Europe open: Stoxx hits record as gold, silver prices rally

(Sharecast News) - European stocks hit record highs on Tuesday as metals prices rebounded after a sell-off in the previous two sessions.

The pan-regional Stoxx 600 was 0.8% higher to 622 at 0829 GMT, having hit a record 622.66 at the open driven by mining stocks.

Britain's UK FTSE 100 also powered to a new record, while Germany's DAX surged by 1.13%. Gold rebounded from a sharp fall on Monday, with the precious metal up 6% to $4,933 an ounce, while silver gained 10% to $87.

"A sense of calm descended after the precious metal ructions, opening the door for investors to buy on the dip," said Richard Hunter, head of markets at interactive investor.

"The technical and sentiment driven declines found a floor, which drove a return to a risk-on approach. After all, despite the dip in the gold price, the commodity remains up by 14% this year and by 87% over the last 12 months, which suggests a healthy correction was overdue without necessarily indicating a fundamental change."

Oil prices fell slightly with Brent crude down 0.35% to $66.07 and West Texas intermediate 0.21% lower at $62.01.

In equity news, mining stocks rallied with gold and metal producers Endeavour and Fresnillo both higher. Copper producers Antofagasta and Anglo American also rose.

Advertising giant Publicis fell despite reporting strongerthanexpected full-year underlying revenues on Tuesday, buoyed by a run of major client wins as it continued to outpace rivals including WPP.

Reporting by Frank Prenesti for Sharecast.com