Precious metals shares shined on Tuesday. Helca Mining up over 6%; Harmony Gold, First Majestic Silver, Gold Fields up about 5%.

Spot silver rose 4.36% to $79.95 per ounce while spot gold rose 0.85% to $4,485.5 per ounce.

Morgan Stanley forecast gold would hit $4,800 per ounce by the fourth quarter of this year, exceeding last year's records, citing falling interest rates, a change in leadership at the Federal Reserve, and buying by central banks and funds.

In a note dated January 5, it also said events in Venezuela over the weekend were likely to attract buyers to gold as a safe haven, but did not specify this as a reason for its $4,800/oz forecast.