LONDON: Stock markets struggled on Tuesday while gold and silver prices rebounded in fresh volatile trading.

Oil prices rose and the dollar mostly dipped as investors weighed company earnings against geopolitical unrest.

The price of gold climbed more than six per cent to $4,989.20 an ounce. Last week it reached a record-high close to $5,600 before tumbling. Gold is “heading for its biggest daily gain since 2008, as prices rebounded sharply following the steepest two-day decline in decades,” said analyst Axel Rudolph at trading platform IG.

Silver surged more than 15pc to $86 on Tuesday, still well short of the record near $120 it hit last week.

“A sense of calm descended after the precious metal ructions, opening the door for investors to buy on the dip,” noted Richard Hunter, head of markets at Interactive Investor.

Gold and silver prices have been on a tear in recent months, benefitting from being seen as a safe haven investments during times of geopolitical tensions.

Demand for the precious metals was also being spurred by sliding value of the dollar, which was weakened by speculation that US President Donald Trump is happy to see the world’s reserve currency weaken despite the potential risk of pushing up US inflation.

Published in Dawn, February 4th, 2026