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 tumbled on Wednesday as fading hopes for a U.S.-Iran peace deal fueled inflation worries and bolstered expectations of sustained high interest rates from the Federal Reserve. MCX silver futures saw a significant drop, while gold futures also declined. Analysts advise caution, suggesting investors await the Federal Reserve Chair's speech before making new moves in the volatile precious metals market.