Gold and Silver Prices Surge Amid Market Volatility

Gold and silver prices rebounded significantly after a steep selloff, with gold experiencing its largest daily rise since 2008. Spot gold rose by 5.2%, and silver increased by 4.8%. Experts predict a consolidation period before a continued bull market, driven by economic concerns and Federal Reserve changes.

Gold and silver prices witnessed a remarkable recovery on Tuesday, bouncing back from a sharp decline experienced over the previous sessions. The bullion surged, marking its largest daily rise since November 2008, as investors seized opportunities from the resilient fundamental conditions.

Spot gold climbed 5.2% to reach $4,906.82 per ounce by 01:31 p.m. ET, recovering from Monday's low of $4,403.24, although it remained below last week's all-time high of $5,594.82. U.S. gold futures for April settled 6.1% higher at $4,935 per ounce. Similarly, silver experienced a 4.8% increase to $83.23 per ounce, rebounding from a one-day record drop and additional losses.

Industry experts like Peter Grant from Zaner Metals highlighted the recent selloff as a corrective phase within an extended uptrend. Many fundamentals that have propped up gold in past years, according to analysts, remain sturdy. Despite recent volatility, most anticipate the rally to continue, with gold set to reach new peaks amid ongoing economic and political anxieties.

(With inputs from agencies.)