New Delhi, July 7 -- Precious metals came under renewed selling pressure on Tuesday, 7 July, as investors assessed escalating tensions in the Middle East while awaiting the Federal Reserve's June meeting minutes for fresh clues on the US central bank's monetary policy outlook.

COMEX gold futures slipped $40 per troy ounce to an intraday low of $4,127, while silver futures fell $1.62 per troy ounce to $60.71.

In the previous session, the yellow metal climbed to a two-week high after a volatile trading session, while silver ended with gains of more than 2%.

Fresh geopolitical concerns resurfaced after reports emerged of another attack near the Strait of Hormuz.

According to the Associated Press, a Qatari LNG tanker and a Saudi-flagged c...