Gold Rate Today Drop From Record High In Bangalore & Chennai On June 16; Check Today's 24K, 22K, & 18K Prices

Gold rate today slipped slightly, offering some relief after last week's dramatic surge that lasted for four consecutive trading sessions. The recent rally in gold prices was because of the geopolitical tensions, especially the escalation in the Israel-Iran conflict, which pushed investors towards safe-haven assets like gold.

During the previous week, gold prices jumped by nearly Rs. 37,500 per 100 grams, which was one of the most significant weekly gains in recent months.

The 24-carat gold rate In Bangalore, it surged to an all-time high on Friday, crossing the Rs. 1 lakh mark per 100 grams for the second time this year. Gold rates in Chennai and other major cities are experiencing the rise in yellow metal rates.

Gold Rate in Chennai Today

On June 16th, Monday, the 22-carat gold rate in Chennai declined by Rs. 150 per 10 grams to cost Rs. 93,050 per 10 grams. While the 24-carat gold prices in Chennai today fell by Rs. 170 and are currently retailing at Rs. 1,01,510 per 10 grams. Similarly, the 18-carat gold rate today also declined by Rs 100 per 10 grams to cost Rs 76,600.

In bulk terms, the 100 grams of 22-carat gold stand at Rs. 9,30,500 after dropping Rs. 1500. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 10,15,100, which dropped by Rs. 1700.

Gold rate in Bangalore today

The 22-carat gold rate in Bangalore fell by Rs. 150 per 10 grams, bringing the price down to Rs. 93,050 per 10 grams. Meanwhile, the 24-carat gold price in Bangalore dropped by Rs. 170, now retailing at Rs. 1,01,510 per 10 grams. The 18-carat gold also saw a decline of Rs. 100 per 10 grams, currently priced at Rs. 76,600.

Gold Target Price Ahead

"Gold prices are expected to rise. One can buy at 100400 with a stop loss of 100000 for the target at 100800-101200." As per Nirmal Bang Securities.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on August 5, 2025, are trading at Rs. 1,00,300 after rising 0.02%. Similarly, silver futures, which are set to expire on July 4, 2025, rose by 0.08% and are currently trading at Rs 1,06,403 at 10:26 AM on Monday.

"MCX Gold Aug is expected to rise towards Rs. Rs.101,200 as long as it trades above the Rs. 99,200 level. A move above Rs. Rs.101,200 would take the price towards the Rs. 102,500 mark. MCX Silver July is expected to rise towards the Rs. 107,400 level, as long as it holds above the Rs. 104,000 level. Only below Rs.104,000, it would turn bearish." according to the ICICI Direct Commodity Research Report.

Silver Prices in Chennai Today

Silver prices in Chennai today slipped slightly. 1 kg of silver in Chennai costs Rs 119,900 after falling by Rs 100. While 100 g of silver rates in India currently cost Rs 11,900, which slipped marginally.

Silver Prices in Bangalore Today

Bangalore silver prices today also slipped slightly on June 16th. 1 kg of silver in Bangalore fell by Rs. 100 to cost Rs. 1,09,900. While 100 g of silver rates in India cost Rs 10,990.

Spot Gold Prices + Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold gained 0.3% to USD 3,442.09 an ounce, as of 0246 GMT, after hitting its highest level since April 22 earlier in the session. U.S. gold futures advanced 0.3% to USD 3,461.90. Spot silver is steady at USD 36.29 per ounce."

As per the ICICI commodity report, "Spot gold has breached the psychological mark at USD 3400 and moved higher. It is expected to extend its rally towards USD 3450. A break above USD 3450 would open the doors towards USD 3500."

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