Gold Rate in Mumbai Today

Today's gold rate in Mumbai:

  • 10g of 24K gold is 38,330 Indian Rupee
  • 10g of 22K gold is 36,500 Indian Rupee
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  • Today's Gold Rate in Mumbai ( 21 Sep 2019 )
    ₹ 3,650
    Today's Gold Rate (22K) per gram
    Compare Gold Rate In Mumbai (Today & Yesterday)
    Today
    (21 Sep 2019)
    Yesterday
    (20 Sep 2019)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,650 ₹ 3,650 ₹ 0 ↑
    Standard Gold (22 K) ( 8 grams ) ₹ 29,200 ₹ 29,200 ₹ 0 ↑
    Pure Gold (24 K) ( 1 gram ) ₹ 3,833 ₹ 3,833 ₹ 0 ↑
    Pure Gold (24 K) ( 8 grams ) ₹ 30,664 ₹ 30,664 ₹ 0 ↑
    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    21 Sep 2019 ₹ 3,650 ₹ 29,200 ₹ 3,833 ₹ 30,664
    20 Sep 2019 ₹ 3,650 ₹ 29,200 ₹ 3,833 ₹ 30,664
    19 Sep 2019 ₹ 3,680 ₹ 29,440 ₹ 3,864 ₹ 30,912
    18 Sep 2019 ₹ 3,680 ₹ 29,440 ₹ 3,864 ₹ 30,912
    17 Sep 2019 ₹ 3,680 ₹ 29,440 ₹ 3,864 ₹ 30,912
    16 Sep 2019 ₹ 3,650 ₹ 29,200 ₹ 3,833 ₹ 30,664
    15 Sep 2019 ₹ 3,650 ₹ 29,200 ₹ 3,833 ₹ 30,664
    14 Sep 2019 ₹ 3,660 ₹ 29,280 ₹ 3,843 ₹ 30,744
    13 Sep 2019 ₹ 3,680 ₹ 29,440 ₹ 3,864 ₹ 30,912
    12 Sep 2019 ₹ 3,730 ₹ 29,840 ₹ 3,917 ₹ 31,336

    Weekly & Monthly Graph of Gold Rate in Mumbai

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    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Gold Price in Mumbai

    Mumbai, the commercial capital of India, is also one of the most popular markets for gold in the country. The city has one of the highest concentrations of gold sellers and dealers. Gold rates in Mumbai follow the same trend as international gold price. Gold rates, which are a product of a lot of dynamic factors coming into play, have been more or less stable for this year in Mumbai.

    Gold in Mumbai is available in various forms such as physical gold which includes jewelry, ornaments, coins, bars and ingots etc. Gold is also available for trading as a commodity in the national and international markets. In India, gold can be traded on exchanges such as National Commodity and Derivatives Exchange (NCDEX), Multi Commodity Exchange (MCX) and National Spot Exchange (NSEL).

    Mumbai is also one of the most populated cities in the country. Gold rates in Mumbai are therefore an indication of the buying patterns of a large number of consumers. Gold in the city can be purchased from a wide range of providers, who also happen to be among the largest dealers in the country.

    Trend of Gold Rate in Mumbai for September 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,953 per gram
    September 15 Rate Rs.3,833 per gram
    Highest Rate in September Rs.4,011 per gram on 6 September
    Lowest Rate in September Rs.3,833 per gram on 15 September
    Overall Performance Decline

    September 2019- Week 1 (1-8):

    • Gold prices in Mumbai opened the month at Rs.3,953 per gram on steady jeweller demand and positive global cues, remaining constant for a few days.
    • Increased turbulence and falling equities buoyed demand for bullion as prices rose to Rs.3,980 per gram on 4 September, though retail demand remained sluggish due to rising import costs.
    • The yellow metal jumped to Rs.4,011 per gram on 6 September on news of an economic stimulus, but prices dropped to Rs.3,938 per gram on 8 September as equities gained.

    September 2019- Week 2 (9-15):

    • Despite the ongoing festive season, there was a drop in gold rates in Mumbai after the metal opened unchanged at Rs.3,938 per gram.
    • Weak overseas cues and a rally in equities increased risk appetite, which dented bullion demand as gold dropped to Rs.3,917 per gram on 10 September.
    • Prices remained unchanged for a few days but a possible resolution to the Sino-U.S. trade dispute saw the precious metal dip further to Rs.3,833 per gram on 15 September.

    Trend of Gold Rate in Mumbai for August 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    August 1 Rate Rs.3,575 per gram
    August 31 Rate Rs.3,953 per gram
    Highest Rate in August Rs.4,010 per gram on 27 August
    Lowest Rate in August Rs.3,575 per gram on 1 August
    Overall Performance Incline
    Percentage Change 10.06%

    August 2019- Week 1 (1-11):

    • Gold prices in Mumbai opened unchanged at Rs.3,575 per gram but rose steadily as rising overseas demand and economic uncertainty bolstered the metal.
    • The precious metal rose to Rs.3,670 per gram on 4 August and remained constant for a few days on weak retail demand but Gold Rate in Mumbai climbed to Rs.3,791 per gram on 8 August over renewed global trade war fears.
    • A dismal economic growth forecast also buoyed bullion demand, as the Gold Rate traded higher at Rs.3,806 per gram when the week ended on 11 August.

