New Delhi, April 20 -- Gold and silver prices witnessed renewed selling in Monday's trade as tensions in the Middle East resurfaced, raising concerns regarding the effectiveness and long-term viability of a long-term truce between the US and Iran.

COMEX gold futures dropped by $127 per troy ounce to an intraday low of $4,808, while silver futures fell $3.13 to a low of $78.71. Both metals had closed last week with sharp gains, with gold rising 2% and silver rallying 7%.

Investor interest in precious metals had remained strong in recent weeks, supported by easing geopolitical tensions and softer inflation concerns. However, that optimism appears to be fading after US President Donald Trump said that the US had fired upon and seized an Ir...