Gold surged over 5% on Tuesday, February 3, 2026, on track for its biggest daily gain since November 2008.
Silver also jumped as precious metals staged a comeback after their steepest two-day drop in decades.
Analysts see the bull run continuing and expect the metals to notch fresh record highs later this year.
Spot gold climbed 5.8% to $4,935.56 an ounce by 0818 GMT. On Monday, it hit a low of $4,403.24, two sessions after peaking at $5,594.82.
U.S. gold futures for April delivery rose 6.6% to $4,958.50 per ounce.
A senior market analyst at Capital.com, Kyle Rodda, said: “It’s a reasonable call that this is somewhere around fair value potentially, if you consider that we saw a market behaving fairly irrationally for a few weeks there.
“The current prices take gold and silver back to where they were, early in the second half of January.”
Gold’s spectacular rally saw it smash multiple peaks and log a nearly 13% gain in January, its biggest monthly gain since November 2009, while silver touched an all-time high of $121.64 last Thursday.
Silver gained 10% to $87.40 an ounce on Tuesday, after suffering its biggest one-day loss on record on Friday with a 27% slump. It fell by another 6% on Monday.
The metals had slumped after United States President Donald Trump nominated Kevin Warsh to be the next U.S. Federal Reserve chair, Reuters reported.
In other metals, spot platinum climbed 5.7% to $2,242.55 per ounce after hitting a record high of $2,918.80 on January 26, while palladium was up 5.3% at $1,811.39.
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