Gold and silver prices extended last week’s dramatic sell-off on Monday, as investors continued to digest the implications of President Donald Trump’s announcement of Kevin Warsh as the next chair of the US Federal Reserve.
The move has fuelled expectations of a more government pressure on the Fed and prompted a sharp reassessment of positions across precious metals.
Spot gold fell as much as 10% in early trading, while silver plunged up to 16%, following Friday’s rout that marked the largest intraday decline on record for the white metal.
The scale and speed of the move underscored how vulnerable the market had become after months of aggressive buying driven by geopolitical tension and bets on looser US monetary policy.
“The sharp selloff on Friday followed news that US President Donald Trump intends to nominate Kevin Warsh as the next Federal Reserve chair – a development that boosted the US dollar and reinforced expectations of a more hawkish policy stance,” said Ewa Manthey, commodities strategist at ING, and Warren Patterson, head of commodities strategy.
“While a correction was overdue after the intense rally, the scale of Friday’s decline far exceeded most expectations.”
Why the Fed matters for gold
Gold and silver are particularly sensitive to US interest-rate expectations.
Higher rates increase the opportunity cost of holding non-yielding assets such as precious metals, while a stronger dollar makes them more expensive for overseas buyers.
Warsh, a former Fed governor, has voice sentiments supportive of Trump’s vision for the Fed, including regular rate cuts.
That reassessment has been swift. Investor caution has been evident in exchange-traded funds, with silver holdings falling for a seventh consecutive session to their lowest level since November 2025.
Futures data also show speculators cutting back sharply on bullish bets, signalling a broader retreat from the sector.
“CFTC positioning shows a cooling in speculative interest across precious metals,” the ING report continued.
“Managed money net longs in COMEX gold fell by 17,741 lots last week… Speculators also cut net longs in silver… taking positioning to its lowest since February 2024.”
Margins rise, volatility bites
Market stress has been amplified by mechanical factors.
CME Group is set to raise margin requirements on COMEX gold and silver futures after last week’s historic swings, forcing traders to post more collateral or reduce exposure.
Such moves tend to accelerate sell-offs, particularly in heavily leveraged markets.
Attention is now turning to Asia, where Chinese investors have historically provided support during price dips. However, with volatility elevated and the Lunar New Year approaching, participation may be more cautious than usual.
“With volatility spiking and the Lunar New Year approaching, traders are likely to pare back positions and reduce risk,” the ING analysts said.
“Price direction in the near term will hinge on the extent of dip-buying from Chinese investors following Friday’s retreat.”
Outlook remains fragile
For now, the precious metals market remains at the mercy of macro forces, with little clarity on how quickly sentiment will stabilise.
Investors are watching US data closely for clues on real interest rates and the dollar’s next move, both of which will be shaped by expectations around the Fed’s future direction.
“Overall, volatility across precious metals is likely to remain elevated in the near term,” Manthey and Patterson said.
“For gold and silver, macro uncertainty, real rate expectations, and USD direction will continue to dominate sentiment,” the report concluded.
TAKING that dream trip to the white sand beaches of Florida, Africa or the Caribbean may seem out of reach – but dream trips don’t have to cost the world.
Don’t believe us? We’ve dug deep to find some of the flashiest long haul holiday deals around which are so cheap you’d be forgiven for presuming you’re jetting much closer to home – including Mexico, Jamaica and even Thailand.
The Serenity Alma Resort on Egypt’s Makadi Bay is unmistakable with its fairy-tale waterparkCredit: First Choice
We’ve scoured holiday company sites to find some of the cheapest long haul holidays out there – all of which are seven nights and include your flights in the price.
So whether you want to sip from a fresh coconut on the beaches of Mexico, or spend the week in a circus-themed hotel in Las Vegas, these are some of the hottest deals you can snag for some long-haul sun.
Florida, USA – £479pp (kids stay free)
The Ramada By Wyndham Hotel & Water Park is heaven for families – a colourful holiday resort with its own waterpark, right in the heart of Florida.
There’s 180 comfortable rooms, including family-sized options – plus each comes with its own rainfall shower.
There’s loungers and a hot tub for relaxation time, plus you’ve got your pick of waterslides and a lazy river to drift along in, too.
The Ramada By Wyndham Hotel & Water Park is less than 30 minutes’ drive from Disney WorldCredit: Wyndham Hotels
Kissimmee sits south of Orlando, and the city is only a 25-minute drive to Walt Disney World and a 30-minute drive to Universal Orlando Resort.
