Daofu Investment Management: Washnominee caused the collapse of precious metals, further exacerbating sell-off at the end of the month.

"Trump announced the nomination of Wash as the next chairman of the Federal Reserve, which is bullish for the US dollar and bearish for precious metals," said Akash Dochi, global head of gold and metal strategy at Duff Investment Management. "This may also be exacerbated by the investment portfolio rebalancing at the end of the month - as in the past two to three weeks, shorting the US dollar and going long on precious metals has been the market consensus macro trade."