New Delhi, April 17 -- Precious metals traded with solid gains on Friday, 17 April, as sentiment towards safe-haven assets improved after Iran announced the reopening of the Strait of Hormuz, which pushed oil prices lower and eased some inflation concerns.

Comex gold futures rallied by $109 per troy ounce to reach a one-month high of $4,917, while silver futures surged $4.53 to $83.24, the highest level in a month. Both metals are heading for their fourth consecutive weekly gains, in which gold has surged 7.5% and silver 19.5%, considering today's high.

Along with geopolitical optimism, the fall in the US dollar is also supporting the rally. The US dollar fell to 93.6, the lowest level in six weeks, making greenback-denominated commodit...