Nikkei 225, Kospi, Jakarta Composite Index

Gold and silver prices fell Friday, after hitting record highs a day earlier, as investors book profits after a record-breaking rally this year.

Spot gold prices declined over 4% to $5,156.64 per ounce. The yellow metal remained around 20% higher year to date.

“A correction back to $5,000 with some consolidation around that price would be a normal pattern in a bull market,” Ed Yardeni, president of Yardeni Research, told CNBC. “The surprise is that it went from $3,000 to $5,500 without any significant correction … So far this has been more of a melt-up than a traditional bull market in the precious metals.”

Silver prices fell over 5% to $110.26 per ounce. Year-to-date, the white metal’s price is still 53% higher.

Meanwhile, Asia-Pacific markets traded mixed after U.S. President Donald Trump said that he will announce his choice for the next Federal Reserve chair on Friday.

Speaking at the premiere of Melania, a film about first lady Melania Trump, he said the five-month search to replace current chair Jerome Powell was nearing its conclusion.

The process for selecting Powell’s replacement began in September with an 11-candidate field that included past and current Fed officials, economists, and Wall Street investment professionals.

South Korea’s Kospi advanced 1.23% while the small-cap Kosdaq added 0.99%. Japan’s Nikkei 225 was 0.25% higher, and the Topix added 0.58%.

Australia’s S&P/ASX 200 rose 0.23%.

Hong Kong’s Hang Seng index slid 0.71%, while the mainland CSI 300 was down 0.51%.

The head of Indonesia’s stock exchange has stepped down following the fallout from an MSCI warning of a potential downgrade. The Jakarta Composite climbed about 1% following the announcement.

Oil prices slid after Trump reportedly said that he intended to speak with Iran, even as the United States sent another warship to the Middle East and Defense Secretary Pete Hegseth said the military stood ready to act on the president’s instructions. Trump offered no details on the scope or timing of any talks, nor on who would lead them.

Global benchmark Brent lost 1.43% to $69.7 a barrel, while U.S. West Texas Intermediate futures traded 1.65% lower at $64.33 per barrel.

Futures tied to the S&P 500 were down 0.16%, as were Nasdaq 100 futures. Dow futures fell 112 points, or about 0.2%. Trump also endorsed a Senate deal to fund the vast majority of the federal government through the remainder of the fiscal year, easing near-term political uncertainty for investors.

Senators clinched a deal with just over a day until a partial government shutdown. They agreed to remove funding for the Department of Homeland Security from the package and pass the other five bills, while DHS will be funded by a stopgap.

Overnight in the U.S., the S&P 500 fell, bogged down by Microsoft, as traders reacted to the megacap technology company’s latest earnings…