Gold fell, extending its biggest plunge in more than a decade, as traders digested the dramatic reversal of a rally that had lifted prices to all-time highs. Silver also plunged.

Spot gold slid 3.35% to $4,702 per ounce; Spot silver dropped 6% to $79.59 per ounce, having recorded its biggest ever intraday decline in the previous session.

The selloff in precious metals was triggered by news that US President Donald Trump would nominate Kevin Warsh to lead the Federal Reserve, which sent the dollar higher. While market watchers had warned the scorching rallies were due for a correction, the scale of the drop went beyond most investors’ expectations.