The record rally observed in global markets resulted in a sharp sell-off, replaced by news that the Donald Trump administration will nominate "hawkish" Kevin Warsh for the position of Federal Reserve (Fed) Chair. This event caused significant changes in the global financial environment and led to sharp decreases in the value of a number of assets.
According to information from Redaksiya, due to the strengthening of the dollar, the price of an ounce of gold lost 7 percent of its value, falling to the level of $5000. This is considered an important event in the gold market, as gold is usually considered a safe haven during periods of uncertainty. In the domestic market, the price of gold per gram fell to 7000 lira, and silver to 137 lira.
These changes were related to a decrease in investor risk appetite and an increase in demand for the US dollar. Kevin Warsh's nomination for the head of the Fed caused concern in the market due to his support for high interest rates. This, in turn, led to a decrease in demand for safe assets like gold and a strengthening of the dollar. Experts predict that this trend may continue in the short term and could lead to more volatility in the market.