New Delhi, June 12 -- Gold and silver prices in India opened sharply higher on the Multi Commodity Exchange (MCX) on Friday, led by strong buying, as investors hope for a US-Iran peace deal which could end the war in West Asia.

MCX gold rate for August futures contracts opened higher by Rs.1,663, or 1.11%, at Rs.1,50,595 per 10 grams as against its previous close of Rs.1,48,932 level.

MCX silver price for July futures contracts opened higher by Rs.3,123, or 1.30%, at Rs.2,42,776 per kg, as compared to its previous close of Rs.2,39,653 level.

In the international market, gold prices fell and were on track for a weekly loss, weighed down by concerns around inflation and potential US Federal Reserve interest rate hikes.

Spot gold price d...