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 as a firm U.S. dollar and renewed expectations of higher-for-longer U.S. rates pressured precious metals. Gold futures for August 2026 dropped Rs 1,342 to Rs 1,46,776 per 10 grams, while silver July 2026 futures sank Rs 7,185, or 3%, to Rs 2,27,125 per kg. Globally, spot gold fell 0.7% to $4,162.60/oz and spot silver lost 1.8% to $64.02/oz. The move reversed prior-session gains and reflected caution around U.S.-Iran peace talks, rising oil prices, and inflation-linked rate fears. Market participants now see an 88% probability of a December Fed rate hike, up from 61% before last week’s Fed meeting. The article frames the pullback as a rate-sensitive correction rather than a structural shift, with support/resistance levels suggesting traders may buy dips if gold stabilizes.