Although gold prices surged on Tuesday, they remained significantly below recent highs as investors turned away from safe-haven assets in favor of stock market advances and the possibility that the banking crisis had been averted.

The price of the yellow metal plummeted on Monday as repeated pledges of stability in the banking industry allayed fears of a further fallout from the failure of numerous banks earlier this month.

Spot gold advanced by 0.3% to $1,962.80 per ounce, while gold futures ticked up by 0.5% to $1,981.20 an ounce.

The two insturments sagged by almost 1% on Monday after breaking through the $2,000 per ounce mark the previous week.

March witnessed significant increases for gold as investors bet on a less hawkish Federal Reserve and demand for safe haven assets increased due to concerns about a banking crisis.

For the industrial metals, copper futures climbed by 0.1% to $4.1015 per pound.