Gold prices rose more than 4% in Tuesday’s trading, while silver futures jumped 8% after a sharp sell-off recorded recently.

April gold futures climbed 4.16% to $4,846.29 per ounce.

Spot gold rose 3.44% to $4,821.56 per ounce, after the metal touched its lowest level in about a month in the previous session.

March silver futures also surged 8.21% to $83.33 per ounce.

Tuesday’s gains followed a steep wave of selling triggered by the nomination of Kevin Warsh for the post of Chairman of the US Federal Reserve.