Gold and silver prices climbed again on Wednesday as investors returned to precious metals following last week’s sharp selloff.

Spot gold rose about 2.4% and silver surged nearly 6%, rebounding from a historic plunge that saw silver post its worst one-day drop since 1980.

Analysts said the recovery was driven by dip buying, a softer U.S. dollar, and stabilizing broader markets.

Mining stocks mostly gained alongside metals, lifting the FTSE 350 Precious Metals and Mining Index, though some individual names lagged, CNBC has reported.

UBS CEO Sergio Ermotti said clients have recently become more cautious, rotating away from tech and seeking protection through assets like precious metals.