And to top it all off, this hotel offers FREE child stays for ages 0 – 17.
Serenity Alma Resort is easily spotted from the coastline of Makadi Bay, with its giant castle structure overlooking a waterpark and theme park.
The hotel’s attached theme park, Luna Park, is complete with dodgems, a merry-go-round and a kids’ coaster – meaning you won’t have to leave the resort for a fun-filled day out.
Choose to dine in the hotel’s Italian, Mexican, Moroccan, Turkish, Asian or Indian à la carte restaurants – or head to the main restaurant for a classic buffet dinner.
Add two large pools and a private beach into the mix, and this castle hotel really starts to feel like a fairy tale come true.
The resort is based in Makadi Bay, Egypt, where you can snorkel the bright reefs of the Red Sea, or take a trip out to Makadi Water World.
You could stay at a five-star Hilton Hotel in Dubai for a week with flights for under £450ppCredit: Hilton Hotels
You could spend the week in a luxurious 5-star adults-only hotel in Dubai for just £449pp.
The Hilton Dubai Creek Hotel & Residences boasts an on-site bowling alley, basketball court, a fully-equipped gym, plus a steam bath and sauna to retire to.
But perhaps the best feature of this hotel is its large outdoor pool facing the glimmering city skyline.
Accommodation comes as spacious pink and gold apartments with kitchenettes, flatscreen TVs and breathtaking views over the city skyline or vast blue creek.
Loveholidays offer a 7-night room-only stay for just £449pp, including return flights from London Stansted.
Las Vegas, USA – £509pp
Circus Circus is a unique, action-packed place to stay – right on the Las Vegas stripCredit: Circus Circus Hotel
Circus Circus in Las Vegas is more than a hotel – it’s a casino and theme park, too.
Step inside the Big Top, and you’ll find a stage with circus acts, an arcade and roller coaster rides, as well as two pools and a splash park.
The best rides at this hotel include the Canyon Blaster, with the world’s only indoor double loop, and a ride simply named “Chaos” which is just as unpredictable as it sounds.
Plus this hotel is set smack bang on the Las Vegas strip, right in the middle of the action.
Loveholidays offer a 7-night room-only stay for £509pp, including return flights from London Heathrow.
Tululm, Mexico – £429pp
Tulum in Mexico is full of picturesque beaches with practically clear watersCredit: Alamy
Mexico’s Tulum is a blissful coastal town on the Caribbean Coast, with some of the best beaches in Mexico.
Spots such as Paradise Beach and Playa Santa Fe almost don’t look real, with vibrant green palms overlooking turquoise waters and sugar-white sand.
Plus beaches such as Playa Pescadores and Playa Ruinas are right by Mayan ruins and archaeological sites, so you can combine your historical sightseeing with swimming and sunbathing, all in one day.
The Oyo Hotel Palma Real is a budget-friendly base that’s only a 25-minute drive from the beach and the fascinating Mayan Ruins.
Loveholidays offer a 7-night room-only stay for £429pp, including return flights from Birmingham.
Bangkok, Thailand – £509pp
Return flights alone from London to Bangkok average around £600 – yet you could stay for lessCredit: Getty
Visiting Thailand just became a whole lot cheaper, with this package hotel and flights deal costing just £509pp with Loveholidays.
This city blends world-class nightlife with ornate temples and peaceful manicured parks.
Spend your days strolling or boating down Thailand’s “River of Kings”, the Chao Phraya River, to see remarkable temples such as Wat Arun, the Temple of Dawn.
As the sun sets, head towards Sukhumvit for trendy rooftop bars and street food at the cosy mini food market Soi 38.
Plus, staying at the King One Suvarnabhumi gives you a budget-friendly base to return to with air-conditioned rooms and spacious beds.
Loveholidays offer a 7-night room-only stay for £509pp, including return flights from London Heathrow.
Chicago, USA – £449pp
The Magificent Mile hotel in Chicago has its own rooftop seating with giant igloo domesCredit: Love Holidays
Home of the world’s first skyscraper, house music, and of course the deep dish pizza – you’ll find a real slice of Americana in Chicago.
Top sights here include the famous “bean” of Milennium Park (or the Cloud Gate sculpture) and the Centennial Wheel, which comes with views over the city and Lake Michigan.
A stay at the four-star Chicago Hotel Collection – Magnificent Mile doesn’t disappoint, with rooftop igloo seating and a 24-hour gym.
