US-Iran war, April 13 -- Gold and silver rates today tumbled as much as 3% amid rising inflation worries, as US-Iran war ceasefire talks ended with no deal and US plans to blockade the Strait of Hormuz intensified fears of a global energy supply shock.

COMEX gold rate today dropped by up to 2.2%, slipping below $4,650 an ounce and erasing the gains from the previous week. Meanwhile, COMEX silver prices slided 3.29% to $74 per ounce, during the Asian trading hours on Monday, April 13.

Precious metals came under pressure after brent crude oil prices surged as much as 8.4% to $103.24 a barrel in early trading on Monday.

The US military announced it will enforce a blockade starting 10 a.m. Eastern Time on Monday, after weekend talks with I...