Gold rose more than 3% to around $4,820 per ounce on Tuesday, as bargain hunting emerged after two days of dramatic selloffs. The precious metal had fallen nearly 5% in the previous session, extending Friday’s sharp losses, which marked its steepest decline in more than a decade. The recent slump was triggered by news of President Trump’s nomination of Kevin Warsh as the next Federal Reserve Chair, who is viewed as more hawkish than other contenders, raising concerns about tighter monetary policy. Despite recent volatility, gold remained supported by strong central bank purchases and the so-called “debasement trade,” as investors rotated into physical assets from currencies and bonds amid growing fiscal concerns. Global uncertainty, as well as worries over the Federal Reserve’s independence, further reinforced gold’s appeal as a safe-haven asset.