New Delhi, June 12 -- Precious metals were trading higher on Friday, 12 June, as hopes strengthened over a possible peace deal between the US and Iran that could end the three-month-long conflict in West Asia and lead to the reopening of the Strait of Hormuz.

After closing lower for five consecutive sessions, the Comex gold futures contract jumped $154 per troy ounce to the day's high of $4,267, attempting to recover part of its recent losses. Despite the rebound, the yellow metal remains on track for a second consecutive weekly loss.

Silver futures also regained strength, surging $4 per ounce to the day's high of $68, which could snap a five-day losing streak if the gains hold through the close.

However, the white metal, which is more...