    August 2019- Week 2 (12-18):

    • Rising economic uncertainty and a fluctuating dollar rate resulted in a steady rise in gold rates in Mumbai though the metal opened unchanged at Rs.3,806 per gram on 12 August.
    • Despite a drop in retail offtake, strong investor and industrial interest saw prices climb to Rs.3,833 per gram on 15 August, though growth was capped due to a weak rupee.
    • Prices surged to Rs.3,885 per gram on 17 August as investors increased bullion demand amid uncertainty over the trade war and falling U.S. Treasury yields before settling at Rs.3,864 per gram on 18 August.

    August 2019- Week 3 (19-25):

    • Fluctuations in overseas demand and a recovering dollar rate caused some turbulence after gold prices in Mumbai opened the week at Rs.3,864 per gram on 19 August.
    • Prices fell to Rs.3,843 per gram from 20-23 August as overall demand was muted ahead of the Fed meeting, with investors awaiting direction on possible interest rate cuts.
    • Renewed fears over a global recession and continued trade tensions increased interest in bullion as gold ended the week at Rs.3,948 per gram on 23 August.

    August 2019- Week 4 (26-31):

    • Despite a weak rupee, gold prices in Mumbai opened unchanged at Rs.3,948 per gram before surging to Rs.4,010 per gram on 27 August on rising investor interest and jeweller orders.
    • The yellow metal settled at Rs.3,953 per gram on 28 August as markets regularised on news of U.S.-China trade negotiations, which kept prices stable.
    • There was no change in price for the rest of the week as a strong dollar rate dented retail demand, though steady overseas cues capped losses as the metal recorded a 10.06% rise in value during the month.

    Trend of Gold Rate in Mumbai for July 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    July 1 Rate Rs.3,486 per gram
    July 31 Rate Rs.3,575 per gram
    Highest Rate in July Rs.3,607 per gram from 25-27 July
    Lowest Rate in July Rs.3,434 per gram on 2 July
    Overall Performance Incline
    Percentage Change 2.55%

    July 2019- Week 1 (1-7):

    • Gold rates in Mumbai opened unchanged at Rs.3,486 per gram but dropped to Rs.3,434 per gram on 2-3 July as investors reduced orders ahead of the release of U.S. employment data.
    • A weak U.S. dollar rate increased local demand as the metal climbed to Rs.3,512 per gram on 4 July, though positive U.S. data reduced interest rate cut chances and kept prices static for a few days.
    • The end of the week and renewed Iran-U.S. tensions increased the metal’s safe-haven appeal, as gold traded at Rs.3,528 per gram on 7 July.

    July 2019- Week 2 (8-14):

    • Gold rates in Mumbai did not see much fluctuation for most of the week after opening at Rs.3,528 per gram on 8 July, with prices remaining unchanged till 10 July on static demand.
    • The yellow metal dropped to Rs.3,507 per gram on 11 July as an equity rally bolstered the dollar, though bullion jumped to Rs.3,560 per gram on 12 July on rate cut hopes.
    • Despite U.S.-China trade tensions, there was a drop in prices towards the end of the week with the precious metal trading at Rs.3,528 per gram on 14 July on declining local retail demand.

    July 2019- Week 3 (15-21):

    • There was a steady rise in gold prices in Mumbai as local retail interest rose on weak markets and positive overseas cues after opening at Rs.3,528 per gram.
    • Prices rose to Rs.3,549 per gram on 16 July as disappointing jobs data fuelled an increase in bullion demand, though retail offtake fell marginally due to the high cost.
    • Gold surged to Rs.3,570 per gram on 19 July as renewed U.S.-Iran tensions in the Middle East impacted crude prices and dented equity markets, as prices remained constant till the end of the week.

    July 2019- Week 4 (22-28):

    • Despite fluctuations in demand overseas, gold prices in Mumbai opened flat at Rs.3,570 per gram on 22 July and remained unchanged for a few days on static local retail offtake.
    • Rising U.S.-Iran tensions and anticipation of interest rate cuts bolstered bullion as investors increased demand, with the precious metal trading at Rs.3,607 per gram from 25-27 July.
    • Overseas offtake dipped ahead of the U.S. Federal Reserve meeting despite the dollar remaining static, as gold rates fell marginally to close at Rs.3,575 per gram.

    July 2019- Week 5 (29-31):

    • Gold prices in Mumbai opened the week at Rs.3,575 per gram on 29 July, remaining unchanged despite the geopolitical turmoil across the Middle East.
    • The upcoming Federal Reserve meeting dampened investor demand for bullion, though price fluctuations were minimal due to steady industrial demand.
    • The month ended with the precious metal continuing to trade at Rs.3,575 per gram, recording an increase of 2.55% over the course of the month.

