CHENNAI: Gold prices dropped by Rs 960 in the city on February 16, 2026.
The yellow metal is now priced at Rs 1,15,520 per sovereign (8 grams), and Rs 14,440 per gram, a surge of Rs 120.
The shiny metal was priced at Rs 1,16,480 per sovereign (8 grams) and Rs 14,560 per gram on February 14.
The price drop comes as the US dollar strengthened following stronger-than-expected January jobs data, which reduced expectations of early interest rate cuts.
Meanwhile, silver remains stable at Rs 280 per gram (Rs 2,80,000 per kg).
Gold prices fell because strong US jobs data for January 2026, which were released on Wednesday, reduced expectations of interest rate cuts, meaning rates may stay higher for longer, which strengthens the dollar, and in turn, makes gold slightly less attractive to investors, since it does not earn interest.
Gold remains significantly higher compared to last year. Prices have surged from Rs 63,120 per sovereign (Rs 7,890 per gram) on February 15, 2025, to Rs 1,15,520 per sovereign (Rs 14,440 per gram) on February 16, 2026, marking an increase of Rs 52,400, or about 83.1%.
February 14, 2026: 1 Sovereign- Rs 1,16,480| 1 gram- Rs 14,560
February 13, 2026: 1 Sovereign- Rs 1,15,200| 1 gram- Rs 14,400
February 12, 2026: 1 Sovereign- Rs 1,16,800 | 1 gram- Rs 14,600
February 11, 2026: 1 Sovereign- Rs 1,18,320 | 1 gram- Rs 14,790
February 10, 2026: 1 Sovereign- Rs 1,16,640 | 1 gram- Rs 14,580
February 14, 2026: 1 gram- Rs 280
February 13, 2026: 1 gram- Rs 280
February 12, 2026: 1 gram- Rs 300
February 11, 2026: 1 gram- Rs 300
February 10, 2026: 1 gram- Rs 300
February 9, 2026: 1 gram- Rs 300