New Delhi, May 12 -- Gold and silver erased their recent gains in Tuesday's trade on May 12, as renewed tensions in the Middle East kept crude oil prices elevated, while rising US inflation and a stronger dollar further weighed on precious metals.

COMEX gold futures erased the opening gains to drop $67 per troy ounce, reaching an intraday low of $4,660, while silver futures declined $2.13 to hit an intraday low of $83.67.

Tensions in the Middle East are expected to escalate again after US President Donald Trump said the month-old ceasefire with Iran was "on life support," following Tehran's response to a US proposal aimed at ending the conflict, which highlighted that both sides remain far apart on key issues.

Trump over the weekend re...