Gold's recent selloff reflected positioning rather than a deterioration in fundamentals, analysts say.

Spot gold rate rose 2.2% at $5,044.74 per ounce, after gaining 5.9% on Tuesday, its biggest daily gain since November 2008. The yellow metal scaled a record high of $5,594.82 last Thursday.

Gold fell on Thursday as investors took profits after a record high, yet prices remained on course for their best month since the 1980s amid heightened economic and geopolitical uncertainty. Spot gold was 1.3% lower at $5,330.20 an ounce.

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Analysts see the bull run continuing and expect the gold and silver prices to notch fresh record highs later this year.

Despite the recent losses, JPMorgan has raised its year-end 2026 gold price forecast to $6,300 an ounce, citing sustained and strengthening demand from both central banks and investors, even after the recent bout of sharp price volatility.

People around the world have lined up to either sell pieces of the precious metal they already own or buy into the frenzy

Gold ETFs GLD and IAU shattered volume records as spot gold whipsawed nearly 10% intraday, highlighting ETFs' role in price discovery.

Gold, silver rates today: Spot gold surged as much as 4% to $4,830 an ounce, meanwhile, spot silver also climbed nearly 8% to $82.74, on Tuesday.