Gold prices dip Rs 3,000/10 gram this week, silver plunges Rs 7,300/kg as oil rally raises rate hike bets. What’s next?

Gold and silver prices fell sharply this week, with gold declining about Rs 3,000 per 10 grams and silver plunging around Rs 7,300 per kg on MCX. MCX silver futures for September 2026 delivery were down Rs 745 at Rs 2,15,268 per kg, while gold futures for August 2026 delivery slipped Rs 385 to Rs 1,40,733 per 10 grams. The selloff was driven by a 12 percent surge in oil prices following escalation of US-Iran conflict and rising bets on a Fed rate hike after Dallas Fed President Lorie Logan publicly called for one, reducing the appeal of non-yielding precious metals.