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 and silver fell sharply on the MCX for a second straight session as geopolitical tensions around the Strait of Hormuz pushed oil prices higher, reviving inflation fears and bets that interest rates may stay elevated for longer. MCX silver for September 2026 dropped Rs 5,400/kg to Rs 2,17,277, while August 2026 gold futures fell Rs 2,000 to Rs 1,41,557 per 10 grams. Globally, spot gold and silver also weakened, alongside platinum and palladium. The move reflects a broader macro trade: higher crude, a stronger U.S. dollar, and upcoming U.S. inflation and retail sales data are pressuring precious metals. Despite the pullback, one analyst said the decline could be a buying opportunity for long-term investors, while traders should wait for stability before adding positions.