New Delhi, April 28 -- Gold and silver erased their recent gains, plunging sharply on Tuesday, 28 April, as a continued rise in crude oil prices and stalled US-Iran negotiations intensified inflation concerns. Traders also remained cautious ahead of the US Federal Reserve meeting.

COMEX gold futures dropped $125 per troy ounce to an intraday low of $4,681, marking the lowest level in a month. The decline has also turned the yellow metal's month-to-date returns negative by 1.92%, and from the monthly high of $4,917, it has corrected 6.8%.

Silver futures fell $3.1 to $71.92, the lowest level since 7 April. Over the last seven trading sessions, the white metal has declined 14% from its high of $83.24.

Hopes for a second round of peace tal...