    Also Check Gold Price in Metro Cities

    Trend of Gold Rate in Mumbai for June 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    June 1 Rate Rs.3,302 per gram
    June 30 Rate Rs.3,486 per gram
    Highest Rate in June Rs.3,533 per gram on 26 and 27 June
    Lowest Rate in June Rs.3,302 per gram on 1 and 2 June
    Overall Performance Incline
    Percentage Change 5.57%

    June 2019- Week 1 (1-9):

    • Steady rise in gold price in Mumbai was recorded as positive overseas cues and consistent local retail demand saw prices rise after opening unchanged at Rs.3,255 per gram on 1 June.
    • Demand for bullion surged as equities remained uncertain due to fresh tariff threats against Mexico, with the yellow metal climbing to Rs.3,308 per gram on 4 June as industrial demand also surged.
    • A drop in European stocks and fears of a global recession reinforced safe-haven asset demand, as gold rate in Mumbai rose to Rs.3,339 per gram from 7-9 June.

    June 2019- Week 2 (10 - 16):

    • Gold rate in Mumbai at the start of the second week of June did not alter from the price at which the metal closed at the end of week 1. On the 10th, gold was trading at Rs.3,339 per gram.
    • The US dollar began to weaken through the course of week 2. This caused gold price in Mumbai to rise to Rs.3,376 per gram on the 13th.
    • The US dollar gained points as the week progressed. However, this did not affect the gold price in Mumbai. At the end of week 2, the price of the metal still stood at Rs.3,376 per gram.

    June 2019- Week 3 (17-23):

    • Unsteady equity markets and a declining U.S. dollar rate boosted bullion offtake as gold rate in Mumbai opened at Rs.3,376 per gram on 17 June before surging to Rs.3,397 per gram on 18 June.
    • News of global central banks reducing interest rates in the near future bolstered bullion demand which kept prices steady despite a slide in local retail demand due to rising costs.
    • Gold rate in Mumbai jumped to Rs.3,486 per gram on 22 June as war rhetoric between the U.S. and Iran increased gold’s safe-haven appeal, with prices remaining steady when the week ended on 23 June.

    June 2019- Week 4 (24-30):

    • Despite geopolitical tensions driving up bullion demand, gold rate in Mumbai opened the week at Rs.3,486 per gram on 24 June and remained steady on subdued retail demand.
    • Escalating U.S.-Iran tensions and the ongoing leadership uncertainty in the U.K. bolstered demand for safe-haven metal as gold price in Mumbai to Rs.3,533 per gram on 26 June.
    • An easing of the dovish position by the Fed saw the dollar gain marginally as the metal fell to Rs.3,486 per gram when the month ended on 30 June.

    Trend of Gold Rate in Mumbai for May 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    May 1 Rate Rs.3,281 per gram
    May 31 Rate Rs.3,255 per gram
    Highest Rate in May Rs.3,291 per gram on 20 May
    Lowest Rate in May Rs.3,213 per gram on 4 May
    Overall Performance Decline

    May 2019- Week 1 (1-5):

    • Weak local demand was unable to maintain gold rates in Mumbai as the metal opened the month at Rs.3,190 per gram.
    • Gold dropped to Rs.3,150 per gram on 3 May as investors put off bullion offtake prior to the Federal Reserve meeting, with a lacklustre rupee dampening retail demand.
    • A slight rise in prices was recorded with the precious metal trading at Rs.3,163 per gram on 4 May which carried on till the week ended on 5 May.

    May 2019- Week 2 (6-12):

    • Despite global positive trends, gold rates in Mumbai recorded only a marginal rise in value after opening the week unchanged at Rs.3,229 per gram on weak local retail sales.
    • The Fed’s decision to keep interest rates unchanged dampened interest towards bullion but a breakdown in the Sino-U.S. trade talks bolstered gold prices, which rose to Rs.3,245 per gram on 8 May.
    • Prices continued to climb as jewellers capitalised on the weak U.S. dollar, with the precious metal rising to Rs.3,255 per gram on 10 May and ending the week at Rs.3,276 per gram.
    May 2019- Week 3 (13-19):
    • Despite global positive trends, gold rates in Mumbai recorded only a marginal rise in value after opening the week unchanged at Rs.3,230 per gram on weak local retail sales.
    • The Fed’s decision to keep interest rates unchanged dampened interest towards bullion but a breakdown in the Sino-U.S. trade talks bolstered gold prices, which rose to Rs.3,249 per gram on 16 May.
    • Prices continued to climb as jewellers capitalised on the weak U.S. dollar, with the precious metal rising to Rs.3,258 per gram on 17 May and ending the week at Rs.3,279 per gram.

