Prices of precious metals rose on Tuesday, rebounding from yesterday’s losses, with gold soaring by more than 4%. Markets still reeled from last week’s volatile sessions that brought both gold and silver to their all-time highs amid tensions between the United States and Iran, after which the metals turned to losses as those tensions slightly subsided and as US President Donald Trump nominated former Federal Reserve governor Kevin Warsh for the position of the central bank’s new chair.

Gold jumped 4.66% to $4,870.08 per ounce at 1:27 am ET, while silver surged by 6.29% to $84.97 per ounce at the same time. A minute later, platinum rose by 1.41% to $2,161.77 per ounce, and palladium climbed by 1.87% to $1,714.49 per ounce at 1:28 am ET.

NN: This is the relief rally back. Soon the next downward wave will come.

Silver soars 7%, back above $86

The price of silver continued to rise on Tuesday, soaring by more than 7%, as it recovered from drastic losses after nosediving by more than 35% last Friday, when it observed the largest single-day decline since 1980. Silver surged by 7.8% to $86.18 per ounce at 2:24 am ET, while gold rose by 5.14% to $4,891.80 per ounce a minute later. Meanwhile, platinum advanced by 3.76% to $2,211.63 per ounce at 2:26 am ET, and palladium jumped by 6.2% to $1,787.42 per ounce at the same time.