New Delhi, April 16 -- Precious metals traded higher on Thursday, 16 April, as optimism grew that the US and Iran could engage in a second round of negotiations that could end the month-long conflict in West Asia. A softer US dollar also supported precious metals.

Comex gold futures rallied by $38 per troy ounce to an intraday high of $4,861, while silver futures surged $1.64 to the day's high of $81. The US dollar hovered near its lowest level in six weeks, making greenback-denominated commodities, including bullion, more affordable for holders of other currencies.

Gold and silver prices had fallen 10% and 20%, respectively, in March amid concerns that elevated energy prices could fuel inflation and keep global interest rates higher. H...