Today, January 30, 2026, Donald Trump has officially announced his decision to lead the Federal Reserve

Trump has chosen Kevin Warsh to replace Jerome Powell as chairman of the Fed when his term ends in May

Warsh is a former Fed governor and is seen as someone who might be more aligned with Trump's desire to aggressively lower interest rates. Trump described him in his announcement as someone from "central casting" (who gives the perfect image for the position) and believes that under his leadership the economy will "explode" positively.

This news explains the sharp movement in your PAXG chart:

Strong dollar: The market reacted by strengthening the dollar in anticipation of deep changes in monetary policy. When the dollar rises, gold tends to fall.