Gold Price Crash: ₹2,920 Drop in Recent Days, Will Rates Fall Below ₹1 Lakh?

Chennai gold and silver prices remain unchanged after recent declines, while gold has lost ₹2,920 per sovereign over the past few days. Silver is priced at ₹240 per gram.

Gold and silver prices in Chennai remained unchanged on Friday, October 16, 2026, following several days of declines in the domestic market. The price of 22-carat gold jewellery continues at ₹13,515 per gram, while one sovereign (8 grams) costs ₹1,08,120.

Silver prices have also remained steady after falling sharply on Thursday. The recent correction has drawn attention from jewellery buyers and investors who are watching for further changes in precious metal prices.

Chennai Gold Rate Today: October 16, 2026

The latest prices in Chennai are as follows:

- 22-carat gold: ₹13,515 per gram

- One sovereign of gold (8 grams): ₹1,08,120

- Silver: ₹240 per gram

- Silver bar: ₹2,40,000 per kilogram

Gold prices have remained at Thursday`s closing levels, offering a temporary pause after a series of reductions.

Gold Price Falls by ₹2,920 per Sovereign

On October 15, the price of 22-carat gold fell by ₹75 per gram to ₹13,515. The price of one sovereign declined by ₹600 to ₹1,08,120.

According to the reported market figures, gold has dropped by ₹2,920 per sovereign over the recent four-to-five-day period. The decline follows weakness in international gold and silver markets, which has influenced domestic prices.

Although gold prices have corrected considerably from their record highs this year, the metal remains more expensive than it was last year. The correction has prompted some prospective buyers to reconsider their purchasing decisions.

Silver Prices Stabilise After Sharp Decline

Silver prices also remained unchanged on October 16 after recording a significant fall the previous day.

On October 15, silver declined by ₹5 per gram to ₹240. The price of a kilogram of silver consequently stood at ₹2,40,000.

Silver had remained stable for more than 10 days before the latest decline. Buyers and investors are now watching to see whether prices stabilise or experience further reductions.

Could Gold Prices Reach ₹2 Lakh per Sovereign?

Gold prices reportedly climbed above ₹1.30 lakh per sovereign earlier this year before correcting by around 23% from that peak. Despite the decline, gold remains more than 30% higher than its level last year, according to the figures provided.

Some market predictions suggest that gold could reach ₹2 lakh per sovereign over the next two years. However, this remains a forecast rather than a guaranteed outcome, as prices depend on several factors, including international market movements and investor demand.

While some investors expect gold prices to rise further, jewellery buyers are hoping that the rate will fall below ₹1 lakh per sovereign. Changes in interest rates and the performance of other investment options may also influence investor decisions.

Gold Buyers Await the Next Price Movement

With gold and silver prices holding steady after recent declines, the coming days will be important for buyers tracking the market. Whether the current paususe develops into a recovery or further price reductions remains uncertain.

Disclaimer: This article is intended for general information only and does not constitute financial or investment advice. Precious metal prices fluctuate, and all investments carry risks. Consult a qualified financial professional before making investment decisions.