New Delhi, July 13 -- Gold and silver prices extended their decline for a second straight session on Monday, 13 July, as escalating tensions in the Middle East fuelled concerns over persistent inflation and the prospect of higher US interest rates. A stronger US dollar also weighed on sentiment, pushing both precious metals deeper into last week's losses.

Comex gold futures dropped another $104 per troy ounce to an intraday low of $4,009, while Comex silver futures fell $2.34 to $57.82 per troy ounce.

The renewed escalation in West Asia triggered a sharp rebound in crude oil prices, reinforcing expectations that the US Federal Reserve may have to keep interest rates higher for longer to contain inflation. Higher interest rates typically...