New Delhi, May 1 -- Gold and silver prices have recovered smartly from their intraday lows on Friday, 1 May, amid hopes for a deal to end the Iran war.

COMEX gold futures rallied $44 per troy ounce to an intraday high of $4,673, yet the yellow metal remained on track for its second weekly loss. Silver futures recovered $3.52 to $77.52, helping cut its weekly loss to 0.50%. In the previous week, the white metal had lost nearly 7% of its value.

In a major development, Iran reportedly delivered a new proposal for negotiations with the United States to Pakistani mediators, state-run news agency IRNA reported. The fate of the key Strait of Hormuz lies at the heart of the stalemate.

Both Iran and the US have signalled that they are waiting f...