Gold futures advanced back above $5,000 an ounce as market participants engaged in dip buying following two sessions of declines. Prices regained more than half of recent losses amid rising geopolitical tensions, even as trading volume remained lighter with several Asian markets closed for the Lunar New Year. Investors focused on U.S. monetary policy, analyzing comments from Federal Reserve officials and the January meeting minutes. While some officials suggested rates should remain steady until inflation reaches the 2% goal, others noted the potential for cuts if disinflation continues. Industrial metals followed the upward trend, with Silver futures rising over 5% and Copper futures gaining over 2%. This move in industrial metals occurred despite a consecutive 11 day increase in global copper inventories, which reached the highest levels since last March.