Gold prices fall by Rs 2,000/10 grams, silver dips by Rs 5,400/kg as rising oil prices spur rate hike bets. Should you sell?

Gold futures on MCX fell Rs 2,000 to Rs 1,41,557 per 10 grams while silver futures dropped Rs 5,400 (2.5%) to Rs 2,17,277 per kg, tracking weakness in international prices after US-Iran tensions lifted oil prices by about 4% and strengthened the US dollar. Spot gold declined 1.2% to $4,072.78 per ounce and silver fell 1.6% to $58.89 per ounce on COMEX. Traders are now eyeing Fed Chair Warsh's semiannual testimony and key US inflation data for monetary policy cues.