    May 2019- Week 4 (20-26):

    • Gold prices in Mumbai opened at Rs.3,292 per gram after a muted past week, with local demand boosting offtake despite fluctuating overseas cues arising out of an unstable U.S. dollar.
    • Demand plunged to Rs.3,255 per gram on 22 May as equities benefitted from the recent strain in U.S.-Iranian relations, with local demand being unable to prop up prices.
    • Prices continued to fall as investors booked profits and further reduced their bullion holdings, which impacted local demand and resulted in the yellow metal ending the week at Rs.3,245 per gram.

    May 2019- Week 5 (27-31):

    • Contrary to trends seen across other cities, gold prices in Mumbai saw marginal growth as steady equity performance dampened investor demand as gold opened unchanged at Rs.3,245 per gram on 27 May.
    • Prices climbed to Rs.3,255 per gram on 28 May as the stagnant U.S.-China trade talks and threat of sanctions rattled global markets and increased bullion’s safe-haven appeal.
    • Despite a drop in the U.S. dollar rate due to falling U.S. Treasury bonds, local demand was static as the yellow metal ended the month unchanged at Rs.3,255 per gram.

    Trend of Gold Rate in Mumbai for April 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    April 1 Rate Rs.3,266 per gram
    April 28 Rate Rs.3,297 per gram
    Highest Rate in April Rs.3,297 per gram on 28 April
    Lowest Rate in April Rs.3,245 per gram on 20 and 21 April
    Overall Performance Incline

    April 2019 - Week 1 (1-7):

    • Conflicting overseas cues and a decline in local retail demand resulted in gold rates in Mumbai falling towards the middle of the week after opening unchanged at Rs.3,266 per gram on 1 April.
    • A strengthening of the U.S. dollar on positive cues and a resolution to the Sino-U.S. trade dispute saw a gradual drop in overseas bullion demand but local prices remained stable.
    • A drop in U.S. unemployment figures boosted equity markets as investors moved away from bullion, as gold dropped to Rs.3,255 per gram on 5 April with prices remaining constant till the end of the week.

    April 2019 - Week 2 (8-14):

    • Despite significant fluctuations in bullion demand, gold rates in Mumbai stayed relatively static after opening unchanged at Rs.3,266 per gram on 8 April.
    • Prices surged to Rs.3,281 per gram from 9-12 April as dovish outlooks by major central banks sent equities tumbling and investors increasing their stakes in gold as a hedge against market instabilities.
    • Encouraging economic data from both the U.S. and China as well as a possible resolution to the trade conflict increased investor interest in stocks as gold dropped to Rs.3,266 per gram on 14 April.

    April 2019 - Week 3 (15-21):

    • Relatively stable local demand kept gold rates in Mumbai from fluctuating too strongly, with the metal trading unchanged at Rs.3,266 per gram on 15 April.
    • Gold’s safe-haven appeal was dented as a rise in U.S. jobs figures boosted equity investments, with the precious metal plunging to Rs.3,255 per gram on 16 April.
    • Despite steady local offtake, the rising U.S. dollar deterred retail sales and impacted bullion offtake as the yellow metal’s price fell to Rs.3,245 per gram when the week ended on 21 April.

    April 2019- Week 4 (22-28):

  • Steady local demand and a fluctuating U.S. dollar rate increased bullion’s appeal as gold prices in Mumbai gained after opening unchanged at Rs.3,245 per gram on 22 April.
  • Prices surged to Rs.3,266 per gram on 23 April despite weak overseas cues before dropping briefly to Rs.3,250 per gram on 25 April as equities rose in anticipation of strong U.S. housing data.
  • Surging demand for safe-haven assets overseas boosted already growing local sales as the precious metal rose to Rs.3,297 per gram on 28 April.
  • Trend of Gold Rate in Mumbai for March 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    March 1 Rate Rs.3,439 per gram
    March 31 Rate Rs.3,266 per gram
    Highest Rate in March Rs.3,439 per gram on 1 and 2 March
    Lowest Rate in March Rs.3,266 per gram on 19, 20 and 31 March
    Overall Performance Decline
    Percentage Change -5.03%

    March 2019 - Week 1 (1-10):

    • A recovering dollar rate and declining local offtake impacted gold price in Mumbai after the metal opened flat at Rs.3,439 per gram on 1 March.
    • Gold rate in Mumbai dipped to Rs.3,398 per gram from 3-5 March as local demand fell following the dollar’s recovery on news of a possible U.S.-China trade deal and positive U.S. economic data.
    • After plunging to Rs.3,313 per gram on 7 March due to waning demand from investors and local jewellers, gold prices rebounded after a delay in rate hikes by the European Central Bank and closed at Rs.3,314 per gram on 10 March.

