Silver fell about 4% toward $110 per ounce on Friday, retreating from all-time highs as investors locked in profits following the record rally, while rebound in the dollar added pressure on the metal. Despite the pullback, silver is on track to gain more than 50% in January, marking its best monthly performance on record and extending a winning streak to nine consecutive months. The rally has been fueled by persistent geopolitical and economic uncertainties, which boosted safe-haven demand, alongside a sharp depreciation in the dollar triggered by shifting policies in Washington and President Donald Trump’s apparent indifference to the currency’s weakness. Trump also said he will announce his pick for a nominee to chair the Federal Reserve on Friday morning, with reports suggesting former Fed governor Kevin Warsh as the likely choice. Silver’s surge was further supported by a tight physical market, with both investment and industrial demand hitting record levels.
