New Delhi, June 19 -- Precious metals extended their decline for a second consecutive session on Friday, 19 June, as expectations of a potential interest rate hike by the US Federal Reserve boosted the dollar. Delays in negotiations between the US and Iran further dampened sentiment, putting gold and silver on track for another weekly loss.

COMEX gold futures fell another $107 per troy ounce to an intraday low of $4,138, taking their week-to-date losses to 1.5%. COMEX silver futures declined nearly $3 per troy ounce to $63.35, heading for a sixth consecutive weekly decline.

The US Federal Reserve signalled that an interest rate hike may be required later this year to bring inflation back toward its 2% target. Inflationary pressures have...