New Delhi, April 13 -- Precious metals were trading with sharp losses in Monday's session on 13 April, as tensions in the Middle East resurfaced after a brief pause following the collapse of peace talks between the US and Iran over the weekend, which fuelled inflation concerns and clouded the outlook for future interest rate cuts.

Comex April gold futures crashed $161 per troy ounce to the day's low of $4,626, erasing most of their recent gains and putting them on track for a second consecutive loss. May silver futures on Comex also reversed recent gains, falling $4 per troy ounce to touch the day's low of $72.54 earlier in the session.

Investors had hoped that the US and Iran could draft a peace deal to end the over-month-long conflict...