Gold is heading for its largest daily decline since 1983

On Friday evening, gold prices collapsed by more than 10% in the largest daily fall in decades, as prices traded around the level of $4,800 per ounce amid heavy selling.

The price fell by about 11% to trade at $4,812.71 per ounce, while gold futures contracts fell by 9.1% to reach $4,980.

Reuters reported that gold is heading to record its worst daily performance since 1983, and is declining 12% in the latest transactions.

US gold futures for February delivery fell 11.4% to $4,745.10 upon settlement.

This decline came after the dollar rebounded after a report stating that the administration of US President Donald Trump was preparing to nominate Kevin Warsh to head the Federal Reserve Board, which was later confirmed.