On Tuesday, June 23, 2026, gold markets across India saw a steep correction, with 24-carat gold tumbling by at least Rs 20,700 per 100 grams in most cities. Hyderabad bore the sharpest end of the decline, while Chennai recorded a comparatively milder fall. In cities such as Hyderabad, 24-carat gold has slipped below the Rs 1.46 lakh per 10 grams threshold, though Chennai continues to hover near Rs 1.48 lakh per 10 grams. The sell-off is being attributed to a US dollar that crossed the 101 mark and climbed to a 13-month high, combined with fragile market sentiment as investors track developments in the US-Iran peace agreement.
Gold Rates in Chennai on June 23
Chennai saw 24-carat gold shed Rs 4,400 per 100 grams, taking the price to Rs 14,79,300. On a per-10-gram basis, the rate declined Rs 440 to Rs 1,47,930. The 22-carat segment also weakened, with 100 grams falling Rs 4,000 to Rs 13,56,000 and 10 grams dropping Rs 400 to Rs 1,35,600. Under the 18-carat category, 10 grams of gold costs Rs 1,13,400 after a Rs 300 fall, and the 100-gram rate declined Rs 3,000 to Rs 11,34,000.
For 8-gram purchases in Chennai, the decline ranged from Rs 240 to Rs 352 depending on the carat. The 24-carat 8-gram rate now stands at Rs 1,18,344, the 22-carat 8-gram rate is Rs 1,08,480, and the 18-carat 8-gram rate is Rs 90,720. At the 1-gram level, buyers in Chennai are paying Rs 14,793 for 24-carat, Rs 13,560 for 22-carat, and Rs 11,340 for 18-carat gold, with per-gram prices down by Rs 30 to Rs 44 compared to the previous session.
Gold Rates in Hyderabad on June 23
Hyderabad registered the sharpest fall among major Indian cities, with 24-carat gold crashing Rs 20,700 per 100 grams to Rs 14,59,100. The per-10-gram rate slipped Rs 2,070 to Rs 1,45,910. At the 8-gram level, 24-carat gold fell Rs 1,656 to Rs 1,16,728, while the 1-gram price dropped Rs 207 to Rs 14,591.
The 22-carat category in Hyderabad was equally hard hit. The 100-gram price collapsed Rs 19,000 to Rs 13,37,500, and the 10-gram rate declined Rs 1,900 to Rs 1,33,750. The 8-gram rate fell Rs 1,520 to Rs 1,07,000, and the 1-gram price is now Rs 13,375 after a Rs 190 drop.
Under the 18-carat segment, Hyderabad's 100-gram gold rate nosedived Rs 15,500 to Rs 10,94,400, while the 10-gram price plunged Rs 1,550 to Rs 1,09,440. The 8-gram rate tumbled Rs 1,240 to Rs 87,552, and the per-gram price dipped Rs 155 to Rs 10,944.
What Is Dragging Precious Metal Prices Lower Today?
Gaurav Garg, research analyst at Lemonn markets desk, noted that gold fell to $4,146.60 per ounce in today's trading session, which translates to approximately Rs 1,26,210 per 10 grams. Silver suffered an even sharper decline, dropping to $62.79 per ounce, or around Rs 1,91,114 per kilogram. He pointed to the uncertainty surrounding the US-Iran peace talks as a key factor weighing heavily on market sentiment.
Garg further explained that a stronger US dollar, alongside lingering geopolitical tensions, has compounded the downward pressure on precious metals as part of a broader macroeconomic backdrop. Crude oil prices were also unable to escape the weakness, with WTI crude slipping to $73.59 per barrel, approximately Rs 6,967, as markets remain concerned about potential oversupply amid ongoing geopolitical developments.