    March 2019 - Week 2 (11-17):

    • A drop in retail and jeweller demand due to a rise in the dollar rate and fluctuating overseas cues impacted gold price in Mumbai after the metal opened the week at Rs.3,314 per gram.
    • Positive U.S. retail data boosted the dollar and equities, which resulted in a decline in bullion offtake as gold rate fell to Rs.3,297 per gram on 13 March.
    • Gold rate in Mumbai briefly rose to Rs.3,318 per gram on 15 March as fears over a possible global economic slowdown bolstered interest in bullion but the end of the week saw prices drop to Rs.3,287 per gram on 17 March.

    March 2019 - Week 3 (18-24):

    • Despite growing overseas investor demand for bullion, there was a very marginal rise in gold rates in Mumbai after the metal opened the week at Rs.3,287 per gram.
    • Prices dropped too Rs.3,266 per gram on 19 March as a stable U.S. dollar put off local jeweller demand and capped gains, before fears over the economic impact of a no0deal Brexit boosted bullion demand to Rs.3,281 per gram on 21 March.
    • Fears of a U.S. recession due to poor employment figures also impacted the dollar as gold surged to Rs.3,302 per gram on 24 March.

    March 2019- Week 4 (25-31):

    • Despite market volatility and steep drops in gold offtake, there was minimal change in gold prices in Mumbai during the week with the metal opening unchanged at Rs.3,302 per gram on 25 March.
    • Stable local demand kept prices from fluctuating as the U.S. dollar rate increased on indications of a possible Sino-U.S. trade deal, though jeweller demand was sluggish.
    • Prices remained stable for most of the week before prices fell steeply to Rs.3,266 per gram on 31 March as positive economic data from China boosted equities as interest in bullion dropped, with gold losing 5.03% of its value over the course of the month.

    Trend of Gold Rate in Mumbai for February 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    February 1 Rate Rs.3,411 per gram
    February 28 Rate Rs.3,439 per gram
    Highest Rate in February Rs.3,446 per gram from 20-27 February
    Lowest Rate in February Rs.3,398 per gram from 8-17 February
    Overall Performance Incline
    Percentage Change 0.82%

    February 2019 - Week 1 (1-10):

    • Echoing trends seen across other Indian cities, gold price in Mumbai fell on declining demand from both local and overseas markets, with the metal opening at Rs.3,411 per gram on 1 February.
    • Gold rate in Mumbai rose to Rs.3,425 per gram on 6 February on a surge in local retail demand but poor cues and falling investor interest impacted prices severely.
    • Stable equity markets and positive U.S. payrolls data boosted the dollar as bullion demand dropped sharply, with gold trading at Rs.3,398 per gram on 10 February.

    February 2019 - Week 2 (11-17):

    • Contrary to trends seen across other Indian cities, there was no change in gold price in Mumbai despite sharp fluctuations in demand for the precious metal during the week.
    • Gold opened at Rs.3,398 per gram on 11 February as retail demand was consistent due the ongoing wedding season.
    • Demand from jewellers was steady, with industrial orders stabilising prices despite negative overseas cues as gold closed at Rs.3,398 per gram when trading ended on 17 February.

    February 2019 - Week 3 (18-24):

    • Despite market fluctuations, stable local demand kept gold rate in Mumbai relatively static during this week after opening at Rs.3,398 per gram on 18 February.
    • An increase in retail orders and higher futures trading due to a low dollar saw gold price surge to Rs.3,446 per gram on 20 February.
    • The steady drop in overseas demand after a resolution on the U.S.-China trade dispute and hawkish Federal Reserve indications did not affect local gold demand as prices remained at Rs.3,446 per gram on 24 February.

    February 2019 - Week 4 (25-28):

    • There was minimal fluctuations in gold rate in Mumbai this week, with the metal trading at Rs.3,446 per gram when the week began on 25 February.
    • Despite weak overseas cues due to a recovering equity market and U.S. dollar, local demand was constant as jewellers also maintained order volumes.
    • Gold price dipped marginally as the month ended as investor interest fell sharply following the Fed’s hawkish comments on possible interest rate hikes, as gold fell to Rs.3,439 per gram on 28 February.

    Trend of Gold Rate in Mumbai for January 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    Rate on 1st January 2019 Rs.3,219per gram
    Rate on 31st January 2019 Rs.3,411per gram
    Highest Rate in January 2019 Rs.3,411per gramon 31 January
    Lowest Rate in January 2019 Rs.3,219 per gram from 1-3 January
    Overall Performance Incline
    Percentage Change 5.96%
    Comparison for 24 K Gold Rates for Mumbai January 2019
    Graph for Gold Rate (24K) in Mumbai January 2019

    January 2019 - Week 1 (1 - 6):

    • There was a sharp rise in gold price in Mumbai, with rising local demand offsetting volatile overseas cues.
    • The precious metal traded at Rs.3,219 per gram on 1 January and remained constant in spite of positive international cues.
    • The continuing government shutdown in the U.S. impacted global markets, as investors rushed to safe haven assets like bullion and boosted sales in the metal.
    • Gold rate in Mumbai jumped to Rs.3,284 per gram on 4 January and remained unchanged when the week ended, recording a rise of Rs.65 over the course of the week.

