Gold and silver rallied sharply on Tuesday, with spot gold climbing roughly 1.06% to settle at $5,192 per ounce.

Gold fell today as oil prices went on a wild ride, reaching $119 per barrel before selling off and settling at $94.70. Gold futures declined by $32.60 as of time of writing to trade at $5,148.70, well off the lows of the day which came in at $5,021.20.

Gold opened the week under moderate pressure, with spot prices trading around $5,408 per ounce on Monday, March 2.