New Delhi, Feb. 2 -- Both gold and silver prices saw a significant rebound on Monday, after logging biggest single day crash in more than a decade.

Spot gold recovered up to 1% after dropping 4% in early morning session on Monday, during the Asian trading hours. Meanwhile, spot silver also rebounded over 8% to $84.140, after briefly falling nearly 12%.

Over the past year, precious metals have surged to record levels, surprising even veteran market participants. The upswing gathered strong momentum in January as investors flocked to gold and silver amid fresh worries over geopolitical tensions, currency erosion, and the Federal Reserve's independence.

Kaynat Chainwala, AVP Commodity Research, Kotak Securities explained that Gold and sil...