Gold prices rose in Asian trade on Tuesday, with silver and platinum also advancing as precious metals steadied from two days of outsized losses. 

Spot gold surged nearly 4% to $4,855.93 an ounce, while gold futures for April rose 4.4% to $4,853.79/oz. 

Spot silver rallied 5.1% to $83.105/oz, while spot platinum rose 1.7% to $2,167.67/oz. 

Gold recovers after plummeting from record highs

Gold prices had slumped as low as $4,400/oz on Monday, losing nearly $1,200/oz from a record high hit last week. 

Metals were slapped with a heavy dose of profit-taking after U.S. President Donald Trump nominated former Federal Reserve governor Kevin Warsh as the next chairman of the central bank. 

While the nomination cleared out a major point of uncertainty for markets, sapping some safe haven demand, Warsh is also seen as a less dovish pick than markets were expecting. 

Still, signs of a gold recovery appeared to be in play late-Monday, with spot gold ending well above its intraday lows. 

"Further stabilisation will be determined by the mentality of the retail market. Physical demand from this sector has been strong in recent months and could provide a strong backdrop to the selling from leveraged trades in the institutional market," ANZ analysts wrote in a note, while noting that the fundamentals behind gold still remained strong.  

Benchmark copper futures on the London Metal Exchange rose 1.2% to $13,081.95 a ton, while COMEX copper futures rose 1.4% to $5.9104 a pound. 

Recent losses in copper were far less pronounced than those seen in precious metals, as the outlook for copper demand-- amid growing energy generation and data center construction-- remained upbeat. 

ANZ analysts noted that Chinese consumers had stepped in to buy copper at discounted prices last week, with the country also seen stocking up on the red metal ahead of the Lunar New Year holiday. 

China is the world’s largest importer of copper, with demand in the country expected to remain robust as Beijing doles out more stimulative policies.