New Delhi, March 25 -- Precious metals witnessed renewed buying in Wednesday's trade, amid growing expectations of a de-escalation in the Iran conflict and potential negotiations between the United States and Iran, even as strikes across West Asia continued to widen.

May silver futures on COMEX rebounded on 25 March, gaining $5.23 to reach an intraday high of $74 per troy ounce, while April gold futures surged $199 to hit an intraday high of $4,601 per troy ounce. The recovery in both metals marked the biggest single-day spike since February.

Safe-haven assets, which had largely been ignored by investors since the beginning of the US-Iran conflict amid fears that higher energy prices could prompt central banks to raise interest rates, h...