New Delhi, April 9 -- Gold and silver rates today plunged up to 3% after posting gains over the past two sessions, as investors assessed the chances of a diplomatic resolution to the US-Iran war.

COMEX gold rate today fell over 1% to trade above $4,700 per ounce after gaining 1.5% over the previous two sessions. Meanwhile, COMEX silver prices tumbled 3% to $73 per ounce during the Asian trading hours on Thursday.

The White House announced that the US plans to engage in direct talks with Iran, even as Tehran accused Israel of breaching a recently established ceasefire in Lebanon and continued its attacks on Gulf nations. Despite Iran's promises to ensure safe transit, the Strait of Hormuz remained largely obstructed.

Oil prices bounced ...