Global Turmoil: Oil, Gold Plunge as Fires Rage, War Looms

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Gold and Silver Prices Plunge After Record Highs; Geopolitical Tensions Remain High

Gold and silver prices experienced a dramatic reversal, falling sharply after reaching record highs in January, according to BBC Business. The price slump occurred last Friday, with spot gold recording its sharpest one-day drop since 1983, falling more than 9%, BBC Business reported. Silver plunged 27% before recovering slightly on Monday.

The surge in precious metal prices earlier in January was driven by investors seeking "safe haven" assets amid geopolitical uncertainties, BBC Business noted. However, prices fell after Kevin Warsh was nominated to lead the US Federal Reserve, according to BBC Business.

The volatility in the commodities market has prompted warnings for sellers. Experts are advising caution to avoid being "ripped off," according to BBC Business. Brian Leonard, who was selling a silver plate at Hatton Garden Metals in London, was among those caught in the market's fluctuations. He stated he was happy to wait in line to sell his silver, even as prices slumped.

Meanwhile, in other news, Cuba and the United States are in communication, though formal dialogue has not yet begun, Al Jazeera reported. Carlos Fernandez de Cossio, Cuba's deputy foreign minister, told Reuters that the US government is aware of Cuba's willingness to engage in serious discussions. This comes as US President Donald Trump has increased pressure on Havana, including threats to block oil shipments, according to Al Jazeera.

Adding to global tensions, Sky News reported that this week is critical for averting potential war between Iran and the US. The next seven days could lead to conflict or a diplomatic breakthrough, according to Dominic Waghorn, International affairs editor for Sky News. President Trump believes Iran is in a difficult position and needs a deal with him, Sky News reported.

Despite the precious metals slump, the FTSE 100 in London hit a record high, closing up 1.2% at 10,341.56 points, according to BBC Business.

In other parts of the world, The Guardian highlighted the environmental devastation in the Pantanal region of South America, documenting the impact of unprecedented wildfires through the work of photographer Lalo de Almeida.