Dollar rebounds as Trump prepares to appoint Fed chief

Gold has tumbled sharply from its record highs as investors switched back to the dollar ahead of the announcement of the next Federal Reserve boss. Gold dropped as much as 8pc to crash through $5,000 an ounce, having surged to nearly $5,600 on Thursday. It only surpassed $5,000 for the first time on Monday and rose above $4,000 for the first time in October. The sell-off came as Donald Trump said he would announce the next Fed chairman today, with Kevin Warsh expected to get the job. Michael Brown of Pepperstone said: “The whole ‘stairs up, elevator down’ adage doesn’t…