Gold prices fall Rs 1,300/10 gram; silver tanks Rs 5,600/kg as rate hike bets, US-Iran tensions dent mood. Time to sell precious metals?

Gold and silver prices declined sharply on MCX, with gold futures for August 2026 falling Rs 1,331 (1 percent) to Rs 1,41,200 per 10 grams and silver futures for September 2026 dropping Rs 5,662 (2.5 percent) to Rs 2,22,901 per kg. Globally, spot gold slipped 0.6 percent to $3,981.69 an ounce and silver fell 0.9 percent to $58.04 an ounce, weighed down by hawkish Fed commentary on potential rate hikes from Cleveland Fed President Beth Hammack and dimming hopes of a US-Iran diplomatic breakthrough. Experts advise waiting for the Fed Chair speech and US non-farm payroll data before taking fresh positions.