New Delhi, Feb. 4 -- Gold and silver prices remained steady on Wednesday, after recouping part of their losses following a sharp pullback from record levels.

Spot gold rose as much as 2%, surging above the $5,000 mark per ounce. Meanwhile, spot silver also gained 4% to $86.9 on Wednesday, February 4, during the Asian trading hours.

Gold prices surged more than 6% in the previous session as risk appetite improved and the US dollar softened. Despite that rebound, prices at Tuesday's close remained about 12% below the all-time peak reached on January 29, though gold was still up nearly 15% so far this year.

According to a Bloomberg report, Chinese funds and Western retail investors had amassed sizable positions in precious metals, while h...