New Delhi, July 16 -- Gold and silver prices remained under pressure for the second consecutive session on Thursday, July 16, as escalating tensions in the Middle East reinforced expectations that the US Federal Reserve could keep interest rates higher for longer, while renewed fears of a broader regional conflict further weighed on investor sentiment.

After declining $18 per troy ounce in the previous session, Comex gold futures fell another $74 to an intraday low of $3,977 per ounce, slipping below the key $4,000 mark. A break below $3,955 could drag the yellow metal to its lowest level in nearly eight months.

Silver, which is typically more volatile than gold, dropped another $1.80 per troy ounce to $55.65, its lowest level since ear...