New Delhi, April 8 -- The temporary ceasefire in the Middle East has triggered renewed buying in precious metals, as the truce has kept expectations of global central bank rate cuts intact, prompting safe-haven investors to shift their focus back to gold and silver.

Late on Tuesday, US President Donald Trump said he would suspend attacks on Iran for two weeks, sparking a retreat in oil prices. The recent surge in energy prices had raised concerns over rising inflation and a more hawkish stance from central banks. Gold and silver, which do not generate any income, tend to perform well when interest rates are low.

Tracking developments in the Middle East, Comex gold futures surged by $204 per troy ounce to an intraday high of $4,888, whil...