According to BlockBeats news, on February 3, gold rebounded strongly after experiencing two consecutive trading days of plunge, and is expected to record its biggest single-day gain since 2008 on Tuesday. Silver also rose in tandem, with the precious metal fighting back after suffering its sharpest two-day decline in decades. Analysts believe that the bull market for precious metals will continue and hit another record high later this year.

Kyle Rodda, senior market analyst at Capital.com, said: "If you take into account the rather irrational market performance in the previous few weeks, the price is now roughly back in a relatively reasonable range.

The current price is basically back to the level of the second half of January and the beginning of January." Trump's nomination of Walsh as the next Fed chairman triggered a sharp correction in the precious metals market. Rodda said: "The market reacted to Trump's nomination of Walsh by seeing him as a relatively credible candidate, so the dollar strengthened, which was somewhat like bursting the previous big bubble in precious metals." (Jin Shi).