The price of gold hit a new all-time high Wednesday morning as the precious metal surged more than 20% this year.

The gold and silver prices’ crash was triggered by a surge in US dollar after a report the Donald Trump administration was preparing to nominate Kevin Warsh for the US Federal Reserve chair, a move later confirmed.

Gold, silver price today LIVE: In metro cities like Delhi, Mumbai, Bengaluru and Kolkata, gold prices hovered around ₹1,69,300 per 10 grams, and the highest rate for 24 Karat gold was seen in Chennai.

Silver prices sank below $100 a troy ounce, just a week after they hit that milestone for the first time. Most actively traded silver futures recently stood about 21% lower, at $90.88. Gold and copper futures dropped more than 7% and nearly 5%,

Gold Rate Today: Here are the 1 February gold rates in key cities, such as Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, and Mumbai.

Wall Street analysts expect the gold rally to continue as investors pile in because of mounting geopolitical uncertainty and economic concerns.

The price of silver continued its rapid climb on Wednesday, extending its gain to 60 percent this month alone, drawing attention from both investors seeking returns and the compan

Some Fed watchers say the choice of Warsh means it’s more likely that Powell will continue to stand in Trump’s way.

As gold hits record highs and the dollar weakens, here's what investors should know about the shifting dynamics.