Chennai, June 16, 2026, 14:33 IST
- Chennai gold prices fell ₹80 per sovereign on June 16, pulling back after jumping ₹1,680 the day before.
- Silver is down to ₹275 a gram, slipping from ₹280 a gram on June 15.
- Next up are global events, with traders waiting on the U.S. Federal Reserve decision and any updates on the U.S.-Iran peace deal.
Gold slipped in Chennai on Tuesday, with 22-carat prices off ₹80 at ₹1,12,480 per sovereign after Monday’s ₹1,680 surge to ₹1,12,560, Dinamani reported. One sovereign is eight grams, a common jewellery measure in Tamil Nadu. Gram rates now at ₹14,060. Dinamani
Silver prices eased in Chennai. DT Next reported silver fell ₹5 to ₹275 a gram, or ₹2,75,000 per kg, on June 16. The metal traded at ₹280 a gram, or ₹2,80,000 per kg, the previous day. That ₹5 drop per gram translates into ₹5,000 off per kg—a hit for shoppers buying bars, utensils, or stocking up for weddings and gifts. DT Next
Gold and silver futures pulled back at the open on the Multi Commodity Exchange, giving up ground after a three-day rally as traders waited for more detail on the U.S.-Iran peace deal. The Economic Times reported July 2026 MCX silver futures off 0.5% at ₹2,50,001 per kg and August gold futures down at ₹1,52,842 per 10 grams. The Economic Times
Gold rose for a fourth straight session Tuesday, as Reuters reported spot prices gaining 0.6% to $4,334.06 per ounce. Spot silver inched up 0.1% to $70.12. Traders pointed to fading fears of another U.S. rate hike after the U.S.-Iran deal. Lower U.S. rates often help gold, since it pays no yield. Edward Meir at Marex told Reuters, “this euphoria rally might last for another few days,” though he said any hawkish talk from the Fed could hurt gold. Reuters
Gold isn’t cheap even after the dip. Prices are still moving fast on news. In Chennai, DT Next reported gold at ₹1,12,480 per sovereign on June 16, 2026, way up from ₹74,440 a year ago. That’s a jump of about 51.1%. The market remains risky for short-term buyers, even with Tuesday’s small drop. DT Next
Central-bank buying and efforts to diversify reserves keep supporting the case for gold. The World Gold Council said June 16 that 45% of central banks in its latest survey plan to increase gold reserves in the next year, a new high. 89% said global central-bank gold holdings will rise. Bears point to risks if the U.S.-Iran deal stays intact, oil prices weaken, the dollar gets stronger, or the Fed hints at rate hikes. Traders have their eyes on the Fed’s Wednesday decision and are waiting on more information about the U.S.-Iran deal. World Gold Council
