New Delhi, April 29 -- Deep losses in precious metals extended into Wednesday's trade, as surging crude oil prices intensified inflation concerns and reinforced expectations that central banks may keep interest rates higher for longer.

COMEX gold futures dropped $86 per troy ounce to an intraday low of $4,522 on 29 April, marking their lowest level in a month. Silver futures fell $1.5 to $71.71, the lowest level since 7 April. Over the last seven trading sessions, the white metal has declined 14% from its recent high of $83.24.

In Tuesday's trade, both gold and silver had slipped 2%. The latest selloff has dragged gold's month-to-date decline to 4%, while silver has fallen 4.16% so far in April. Both metals are now on track to post a se...