New Delhi, April 22 -- Gold and silver prices rallied on Wednesday following the extension of the US-Iran ceasefire, which helped ease geopolitical tensions and reduced concerns over a potential spike in inflation and a prolonged high interest rate environment.

Spot gold rose 1.1% to $4,762.22 per ounce, while US gold futures for June delivery gained 1.3% to $4,781. Spot silver prices surged 2.2% to $78.38 per ounce.

The rally in gold and silver prices came after US President Donald Trump announced an indefinite extension of the ceasefire with Iran to facilitate further peace negotiations, just hours before the deal was set to expire. The move significantly reduced near-term geopolitical risks, leading to a decline in crude oil prices, ...