Gold rate today: Check the latest prices in your city on June 16

Gold prices remained volatile on June 16 amid heightened tensions between Israel and Iran. Gold's August contracts on the Multi Commodity Exchange of India (MCX) hit an all time high level of Rs 1,01,708 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on June 16:

Also read: Gold prices extend record rally, hit record high of Rs 1.01 lakh amid geopolitical tensions

"Further upside in gold remains possible if Middle East risks intensify or the Fed signals a more accommodative policy stance. The central bank is widely expected to keep rates unchanged at this week’s meeting, with investor attention focused on the updated FOMC economic projections for guidance on the rate outlook," said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.

Despite the strong gains, analysts has expected a much more significant jump in gold's prices. Carsten Menke, Head of Next Generation Research at Julius Baer, meanwhile said, "The gold market showed a rather moderate reaction to the news of Israel attacking Iran. With the situation being highly in flux, it is too early to tell whether this shock will lastingly lift prices. This could be the case if there is a significant economic impact of the conflict, e.g. via disrupted oil supplies, or if it spreads in the region. Historically, gold does not have a very good track record as a hedge against geopolitical shocks. For now, the attacks add to the bullish mood in the gold market, and we confirm our established Constructive view."