After two days of sharp declines, gold prices have rebounded strongly; analysts say the current price has returned to a reasonable range.

BlockBeats News, February 3rd—After experiencing a sharp decline for two consecutive trading days, gold rebounded strongly and is expected to record its largest single-day gain since 2008 on Tuesday. Silver also rose in tandem, as precious metals launched a counterattack following the most severe two-day drop in decades. Analysts believe that the current bull market in precious metals will continue, and new all-time highs are expected later this year.

Kyle Rodda, Senior Market Analyst at Capital.com, stated: "If you consider the rather irrational market performance in the previous weeks, the current price has basically returned to a relatively reasonable range."

"The current price has basically returned to the level seen in early to mid-January." Previously, Trump's nomination of Waller as the next Federal Reserve Chair triggered a significant correction in the precious metals market. Rodda said: "The market's reaction to Trump's nomination of Waller was to view him as a relatively credible candidate, which led to a stronger dollar. In a sense, this burst the previous big bubble in precious metals." (Golden Ten Data)