Here you’re only steps away from shopping on State Street, and the mall located inside of a skyscraper – Water Tower Place.
Loveholidays offer a 7-night room-only stay for £449pp, including return flights from London Gatwick.
Bavaro, Dominican Republic – £539pp
Cap Cana in the Dominican Republic is one of the most affordable Caribbean destinationsCredit: Getty
The Dominican Republic’s Bavaro is a 10-mile strip of beach lined with action-packed resorts and luxurious hotels.
Facing the calm, crystal waters of the Caribbean Sea, Hotel Capriccio Mare has the exterior of a bright white island villa.
The hotel’s position on Bavaro’s coastline is perfect for exploring the popular resort town of Punta Cana.
Whether its strolling the sands to grab a fresh coconut with a straw, or venturing out on a catamaran trip to Saona Island, this dreamy Caribbean resort is not one to miss.
Loveholidays offer a 7-night room-only stay for £539pp, including return flights from Manchester.
Hurghada, Egypt – £397pp
Egypt‘s Hurghada sees year-round sun and temperatures reaching the mid-20s during British winter time.
To make the most of the sunny weather, there’s beaches like the trendy El Gouna and the peaceful Mahmya Beach to laze out on.
And for the adventurous type, there’s desert safaris and snorkelling on offer – plus Makadi Water World always keeps kids happy.
The Palm Inn hotel is just a 5-minute walk to the closest beach, where there’s kite-surfing and boat trips available.
First Choice offer a 7-night stay with breakfast at the Palm Inn Hotel for £397pp, including return flights from London Gatwick.
Orlando, Florida, USA – £469pp
Spending a week in Orlando with flights and accommodation included for under £500pp is quite the steal.
Especially when the hotel is just steps from Florida Mall and only 14 minutes’ drive from Disney World.
The Garnet Inn & Suites, Orlando is a clean and conveniently-located place to stay, with its own palm-lined pool and a tasty Colombian grill restaurant right next door.
Negril in Jamaica is home to Seven Mile Beach where holidaymakers swim and snorkelCredit: Getty
The “Capital of Casual” of Negril, Jamaica sits at on the western tip of the paradisaical island.
Famously frequented by the likes of Bob Marley and The Rolling Stones, this easy-going resort town makes for an idyllic escape.
Here you’ll find the Seven Mile Beach, where visitors roam the sands via horseback and explore the seas by snorkel.
There are day-trip opportunities to swim through the tunnels of Joseph’s Cave, plus daytime party cruises to let loose out on the water.
Plus a stay at Samsara on the Cliffs situates you right by beachfront smoothie stalls and reggae bars.
On the Beach offer a 7-night room-only stay for £830pp, including return flights from Manchester.
Ocean City, Maryland, USA – £469pp (kids stay free)
This beachfront mega resort in USA‘s Maryland boasts plenty of exciting activities, with outdoor and indoor options perfect for all weather.
The Hilton Garden Inn Ocean City Oceanfront contains a games room, casino, fitness studios and more.
Outdoors, there’s sports courts as well as sailing and jet-ski options.
A 2-minute walk brings you to Ocean City Boardwalk, where you’ll find an American take on a seaside promenade with food stalls and carnival rides.
There’s also a beach volleyball courts, a skate park and tandem bikes available to stay active whilst making the most of Maryland’s coast.
Plus here you can bring up to two children aged 18 and under to stay for free, when sharing a family room.
Loveholidays offer a 7-night room-only stay for £469pp, including return flights from London Gatwick.
Cancun, Mexico – £449pp
You could be holidaying in Cancun for just £449ppCredit: Getty
Cancun is a classic long haul holiday destination, famous for its blend of blissful beaches and fascinating historical sites.
One of the most popular beaches is Playa Langosta, which has shallow waters perfect for families to wade into.
Playa Tortugas is a livelier option, with plenty of activities like snorkelling and bungee jumping available.
Plus you can tick off one of the New Seven Wonders of the World whilst you’re there, and take a day’s excursion to visit Chichen Itza.
A stay at the Departamentos Villas Capdeviel gives you a roomy apartment to return to after a day’s exploring.
First Choice offer a 7-night room-only stay for £449pp, including return flights from Birmingham.
New Jersey, USA – £479pp (kids stay free)
The Victorian houses of New Jersey’s Cape May are brightly-coloured and highly decoratedCredit: Alamy
New York‘s neighbour state New Jersey has plenty to see and do across its near-130 miles.
