New Delhi, July 1 -- Gold and silver prices declined significantly in early deals on the MCX on Wednesday, 1 July, as a stronger US dollar, firming treasury yields, and growing expectations of US Federal Reserve rate hikes keep the precious metals under pressure.

MCX gold for August delivery traded 0.86% lower at Rs.1,41,300 per 10 grams, while MCX silver September futures were 2.06% down at Rs.2,23,850 per kg around 9:10 am.

Gold and silver prices corrected sharply in June amid concerns about sticky inflation and the resulting US Federal Reserve rate hikes, even as crude oil prices declined after the US and Iran agreed to hold talks to resolve their conflict.

As per MCX, domestic spot gold prices dropped by Rs.15,100, or nearly 10%, i...