New Delhi, July 21 -- Gold and silver prices traded higher on Tuesday, 21 July, as renewed diplomatic efforts to broker a ceasefire between the US and Iran improved sentiment in the precious metals market. Investors also assessed the potential impact of easing geopolitical tensions on crude oil prices and the US Federal Reserve's interest rate outlook.

Comex gold futures climbed $73 per troy ounce to an intraday high of $4,088, while silver futures advanced $2.55 to $59.55 per troy ounce.

Reports suggest that mediators have proposed a 10-day ceasefire between the two countries. A senior Iranian official told Reuters on Monday that Tehran had received the proposal as part of efforts to salvage the interim agreement.

Despite the diplomat...