It was working perfectly fine yesterday and is only a year old or so, I have no idea what could've happened?
It's connected through Optical Out to a Vizio sound bar, which was also working fine. We use it as the main audio output and keep the TV itself muted.
I went to watch YouTube on the TV itself and no sound was coming out. I checked the settings, tried changing a couple, even tried the actual TVs speakers and there's no sound at all!!?
EDIT: SOLVED! A full power cycle fixed it.
Try completely turning off the tv, switch off the power button as well. I have a TCL tv which will do this once in couple of months and power cycling fixes the issue.