New Delhi, June 4 -- Precious metals witnessed renewed buying on Thursday, 4 June, supported by optimism after Israel and Lebanon agreed to a conditional ceasefire, reviving hopes for progress in negotiations aimed at resolving the Iran conflict and reopening the Strait of Hormuz.

Comex gold jumped $76.3 per troy ounce to reach the day's high of $4,543, while silver futures rebounded $1.7 to $75.33. Despite the attempted recovery, both metals continued to trade lower for the week, with gold and silver down 1.88% and 2.30%, respectively.

The US-backed agreement between Israel and Lebanon has revived hopes for broader negotiations involving Iran. Earlier this week, the fragile ceasefire between Iran and the US came under pressure after bo...