New Delhi, March 31 : Gold and silver prices are likely to open higher in Tuesdayâ??s evening session amid hopes of de-escalation in the West Asia conflict.

Tracking global cues, spot gold jumped as much as 2.39 per cent to $4,619.14 per ounce as of 11 A.M., while US gold futures for June delivery gained 2 per cent to $4,649.26.

Similarly, spot silver advanced 4.82 per cent to $73.48 per ounce, while COMEX silver traded at $73.705, up 4.44 per cent from the previous close.

On Monday, MCX gold futures (June 5) ended at Rs 1,47,450, down 0.15 per cent, while MCX silver futures (May 5) closed on a flat note at Rs 2,29,033, up 0.03 per cent.

However, the yellow metal remains on track for its steepest monthly decline in over 17 years, as elevated energy prices have dampened expectations of a US interest rate cut.

Market sentiment improved after reports suggested that US President Donald Trump signalled a willingness to end the military campaign against Iran, which could trigger a risk-on mood across global financial markets.

Reports also indicated that President Trump may halt US military action even if the Strait of Hormuz remains largely closed, leaving efforts to reopen the key oil route for a later stage.

Despite the recent uptick, bullion has fallen more than 13 per cent so far this month, putting it on course for its sharpest monthly drop since October 2008. However, prices remain up around 5 per cent for the current quarter.

Following these developments, global crude oil futures traded in the negative zone, with Brent crude declining 2.37 per cent to $104.84 per barrel -- an intraday low. US WTI futures also fell 2 per cent to $100.83 per barrel as of 11 AM.

Indian stock markets are closed on account of Mahavir Jayanti, though easing geopolitical tensions may offer some relief to sentiment.

Meanwhile, MCX will open for the evening session between 5 PM. and 11:30 PM. GIFT Nifty futures were trading about 1 per cent higher.

/IANS