(Bloomberg) — Gold (GC=F) rose, pushing back above $5,000 an ounce, as dip buyers continued to snap up bullion after a historic plunge from an all-time high.

Spot gold climbed as much as 1.2% in early trading, having clawed back some losses over the previous two sessions following an abrupt collapse. At Wednesday’s close, the metal was down 11% from an all-time high hit on Jan. 29 but was still up 15% for the year. Silver also advanced, crossing $90 an ounce.

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Precious metals soared last month in a rally underpinned by speculative momentum, geopolitical upheaval and concerns about the Federal Reserve’s independence. The surge came to a sudden halt at the end of last week, with silver seeing its biggest ever daily drop on Friday and gold plunging the most since 2013.

Still, many investors and analysts believe the fundamentals that drove bullion to record highs remain intact. Fidelity Fund, which sold a chunk of gold holdings days before the plunge, is watching for an opportunity to buy again, portfolio manager George Efstathopoulos told Bloomberg News.

Many banks have backed gold to recover, with Deutsche Bank AG saying on Monday that it was standing by its forecast for bullion to rally to $6,000 an ounce. Goldman Sachs Group Inc. said in a note that it sees “significant upside risk” to its year-end forecast of $5,400.

Traders are now turning their attention to the policy direction of Kevin Warsh, who was nominated by US President Donald Trump to be the next Fed chair. Trump said on Wednesday he would not have nominated Warsh had he expressed a desire to hike interest rates. A lower rate environment is a tailwind for precious metals, which don’t pay interest.

Spot gold rose 1.2% to $5,022.61 an ounce as of 7:50 a.m. in Singapore. Silver climbed 2.3% to $90.20. Platinum and palladium also advanced. The Bloomberg Dollar Spot Index, a gauge of the US currency, was steady after ending the previous session up 0.3%.

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