Gold prices fall Rs 1,300/10g; silver tanks Rs 7,200/kg on firm dollar, rate hike fears. What should you do?

Gold and silver prices fell sharply on MCX, with August gold futures declining Rs 1,342 to Rs 1,46,776 per 10 grams and July silver futures dropping Rs 7,185 to Rs 2,27,125 per kg. The selloff was driven by a firm US dollar near one-year highs and renewed expectations of a Federal Reserve rate hike, with traders now assigning an 88% probability to a December hike. Internationally, spot gold fell 0.7% to $4,162.60 per ounce while spot silver dropped 1.8% to $64.02.