The Atlantic City Boardwalk is the oldest and longest oceanfront boardwalk in the world – and you’ll find it dotted with everything from waterparks to world-renowned casinos.
Top attractions to stop at along the way include the Steel Pier Amusement Park and stopping to admire the grand Absecon Lighthouse.
Over in Cape May you’ll find one of the state’s prettiest seaside resorts, where romantic streets are lined with giant Victorian houses, each brightly painted and decorated with picket fence-white balconies.
The Travelodge by Wyndham Absecon Atlantic City is a comfortable option, close to top Atlantic City casinos including Golden Nugget and Borgada.
Or if you’re planning a more family-oriented trip, kids can stay for free (applies to up to two children under 18).
Plus it’s only one-and-a-half-hour’s drive away from New York City if you’re looking to tick off a visit to the Big Apple on your trip to the states.
Loveholidays offer a 7-night room-only stay for £479pp, including return flights from London Gatwick.
The Gambia – £589pp
The Gambia is becoming an increasingly popular holiday destination for those seeking sunCredit: Getty
The Gambia offers incredible value stays in stunning coastal landscapes.
With dry, bright days and temperatures averaging 32°C during British winter, this escape is made even better by the zero-hour time difference.
Whether you want to kayak your way through mangroves or lounge on the sand, this region caters to both adventurers and sun-seekers.
Baboon Islands is a must-visit to spot wildlife including chimpanzees, hippos and crocodiles.
Or take a trip to Kololi for a buzzing resort atmosphere filled with clubs, traditional music, and beachside barbecues.
The Coral Sea Aqua Club is home to a waterpark, wave pool, lazy river and plenty more to splash about in to cool off from the Egyptian heat.
And when you’re not spending time zipping down waterslides or lounging by the two giant pools, there’s an action-packed entertainment programme to make the most of.
Whether you spend your nights dancing at the mini discos and singing along to live music, or heading out to explore the glowing markets of nearby El-Khan – you’ll be spoilt for choice with things to do.
Plus this hotel is part of TUI‘s Free Kid’s Place offer, where one free kid’s place is available per two paying adults at select resorts.
At a recent training session for 300 immigration activists in Los Angeles, the main topic was Minnesota and the changes to federal immigration tactics.
For the last few months, federal law enforcement officers have intensified their efforts to locate and deport immigrants suspected of living in the country illegally. They have used children as bait, gone door-to-door and at times forcibly stormed into people’s homes without judicial warrants.
But it was the fatal shootings of Renee Good and Alex Pretti, two U.S. citizens protesting immigration raids in Minnesota, that sparked a growing backlash of the federal government’s aggressive actions and caused activists to reconsider their own approach when monitoring Immigration and Customs Enforcement.
“One quick note about de-escalation,” Joseline Garcia, the community defense director for City Council District 1, told a crowd at St. Paul’s Commons in Echo Park. “What we would do when it came to de-escalation is we’d tell people their rights, try to get their information and try to reason with the ICE agents and pressure them to leave.”
“Things have changed a ton in the past two months, so that’s not something we’re willing to put you all at risk to do,” she added. “There is risk here and we are always encouraging people to stay safe and please constantly be assessing the risks.”
The immigration crackdown began in Los Angeles last summer but has continued in the region even after the national focus shifted to Chicago and now Minneapolis. The last month has seen a new series of arrests and actions that have left local communities on edge.
While the scope of the sweeps and the number of arrests in Los Angeles appear to be down overall compared with last summer, daily immigration operations are being documented across the city, from street corners in Boyle Heights to downtown L.A.’s Fashion District.
Federal agents carry less-lethal projectile weapons in Los Angeles in June.
(Carlin Stiehl / Los Angeles Times)
A spokesperson from the Department of Homeland Security did not respond to The Times’ requests for comment. In a previous statement the department said Border Patrol agents were continuing to operate in the city to “arrest and remove the worst of the worst criminal illegal aliens.”
Earlier this month, renewed fears spread among shoppers in the Fashion District after federal agents conducted an immigration sweep that shut down local commerce to check vendors’ proof of citizenship. Days later a federal agent opened fire at a suspect, who the Department of Homeland Security said rammed agents with his vehicle while attempting to evade arrest, during a targeted operation in South Los Angeles.
Local immigration activists say they have noticed a change in immigration agents’ tactics. The change has forced activists to also adjust their tactics.