    January 2019 - Week 2 (7 - 13):

    • Gold price in Mumbai remained constant for this week, as conflicting cues were balanced out by steady local demand.
    • Gold opened the second week priced at Rs.3,284 per gram on 7 January and there was no further movement in price.
    • In spite of significant fluctuations in the overseas markets, gold rate in Mumbai remained constant with growth being flat for the week.

    January 2019 - Week 3 (14 – 20):

    • Continued uncertainty over Brexit and the effect of the U.S. government shutdown on markets spurred increased demand for gold, with the gold trading at Rs.3,284 per gram on 14 January.
    • A steady rupee increased retail demand for the gold, whose prices rose to Rs.3,314 per gram on 15 January on positive cues from industry as well as jewellers.
    • Fears of equity losses prompted investors to also ramp up bullion purchases, as gold price in Mumbai rose to a weekly high of Rs.3,341 per gram on 20 January.

    January 2019 - Week 4 (21-27):

    • In contrast to expected cues, gold rate in Mumbai fell on static regional and industrial demand in spite of positive market cues.
    • The precious metal traded at a steady Rs.3,341 per gram when trading opened on 21 January but a steep fall in local industrial demand saw the metal’s price fall to Rs.3,331 per gram on 22 January.
    • In spite of a slight rise in overseas investor demand, gold price remained static as retail sales also dropped steadily, resulting in the metal ending the week at Rs.3,331 per gram on 27 January to record a Rs.10 drop in price.

    January 2019 - Week 5 (28-31):

    • As equity markets remained volatile gold price in Mumbai surged in the last week after opening at a static Rs.3,331 per gram on 28 January.
    • Wedding demand boosted local prices as both retailers and jewellers increased orders, pushing gold price to Rs.3,375 per gram on 30 January.
    • The dollar fell on indications of an easing of the Federal Reserve’s monetary tightening policy as investors turned to bullion, resulting in gold reaching Rs.3,411 per gram on 31 January to record a staggering 5.96% rise in price during the month.

    Gold as Investment in Mumbai

    Gold also doubles up as investment portfolios for a large number of Indians. This is because gold has a reputation of offering stable and assured returns to consumers in both the short and long terms. This has instigated consumer to opt for gold instead of savings accounts or even equity markets, as the volatility of the equity markets is looked upon with caution by consumers in Mumbai. Major avenues of investment in gold in the city include:

    Jewelry: As with most of the country, consumers in Mumbai are also obsessed with gold jewelry and ornaments. Gold jewelries form an integral part of the Indian society and are used in festivals, occasions such as marriages and also as a savings investments.

    Coins: Gold coins are primarily available from various banks in and around the city. The rate of gold coins in the city is slightly above the gold traded rates. Gold coins are available in different purities. Several private dealers also provide marked gold coins.

    Bullions: Gold bullions are available from several dealers in Mumbai. While buying pure gold in the form of bars or ingots, it is advisable to go for the largest or well-established dealers only as these are typically very pricey buys and some sort of guarantee on the product becomes a necessity.

    How do Gold prices change in Mumbai?

    Like every other city and state in the world, gold prices in Mumbai change due to a number of factors, all of which contribute to either bring the rates up and down. Here are some of the key aspects that determine prices of gold in Mumbai:

    • Rates set by the Indian Bullion Jewellers Association (IBJA):

    IBJA, as the name suggests, is the association of all the gold jewellers in and around the country. This organisation is the one responsible to set gold rates in each city. When setting the rates, the company takes into account the following information:

    • The rates set by some of the largest gold dealers in a particular city.
    • Import duty, which is often different to each city.
    • Rates in the Multi Commodity Exchange (MCX) index. MCX is basically a exchange facility where goods and precious metals are bought and sold. Gold price changes are primarily decided based on the performance of this market.

    Hallmarking centres in Mumbai

    As per the data made available by the Bureau of International Standards (BIS), there are over 63 hallmarking centres in Maharashtra. Hallmarking centres are basically certified organisations which test metals for authenticity against various standardised variables. In Mumbai, there are centres like Leo Analytics Lab (Borivali), Variety Hallmarking (Mahakali Caves), and Varsha Bullion Hallmarking Centre (Mumbadevi), etc. However, the government is not satisfied with the number of centres in the city and is considering opening several more so as to maintain the exact standards of gold available for purchase.

    The issue of tax on Gold and Gold ETFs in Mumbai

    People who tend to buy and sell precious metal like gold are required to pay a capital gains tax, which is based on the overall profit they make. If you are making a profit on your gold within 36 months of acquiring it, you are required to pay taxes based on the tax slab you fall under. On the other hand, if your profit comes after 36 months, you will have to pay a tax of 20%.

