Gold rebounded on Tuesday as trading conditions turned calmer following sharp swings in metals markets. A deal to reduce U.S. tariffs on Indian goods helped improve overall sentiment.

Gold in Asia rose by 3%, marking a rebound of roughly 9% from Monday’s lows. Gold, silver, equities, and the U.S. dollar have been volatile since Donald Trump’s nomination of Kevin Warsh as Federal Reserve chair triggered a drop in metal prices. Warsh is viewed as likely to shrink the Fed’s balance sheet, which would push bond yields higher and weigh on non-yielding precious metals.

The area around the $5,000 level may act as local resistance.