Gold prices fall after 4-day rally; silver down Rs 1,200/kg despite easing rate hike fears. What are experts saying?

Gold and silver prices retreated in domestic markets after a four-day rally, with MCX silver futures for September 2026 down Rs 1,150 (0.5%) at Rs 2,37,264 per kg and gold futures for August 2026 falling Rs 243 to Rs 1,47,135 per 10 grams. The pullback came despite easing rate hike fears after US data showed job growth slowed sharply in June, with traders now pricing in about a 55% probability of a Fed rate increase in September, down from over 60% earlier. In international markets, spot gold was little changed at $4,175.02 per ounce while silver edged up to $62.48 per ounce, extending its rally to a fifth session.