New Delhi, Apr 27 (PTI) Silver prices rebounded by Rs 3,500 to Rs 2.50 lakh per kg in the national capital on Monday, while gold edged higher to Rs 1.56 lakh per 10 grams amid fresh buying by jewellers and retailers.

The white metal had closed at Rs 2,47,000 per kg in the previous session.

According to the All India Sarafa Association, gold of 99.9 per cent purity gained Rs 200 to Rs 1,56,100 per 10 grams (inclusive of all taxes).

“Gold traded steady on Monday, holding within the previous session’s range as markets navigated mixed global cues,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

He added that sentiment remained cautious amid uncertainty around US-Iran relations, with limited progress in diplomatic efforts and no clear timeline for renewed talks, maintaining a geopolitical risk premium across commodities and financial markets.

In the international markets, both spot gold and silver traded marginally lower at USD 4,704 and 75.60 per ounce, respectively.

“Spot gold slipped as US-Iran talks stalled, which pushed up oil prices, stoking inflation concerns,” Praveen Singh, Head of commodities at Mirae Asset ShareKhan, said.

However, the metal recovered later and was trading steadily at USD 4,710 per ounce amid reports that Iran has given the US a new proposal to reopen the Strait of Hormuz and end the conflict, he added.

The proposal also includes the postponement of nuclear negotiations. The US Dollar Index was slightly weaker on optimism over peace talks as risk appetite improved.

“Apart from US-Iran talks, the Fed’s monetary policy decision due on April 29 is the most crucial event that will impact financial markets as investors fret over jump in oil prices affecting rate cut chances,” Singh said.