Gold, Silver Rebound After Sharp Sell-Off: What's Driving the Turnaround?

• Gold and silver prices saw a significant rebound on Tuesday, February 3, recovering losses from previous sessions.
• Spot gold climbed 3.7% to $4,837.16 per ounce, while US gold futures rose 4.5% to $4,859.30 per ounce.
• Spot silver advanced 5.9% to $84.09 per ounce, following a deeper pullback from its record high.
• The rebound was primarily driven by position unwinding and technical recovery amid a lighter US data calendar and government shutdown uncertainty.
• Experts like N S Ramaswamy believe the long-term uptrend for gold remains intact, supported by central bank purchases, ETF holdings, and geopolitical risks.

Why It Matters: Gold and silver prices rebounded due to technical recovery and position unwinding, with a strong long-term outlook.