Precious metals prices bounced back sharply on Tuesday, with gold and silver gaining over 2 percent after suffering steep losses in the previous session. The earlier decline was driven by the nomination of Kevin Warsh as the next chair of the US Federal Reserve and a hike in margin requirements by CME Group.
Spot gold rose 2.2 percent to $4,767.33 an ounce by 0318 GMT, recovering from a near one-month low touched on Monday. The metal had surged to an all-time high of $5,594.82 last Thursday. U.S. gold futures for April delivery climbed 3 percent to $4,791.10 an ounce.
Spot silver advanced 2.8 percent to $81.61 an ounce, after having touched a record high of $121.64 on Thursday.
