New Delhi, June 8 -- Precious metals recovered much of their intraday losses as prospects of a potential Israel-Iran ceasefire improved sentiment, although prices continued to remain under pressure after strong US jobs data reinforced expectations of a possible interest rate hike by the US Federal Reserve.

Comex gold rebounded $84 per troy ounce from the day's low to trade around $4,377, while silver futures on Comex recovered nearly $3 to the $69 level. Gold ended last week with a 5% decline, marking its steepest weekly fall since mid-March. Silver posted an even sharper decline of 9%, its worst weekly drop in over two months.

Israel and Iran exchanged fire early Monday in their first direct attacks since the US brokered a ceasefire wi...