“What we’re seeing now are large numbers of officers to grab anywhere from one to five people, not necessarily questioning them, and then moving out as quickly as possible,” said Juan Pablo Orjuela-Parra, a labor justice organizer with the National Day Laborer Organizing Network.
Maribel C., associate director of Órale, a Long Beach-based immigrant advocacy group that was established in 2006, said rapid response volunteers in Long Beach have reported similar tactics by immigration agents.
“In as fast as 30 seconds” a target can be “literally taken off the streets” by federal agents, leaving no time for a rapid response volunteer to relay “know your rights” information or get the detainee’s name, said Maribel, who is not providing her full name to protect her safety.
Immigrant rights advocates say one thing that has not changed is federal officials continue to detain immigrants with no criminal history.
On Jan. 20, exactly one year into the Trump administration’s second term, the U.S. Department of Homeland Security said about 70% of people whom the agency has arrested have been convicted or charged with a crime in the United States.
In the first nine months of the administration’s immigration crackdown, from Jan. 1 to Oct. 15, a Times analysis of nationwide ICE arrests found that percentage to be about the same.
In Los Angeles, the same analyses found that of the more than 10,000 Los Angeles residents who were arrested in immigration operations, about 45% were charged with a criminal conviction and an additional 14% had pending charges.
Between June and October of last year, the number of arrests has fluctuated significantly.
The arrests peaked in June with 2,500 people who were apprehended — including those who have pending criminal charges or were charged with immigration violations — but the following month the number fell to slightly more than 2,000. After further drops, a small spike in arrests occurred in September, with more than 1,000 arrested and then dramatically dropped in October with fewer than 500 arrests.
Officials have not released detailed data since then.
“I think what’s happened in Minnesota is terrifying for everyone in the country because those tactics that are being implemented in Minnesota are going to be the same tactics that are going to be implemented elsewhere,” Maribel said.
Bovino led and participated in highly visible immigration operations in Los Angeles, Chicago, Charlotte, N.C., and Minneapolis, sparking outrage and mass demonstrations.
At the training event in Echo Park, organizers said the recent events in Minnesota are jarring and forcing them to reconsider the safety of activists who protest or document immigration raids. Those activities will continue, they said, but with a focus on safety.
“Over the past two weeks, we saw that they’re escalating to the point of killing people that are exercising their rights,” Garcia said.
Whoever is nominated from the two Kurdish parties still needs the approval from the Shia and Sunni blocs in the parliament.
Published On 27 Jan 202627 Jan 2026
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Iraq’s parliament has postponed the election for the country’s next president to allow for more consultations between the two Kurdish parties to agree on a candidate.
The Iraqi News Agency (INA) said the parliamentary vote scheduled for Tuesday was delayed at the request of the Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK).
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Iraq follows a sectarian quota system, according to which the post of the prime minister goes to a Shia, the parliament’s speaker is a Sunni, and the largely ceremonial presidency goes to a Kurd.
Usually, in an agreement between the two main Kurdish parties, a PUK member holds the presidency. In contrast, the president and regional leader of the semi-autonomous Kurdish region are selected from the KDP.
However, in this instance, the KDP announced its own candidate, Foreign Minister Fuad Hussein, for the election.
Reporting from the capital, Baghdad, Al Jazeera’s Mahmoud Abdelwahed said whoever is nominated from the two Kurdish parties still needs the approval from the Shia and Sunni blocs in the parliament.
After the election, the new president will have 15 days to appoint a prime minister, who is widely expected to be the former leader, Nouri al-Maliki.
Al-Maliki, 75, has already served as Iraq’s prime minister for two terms from 2006 to 2014 before he quit under pressure from the United States. He is seen as being close to Iran.
On Saturday, the Coordination Framework, an alliance of Shia parties which holds a parliamentary majority, endorsed Maliki. The next day, the US Secretary of State Marco Rubio warned against a pro-Iranian government in Iraq.
An Iraqi source close to the Coordination Framework told the AFP news agency that Washington had conveyed to it that it “holds a negative view of previous governments led by former Prime Minister Maliki”.
In a letter, US representatives said that while the selection of the prime minister is an Iraqi decision, “the United States will make its own sovereign decisions regarding the next government in line with American interests”.
Another Iraqi source confirmed the letter, adding that the Shia alliance had still moved forward with its choice, confident that Maliki could allay Washington’s concerns.
Iraq has long been a proxy battleground between the US and Iran, with successive governments negotiating a delicate balance between the two foes.
