Gold price crash today: Why is MCX Gold down over 2% & what should you do? Explained

Gold price crash today: The start of the week saw both the precious metals, MCX Gold and MCX Silver, crash on Monday as the rise in oil prices fuelled inflation worries and increased expectations that the US Federal Reserve could raise interest rates further.On the domestic bourse, MCX silver futures for September 2026 delivery fell Rs 6,661 to Rs 2,28,035 per kg. Gold futures for October 2026 delivery declined Rs 3,214 to Rs 1,47,667 per 10 grams.In international markets, spot gold was down 1.5% at $4,223.95 per ounce as of 0117 GMT, while US gold futures declined 1.5% to $4,257.90.Other precious metals also traded lower. Spot silver fell 2.6% to $62.64 per ounce, platinum declined 2.1% to $1,741.45 and palladium dropped 2.1% to $1,239.95.Why is gold crashing today?Gold remains under pressure as both bond yields and crude oil prices moved higher.