Gold and silver prices witnessed a sharp decline on June 24 amid rising expectations of further US Federal Reserve rate hikes and easing geopolitical concerns. Gold futures on MCX fell over 1 per cent, while silver tumbled nearly 3 per cent. Among other precious metals, spot silver declined 1.1% to $61.36 per ounce. Platinum fell 0.9% to $1,637.34 per ounce.