New Delhi, May 21 -- Precious metals witnessed renewed selling pressure on Thursday, 21 May, as the rebound in crude oil prices heightened inflation concerns, boosting expectations of further US rate hikes and lifting Treasury yields and the dollar, which added pressure on safe-haven assets.

Comex gold fell by $47 per troy ounce to an intraday low of $4,488, while silver futures declined by $1.5 per ounce to $74.69. Since the start of the war in late February, gold has lost 14% and silver has been down by 18.3%.

Hopes of potential de-escalation in West Asia were once again tested after Iran's Supreme Leader said the country must retain its uranium, according to Reuters, tempering optimism that the warring sides were moving closer to a d...