Gold prices have significantly retreated after reaching record highs, as traders took profits and a stronger dollar increased the cost of purchasing precious metals for overseas buyers. According to Odaily, the market's attention has now shifted to U.S. President Donald Trump's anticipated announcement of the Federal Reserve Chair nomination, expected later on Friday. Advisors to Trump have hinted that Kevin Warsh might be the nominee. Analysts from Saxo Bank noted that compared to other candidates previously mentioned, Warsh is considered less controversial and not as evidently dovish.