Chennai: Gold, silver price drops on May 16; check how much it costs

CHENNAI: A day after a fall of Rs 1,480 per sovereign, gold further fell on Saturday (May 16) by Rs 120 a sovereign.

The yellow metal now costs Rs 1,18,000 per sovereign and Rs 14,750 per gram, a decrease of Rs 15 per gram.

Yesterday, on May 15 morning, gold was priced at Rs 1,19,600 per sovereign and Rs 14,950 per gram. By evening, it plunged by Rs 1,480 per sovereign to sell for Rs 1,18,120 (Rs 14,765 per gram).

Silver prices dropped

Silver prices decreased by Rs 15 to sell for Rs 290 per gram (Rs 2,90,000 per kg) on May 16. On May 15, silver was sold at Rs 305 per gram (Rs 3,05,000 per kg).

Gold rate today vs gold rate on this day, last year

Gold remains significantly higher compared to last year. Prices have surged from Rs 69,760 per sovereign (Rs 8,720 per gram) on May 16, 2025, to Rs 1,18,000 per sovereign (Rs 14,750 per gram) on May 16, 2026, marking an increase of Rs 48,240 or about 69.15%.

Gold price (22-carat) over the last five days:

May 15, 2026: 1 Sovereign - Rs 1,18,120 | 1 gram - Rs 14,765

May 14, 2026: 1 Sovereign - Rs 1,20,400 | 1 gram - Rs 15,050

May 13, 2026: 1 Sovereign - Rs 1,12,000 | 1 gram - Rs 15,000

May 12, 2026: 1 Sovereign - Rs 1,14,640 | 1 gram - Rs 14,330

May 11, 2026: 1 Sovereign - Rs 1,12,800 | 1 gram - Rs 14,100

May 9, 2026: 1 Sovereign - Rs 1,13,200 | 1 gram - Rs 14,150

Silver price over the last five days:

May 15, 2026: 1 gram - Rs 305

May 14, 2026: 1 gram - Rs 305

May 13, 2026: 1 gram - Rs 320

May 12, 2026: 1 gram - Rs 300

May 11, 2026: 1 gram - Rs 285