Major indices on Wall Street closed higher on Tuesday, driven by a rally in technology stocks, while gold prices retreated to $5,149 per ounce at the time of publishing. The decline sees the precious metal receding from a three-week peak, giving back a significant portion of its recent multi-day rally amid a bounce in the US Dollar and mixed US Treasury yields.

The market recovery follows a period of sharp volatility, including a significant downturn on Monday. All three major US indices recorded strong gains during the session, with semiconductor stocks leading the advance. Preliminary data showed the S&P 500 rose by 52.70 points, or 0.77%, to close at 6,890.45 points. The Nasdaq Composite climbed 239.91 points, or 1.06%, to 22,867.18 points, while the Dow Jones Industrial Average added 377.40 points, or 0.77%, to finish at 49,181.46 points.

In the commodities market, spot gold was trading at $5,149.20 per ounce by late evening, as markets remain focused on upcoming commentary from Federal Reserve speakers for further direction. Earlier in the session, US gold futures for April delivery settled 0.9% lower at $5,176.30.

Among other precious metals, spot silver declined 1.2% to $87.21 per ounce after hitting a two-week high in the previous session. Conversely, spot platinum rose 1% to $2,175.95, and palladium increased by 2.3% to $1,785.35.