Gold and silver kept sliding on June 18 despite the Iran deal and falling oil, as the U.S. Fed's higher-rate signal, not war or oil, drives the metals.

Gold and silver futures both declined Thursday morning, one day after the Federal Reserve held rates steady and suggested future hikes are coming.

Gold fell 1.65% to about $4,260 and silver dropped 3.08% to $67.89 on June 17 as the U.S. Fed signaled higher rates, lifting the dollar and bond yields.