged 42% this month, on track for its best monthly performance.“Although a significant part of the move in the rise in silver has been based upon sound fundamentals, there was clearly a speculative excess within the market and I think that’s getting blown off,” Norman added.Spot platinum (XPT=) lost 15.7% to $2,216.55 an ounce after hitting a record high of $2,918.80 on Monday. Palladium (XPD=) , meanwhile, plunged 13.4% to $1,737.50.

Gold prices fell over 7% to below $5,000, influenced by a stronger dollar and the upcoming announcement of a new U.S. Federal Reserve Chair. Despite this drop, gold is on track for its largest monthly gain since 1999, having reached a record high of $5,594.82. Other precious metals also declined sharply, with silver down 14.1% and platinum down 15.7%. Analysts suggest that while gold may dip further, a recovery is expected, with projections for an average price of $5,375 by 2026.

Reuters

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PRECIOUS-Gold tumbles below $5,000, dragging other metals lower