Kevin Warsh’s nomination as Fed governor caused market turbulence, with gold prices dropping over 11% and KGHM shares falling 25%.
Gold Market Turmoil
On Monday, the precious metals market remained turbulent. After more than an 11% drop in gold on Friday, during the next session, futures contracts expiring in February fluctuated between 4,400 and 4,900 dollars per ounce.
Historic Gold Prices
As recently as Thursday, the price of gold exceeded 5,600 dollars per ounce and was the highest in history. During the European session, prices stabilized at 4,700 dollars.
Leadership Change at Fed
Kevin Warsh was nominated as Fed governor, replacing Kevin Hassett. This change has sent shockwaves through financial markets, particularly affecting currencies and commodities.
