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  • Gold Near ₹1 Lakh in Chennai as Fed Rate Hike Concerns Pressure Prices
    June 11, 2026, 6:08 AM EDT. Gold prices in Chennai edged closer to the ₹1 lakh mark amid global and domestic factors. Spot gold reached $4,097.01 an ounce after hitting a six-month low, with local 22-carat gold at ₹13,500 per gram. The U.S. Consumer Price Index rose 4.2% in May, mainly driven by energy costs, raising the possibility of Federal Reserve rate hikes. This dynamic led to cautious trading: while gold attempted a rebound, higher U.S. rates have made cash and bonds more attractive compared to the non-yielding metal. Analysts pointed to $4,000 per ounce as a crucial support level. Domestic gold futures on MCX slipped 0.42% to ₹147,400 per 10 grams. Market participants watch upcoming U.S. inflation data and Fed signals closely, with a 67% probability of a December rate hike shaping investor sentiment.

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Chennai gold prices plunged to ₹13,500 a gram, pulling eight-gram sovereigns below ₹1.10 lakh for the first time since early June, as global bullion struggled near a six-month low and U.S. inflation data fueled fresh Federal Reserve rate hike fears, pressuring both local and international gold futures.
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