Gold, silver and copper suffered from a selloff on Friday, as the dollar rose on expectations that Kevin Warsh will be the next Federal Reserve chair.

Gold and silver prices plunged on Friday, following weeks of gains as investors poured money into safe havens.

The selloff follows a wild year when the precious metals soared as if they were meme stocks or the hot new tech darling.

CNBC's Pippa Stevens joins 'Money Movers' to discuss why gold and silver dropped after President Donald Trump's Fed chair announcement.

Gold tumbled early Friday as markets reacted to the news that President Donald Trump has selected Kevin Warsh to replace Jerome Powell as head of the Federal Reserve. Continuous gold futures were down 3.

Relief that President Donald Trump said he’d tap Kevin Warsh to head the Federal Reserve, rather than someone seen as more willing to ignore inflation and slash interest rates, sent the dollar and short-dated Treasuries rallying.

Financial markets are churning on Friday as investors try to figure out what President Donald Trump’s new nominee to lead the Federal Reserve will mean for interest rates. The initial reactions were uneasy because of the uncertainty.

Silver saw a brutal reversal on Friday, down more than 30%. Gold dropped more than 10% and stocks tumbled as traders reacted to Trump's pick for Fed chair.