New Delhi, July 28 -- Gold and silver prices came under renewed selling pressure on Tuesday, 28 July, as investors awaited the outcome of the US Federal Reserve's policy meeting, while a stronger US dollar weighed on precious metals by making them more expensive for holders of other currencies.

Comex gold futures fell $66 per troy ounce to an intraday low of $4,011, while silver futures also tumbled nearly $1.85 per troy ounce to $56.86.

The US Dollar Index traded around 101.5 against a basket of major currencies as markets priced in more than a one-third probability of a Federal Reserve rate hike later this year.

Since the outbreak of the US-Iran conflict in late February, expectations of higher interest rates have strengthened, keepi...