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After experiencing historic declines in the two previous trading sessions, gold and silver prices are now rebounding and sharply higher on Feb. 3.

The spot price gold is up 6% and trading back near $5,000 U.S. per ounce, while silver is up 13% and trading at $87 U.S. an ounce.

The recovery comes after gold's price plunged 10% on Jan. 30 and silver's price collapsed by 30%, marking the worst one-day performance for the two metals since the early 1980s.

Mining stocks and exchange-traded funds linked to gold and silver have also plunged and recovered alongside the two precious metals.

Canada's benchmark Toronto Stock Exchange fell more than 1,000 points on Jan. 30 as the mining-heavy index was dragged lower by the sudden downturn in gold and silver prices.

But now, mining stocks are trending higher as gold and silver recover from their selloffs.

London-listed mining giants such as Rio Tinto (NYSE: $RIO ) and Anglo American (NGLOY) are up 2% and 3%, respectively, on Feb. 3.

Shares of U.S.-listed gold and silver miners are also significantly higher, with Endeavour Silver (NYSE: $EXK ) up 7.5% and Hecla Mining (NYSE: $HL ) up 8% on the day.

Analysts say gold and silver are rebounding as investors reassess whether the selloff signaled a structural turning point or an exaggerated reaction to short-term catalysts.

Strategists at Deutsche Bank (DB) say it was short-term catalysts, even while acknowledging that the scale of the selloff raised eyebrows.

The selloff that began on Jan. 30 was triggered by a strengthening U.S. dollar and President Donald Trump's nomination of Kevin Warsh to lead the Federal Reserve.

Commodities analysts at JPMorgan Chase (JPM) urged investors to buy the dip in gold and silver, saying the decline was likely to be temporary and short-lived.