Gold prices have risen for the third consecutive trading day, continuing to rebound from a historic plunge.

Gold is rising, slightly rebounding above $5000 per ounce, attracting investors to buy on dips after a sharp drop from historical highs. Spot gold rose about 1% in early trading. By the close on Wednesday, the price of gold had fallen 11% from the historical high set on January 29, but is still up 15% so far this year. Silver prices are also rising. Precious metals surged last month, driven by speculation, geopolitical turmoil, and concerns about the independence of the Federal Reserve. However, this rally came to a sudden halt last week, with silver experiencing its largest single-day drop on Friday, and gold seeing its biggest drop since 2013. Nevertheless, investors and analysts still believe that the fundamentals driving gold to new all-time highs remain solid. George Efstathopoulos, a fund manager at Fidelity International, stated that Fidelity sold off some of its gold holdings a few days before the sharp drop and is now focusing on opportunities to buy back in. Many investment banks are bullish on gold's rebound, with Deutsche Bank stating on Monday that they still maintain their forecast for gold to rise to $6000 per ounce. Goldman Sachs, in a report, stated that there is "significant upside risk" to their end-of-year forecast of $5400 per ounce.