Gold prices surged over 5% Tuesday, marking their largest single-day gain since November 2008, as investors returned to the market following steep losses. Silver also rebounded sharply, climbing nearly 5%, erasing part of Monday's dramatic drop.
The rally came after bargain hunters stepped in, encouraged by resilient market fundamentals. Despite falling short of last week’s record high of $5,594.82, analysts believe the long-term uptrend remains intact. Market strategist Peter Grant pointed to $4,400 as key support.
Investor sentiment shifted after Kevin Warsh was named next Fed head, sparking expectations of near-term rate cuts. Meanwhile, a U.S. government shutdown delayed key economic data, adding to precious metals’ appeal amid ongoing macro uncertainty and elevated geopolitical risk.
Source: Yahoo Finance · Summarized by HeadlinesBriefing