New Delhi, Aug. 4 -- Gold and silver prices traded higher on Tuesday's trade, 4 August, as investors tracked diplomatic efforts to ease tensions between the US and Iran, with lower crude oil prices reducing inflation concerns and easing pressure on the US Federal Reserve to raise interest rates.

Comex gold futures climbed $61 per troy ounce to an intraday high of $4,151, while silver futures advanced $2.35 to $60.24 per ounce.

The rally in precious metals came as hopes of a diplomatic breakthrough between the US and Iran gained momentum. Optimism strengthened after US Treasury Secretary Scott Bessent told CNBC that an agreement to reopen the Strait of Hormuz could be reached "today or tomorrow."

Bessent's remarks echoed comments by US ...