New Delhi, March 24 -- Precious metals continued to drift lower during Tuesday's session, as recent optimism over signs of de-escalation in the Middle East quickly faded. Tensions in the region remained stubbornly high on 24 March, fuelling fears that a prolonged conflict could stoke inflation and potentially lead to higher interest rates.

May silver futures on COMEX weakened further, tumbling $3.24 to an intraday low of $66.15 per troy ounce, while April gold futures plunged $101 to hit an intraday low of $4,306 per troy ounce.

Gold and silver prices witnessed wild swings in the previous session following statements from both US President Donald Trump and Iranian officials regarding a potential end to the war, with both metals eventual...