New Delhi, March 11 -- Gold and silver rates today opened in a negative territory on Wednesday, March 11, after remarks from US officials regarding the Middle East conflict, which has heightened volatility in energy markets.

Spot gold rate today was down marginally; however, it remained above the $5,200 level. The yellow metal was trading 0.34% lower at $5224 per ounce. Meanwhile, spot silver prices were also trading in red, down 0.32% to $89.35 per ounce, during the Asian trading hours.

According to a Bloomberg report, the White House said the US had not escorted an oil tanker through the Strait of Hormuz, contradicting a now-deleted social media post by Chris Wright. Oil prices rebounded after declining sharply on Tuesday.

The confli...