Silver, gold ETFs and stocks jumped again in premarket trading on Tuesday. ProShares Ultra Silver rose 6%; iShares Silver Trust rose 3%; First Majestic Silver, Pan American Silver, Hycroft Mining, and Endeavour Silver rose 2%.

Hecla Mining, Gold Fields, Coeur Mining, and Barrick Mining rose 2%; Eldorado, Kinross, Harmony Gold, and ProShares Ultra Gold rose 1%.

Gold rose on Tuesday, after breaking through the $5,100 mark for the first time in the previous session, as geopolitical uncertainty underpinned safe-haven demand, while silver also hovered near all-time highs.

Spot gold climbed 1.7% to $5,096 per ounce, after scaling a record $5,110.50 on Monday.

Spot silver jumped 9% to $113.23 an ounce, after hitting a record high of $117.69 on Monday. The white metal has already surged 53% so far this year.

Escalating trade tensions, U.S. President Donald Trump said on Monday he would raise tariffs on South Korean auto, lumber, and pharmaceutical imports to 25%, while criticizing Seoul for failing to enact a trade deal with Washington.

This was after he threatened tariffs on Canada in the backdrop of a thawing relationship between the two countries, following Canadian Prime Minister Mark Carney's visit to China earlier this month.

A looming U.S. government shutdown and Trump's erratic policymaking also pressured the greenback, making the dollar-priced gold cheaper for overseas consumers.

Bets are for the Federal Reserve to hold interest rates steady at its meeting beginning later in the day, amid a Trump administration's criminal investigation of the central bank chief Jerome Powell, an evolving effort to fire Fed Governor Lisa Cook, and the upcoming nomination of a successor to Powell in May.