New Delhi, July 24 -- Gold and silver prices edged higher in Friday's trade, as both precious metals attempted to recover a portion of their previous session's losses, even as the escalating conflict in the Middle East continued to fuel expectations of tighter monetary policy by the US Federal Reserve.

Comex gold futures rose $23 per troy ounce to an intraday high of $4,073, while Comex silver futures also recovered, gaining around $1 per troy ounce to $58.98.

Despite Thursday's decline, both precious metals attracted strong buying interest during the week. Gold has gained around 1.3%, while silver has advanced 4.5% so far this week. If these gains hold through Friday's close, both metals will snap their two-week losing streak.

The con...