    Also Check Gold Price in NearBy Cities of Mumbai

    Storing Gold in Mumbai

    The issue of storage, especially when considering precious metals like gold is a long-drawn one. However, if you are looking for the right place to store gold, you can look into any of the lockers provided by a bank near you. Banks usually offer storage space for a surcharge and will also allow you withdraw them whenever you like. If you have gold in large quantity, it is advisable to store them in a locker. However, if you have a small quantity of the metal, it is rather better if you store them in a locker in your house. This would help you save on storage charges you’d otherwise pay the bank. Doing so will also save you the round trip you will have to take to the bank in order to use the gold for any festive occasion. Gold storage rentals in Mumbai typically start from Rs.5,000 per year for a small space. So, its better for you to take a call whether and not you will need a storage depending on the amount of gold you own.

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    Read more on Gold

    News About Mumbai Gold Rate

    • Gold prices reduce by Rs.300 due to a decrease in demand

      At the bullion market, gold prices hit Rs.39,225 for 10 grams, decreasing by Rs.300 on 9 September 2019. According to HDFC Securities, a stronger rupee and no demand were the main reasons for the decrease in prices.

      Silver prices also reduced by Rs.1,400 to hit Rs.48,500 for a kg. According to a Senior Analyst (Commodities) of HDFC Securities, Tapan Patel, 99.9% pure gold prices in Delhi reduced by Rs.300 due to a strong rupee and lack of physical demand. Tapan Patel further added that due to higher prices, festival demand has not picked up. On 9 September 2019, the rupee appreciated by 14 paise to hit Rs.71.58 against the dollar. In the global market, trading of gold was flat at $1,506 for an ounce. However, trading of silver decreased to $18.05 for an ounce. On 7 September 2019, gold and silver closed at Rs.39,525 and Rs.49,900 for 10 grams and a kg, respectively. According to Tapan Patel, gold prices are expected to trade in a corrective manner in the near future due to the trade talks progress between China and the US and the US Federal Reserve rate.

      10 September 2019

    • Gold Climbs On Trade War Fears

      Gold prices neared the psychological $1,500 per ounce mark as investors ratcheted up bullion offtake due to trade tensions.

      Spot gold rose by 0.9% to $1,487.28 per ounce, settling after reaching $1,490.84 per ounce earlier in the trading day.

      U.S. gold futures also climbed 1% to $1,499.10 per ounce, the highest the precious metal has reached since 2013.

      The continued escalation in trade tensions between the United States and China has seen a cascading effect on the global economy, as Eurozone bond yields also slumped to new lows. A sharp rise in negative-yielding debt has also supported gold prices.

      7 August 2019

    • Gold hits highest price in 3 years in India, Government increases import duty to 12.50%

      As the global benchmark of gold price crossed $1,450 an ounce for the first time in 6 years on 19 July 2019, consumers of the metal in Asian markets continued to sell off physical gold in the week. Some consumers also switched their holdings to silver as a rise in price guaranteed an increased interest from investors, resulting in further gains.

      Demand for the metal has increased, as hitting the highest price in many years has resulted in people selling off their gold to cash in on the profit, mentioned Brian Lee, Managing Director at Singapore dealer GoldSilver Central.

      China gold was sold at a premium of $10-$11 per ounce whereas, in Hong Kong, the yellow metal was being sold at a premium of $0.50 - $1.20 per ounce. Meanwhile, in Singapore, the premium of gold was $0.40-$0.60.

      In India, dealers were forced to offer the highest discounts in 3 years at $33 over the domestic prices. Since the past few weeks, the demand has been weak, and the government has raised the import duty to 12.50% from 10%. Gold Futures hit a record on Friday, being priced at Rs.35,409 per 10 grams.

      23 July 2019

    • Fed Rate Cut Hopes Prop Up Gold Rates

      Gold prices rose as the possibility of an interest rate cut by the Federal Reserve, though a rise in equities capped some gains.

      Spot gold rose by 0.5% to $1,340.13 per ounce while U.S. gold futures also rose by the same margin to $1,343.70 per ounce.

      An escalation in tensions contributed to the initial rise in gold rates, while fears of the U.S. economy sliding into recession led to bullion remaining steady.

      The possibility of a reduction in the interest rate also increased the precious metal’s appeal, since it reduces the opportunity cost of non-yielding bullion.

      While risk sentiment across markets could affect gold rates, the subdued dollar could support bullion in general.

      12 June 2019

    • Gold Prices Fall on Weak Jeweller Offtake

      Gold rates dropped marginally in trading today as weak demand from jewellers impacted prices. A fall in retail offtake was also attributed to the fall in bullion prices.

      Gold of 99.9% purity fell by Rs.50 to trade at Rs.32,720 for 10 grams. Gold of 99.5% purity meanwhile traded at Rs.32,550 for 10 grams, also recording a drop of Rs.50. There was no change in the price of sovereign gold, which traded at Rs.26,400 per 8-gram piece.

      Conversely, on the international market spot gold traded marginally higher at $1,274.20 per ounce despite the relatively stable U.S. dollar rate.

