Gold sank 2.01% to 4,174 and silver 2.46% to 63.71 on Tuesday, erasing the prior day's bounce as a firm dollar and high rates dragged both metals to fresh lows.

Gold fell to $4,331/oz and silver hit $67 as rate-hike bets, a strong dollar, and the Warsh Fed outweigh war and inflation.

Gold prices dipped on Monday, extending previous losses amid U.S. interest rate hike fears. Meanwhile, escalating tensions in the Gulf sent oil prices soaring, fueling inflation…