Gold and silver exchange traded funds (ETFs) declined on Thursday, tracking weaker prices of the precious metals on the international and domestic markets. The scrips of some of the largest gold ETFs offered by Axis Mutual Fund, Zerodha, Nippon India and HDFC Mutual Fund fell over 5%.Bulllion fell for a seventh session as the escalating war in the Middle East drove oil prices higher and reduced prospects for a US interest-rate cut in the near term. Spot gold fell over 2% to $4,704.32 an ounce in London, on track for its longest losing streak since October 2023. A firm dollar and a hawkish Federal Reserve dampened hopes for near-term interest rate cuts. The US central bank expects inflationary pressure in the economy due to higher oil prices.Higher interest rates tend to weigh on gold, as the metal does not offer any yield, making it less attractive compared to interest-bearing assets. The stronger dollar has further added pressure, as it makes gold more expensive for global buyers.In the local market, gold hit a new intraday low on the MCX, falling 4%, or over Rs 6,000, to Rs 1,46,859. Silver, meanwhile, fell 7.60%, or over Rs 18,000, to Rs 2,29,321 at 2:15 pm.Similarly, on the MCX, gold futures for April delivery dropped Rs 3,616, or 2.36%, to Rs 1.49 lakh per 10 grams. Silver futures for May delivery fell even more sharply, declining Rs 9,031, or 3.64%, to Rs 2.39 lakh per kilogram - marking the seventh straight session of losses.ALSO READ: Gold Price Today: Yellow Metal Plunges By Rs 6,000 On MCX After Hawkish Outlook By Fed