The precious metal fell as much as 16% from recent peaks before stabilizing near $4,800 an ounce, as analysts said easing fears of political interference at the Federal Reserve strengthened the U.S. dollar and reduced gold’s appeal as a safe-haven asset. Asian equity markets declined broadly, while European stocks were more resilient. In Poland, mining group KGHM fell more than 4%, weighed down by weaker metals prices and ongoing regulatory scrutiny.