Gold prices fall Rs 6,000/10 gram in two days; silver tanks Rs 15,500/kg on rate hike fears. Time to sell precious metals?

Gold and silver prices fell sharply over two days on MCX, with August 2026 gold futures dropping Rs 5,863 to Rs 1,40,666 per 10 grams and July 2026 silver futures plunging Rs 15,526 (7%) to Rs 2,10,308 per kg. The selloff was driven by US Federal Reserve rate hike expectations, with traders pricing in three hikes this year and a 67% probability of a September hike, pushing the US dollar to a 13-month high. Internationally, spot gold slipped below the key $4,000/oz mark for the first time since November 2025, trading at $3,985.89/oz, while experts advised against bottom-fishing and suggested exiting short positions as markets entered oversold territory.