Gold and Silver Surge: Precious Metals on Record-Breaking Rally

Gold and silver prices soared, marking significant gains. Gold increased over 5%, achieving its largest daily rise since 2008. Analysts predict further growth with fresh highs expected this year. Silver rebounded after reaching record lows, with other precious metals also exhibiting strong performance amid market fluctuations.

In a dramatic trading session on Tuesday, gold prices soared over 5%, marking their biggest daily increase since November 2008. Meanwhile, silver prices also made a robust comeback, as the precious metals market started to recover from its steepest two-day decline in decades.

Analysts are optimistic about the continuing bull run in precious metals, with predictions of fresh record highs before the year's end. Spot gold rose 5.8% to $4,935.56 an ounce, recovering from a low of $4,403.24 on Monday.

Silver experienced a substantial gain of 10% to $87.40 an ounce following a record 27% drop on Friday. Market movements were influenced by U.S. President Donald Trump's nomination of Kevin Warsh as Federal Reserve chair, impacting precious metals markets and prompting changes in margin requirements by the CME Group.

(With inputs from agencies.)