Trump's interest rate cut comments fail to stem the gold and silver sell-off; liquidity shortages amplify volatility

OCBC Bank strategist Christopher Wong pointed out that most asset classes, including regional equities and metals, have turned bearish, highlighting the market’s extreme fragility. Former President Trump reiterated that there is almost “no doubt” that the Federal Reserve will cut interest rates again, which should support non-yielding precious metals, but currently market volatility remains dominated by uncertainties surrounding monetary policy outlook. Standard Chartered Bank analyst Sudakshina Unnikrishnan stated that although investor redemptions through exchange-traded products (ETPs) have intensified short-term fluctuations, structural driving factors still exist.