      24 April 2019

    • Gold Steady As Markets Shaky on Trade Fears, Interest Rates

      The price of gold was stable as it kept to nearly 8-month highs as concerns over the Sino-U.S. trade talks had markets concerned. Spot gold maintained a steady $1,311.98 per ounce on sustained overseas interest and a weak dollar. 

      U.S. gold futures rose a marginal 0.1% to trade at $1,310 per ounce as traders awaited the minutes of the U.S. Federal Reserve policy meeting. Expectations of a slowdown in interest rate hikes bolstered bullion demand as the dollar remained weak.  

      Markets continued to be jittery as updates to the Brexit talks in the U.K. inched towards a possible ‘no-deal Brexit’ which could negatively impact the global economy. This further raised gold’s safe-haven appeal as investors hedged possible equity losses against the precious metal’s rising value. 

      30 January 2019

    • Gold, Silver Rates in Delhi Rise on Steady Demand, Overseas Cues

      Gold prices in Delhi rose sharply on increased jeweler demand and strong overseas cues. Gold of 99.9% purity rose by Rs.350 to trade at Rs.33,650 for 10 grams as wedding season demand boosted offtake. 99.5% purity gold also rose by a similar margin, climbing by Rs.350 to trade at Rs.33,500 for 10 grams.

      Local prices echoed trends seen overseas as spot gold crossed $1,300 per ounce, with gold futures also seeing a slight rise in value. In the U.S., spot gold traded at $1,301.44 per ounce while U.S. gold futures rose by 0.2% to close at $1,301 per ounce.

      Sovereign gold gained Rs.200 to close at Rs.25,700 per 8 gram piece.

      Silver prices also received a boost from rising industrial offtake and demand from coin makers. The industrial metal rose by Rs.850 to trade at Rs.40,900 per kg. Silver coins saw values rise by Rs.1,000 as they traded at Rs.78,000 for buying and Rs.79,000 for the selling of 100 pieces.

      28 January 2019

    • Gold prices in the country fall

      Gold prices in the country plunged by Rs.370 to Rs.32,270 for every 10 grams on Monday at the bullion market. The fall in the prices was attributed to muted demand from local jewellers. The drop in the gold prices ensured that silver prices also dropped by Rs.125 to cost Rs.39,100 per kilo. The fall in the rates of silver was accounted to subdued demand from coin makers and industrial units. It needs to be mentioned here that the rupee ended Rs.0.18 higher on Monday to be 69.77 per dollar. Even though there was a rise on Monday, rupee clocked a 9 per cent fall during the year.  

      On Monday, the rates of 99.9 and 99.5 per cent purity gold in the national capital cost Rs.32,270 and Rs.32,120 per 10 grams. Sovereign gold, however, held steady at Rs.25,200 for every piece of 8 gram. When it came to silver, weekly-based delivery fell by Rs.6 to cost Rs.38,700 per kilo. The rates for selling and buying of 100 silver coins were unchanged at Rs.77,000 and Rs.76,000 respectively. 

      It is noteworthy to mention here that gold prices in the country jumped by Rs.1,870 or 6.15 per cent as compared to the price on December 30, 2017 while silver lost Rs.880 or 2.2 per cent. 

      2 January 2019

    • Gold Posts Steady Gains as Silver Drops

      After a week of successive losses, gold prices bounced back on strong demand from local jewellers. Gold of 99.9 purity rose by Rs.100 to trade at Rs.31,950 for 10 grams while 99.5 purity gold traded at Rs.31,800 for 10 grams. There was a rise in sovereign gold as well, with an 8 gram piece trading at Rs.24,800 to record a rise of Rs.100.

      Meanwhile, silver rates dropped by Rs.140 to trade at Rs.37,600 per kg on weak demand from coin makers and industrial units. Silver coins however rose by Rs.1000 to trade at Rs.73,000 for buying and Rs.74,000 for selling of 100 pieces.

      On the international front, spot gold fell by 0.2% to trade at $1,235.31 per ounce as the dollar edged up marginally. Concerns over an economic slowdown in the U.S. also fuelled the possibility of impending interest rate hikes. As a result, overseas offtake of gold slowed down, since the opportunity cost would increase and cut gains for investors.

      5 December 2018

    • Banks remain closed for three days in Hyderabad, Delhi and Mumbai and other cities

      State Bank of India (SBI), Housing Development Financial Corporation (HDFC), ICICI Bank, Punjab National Bank (PNB) and other scheduled commercial banks will remain shut on 21 November 2018 on account of Eid-e-Milad-ul-Nabi that commemorates the birthday of Prophet Muhammad. They also remain closed on 23 November on account of Guru Nanak Jayanti and 24 November, which is the fourth Saturday of the month.

      As per a TOI report, the banks will remain closed for three days in the national capital, Mumbai, Lucknow, Kanpur, Ranchi, Srinagar, Lucknow, Raipur and Dehradun and Jammu. TOI reported that in the capital city of Karnataka, Bangalore; the capital city of Madhya Pradesh, Bhopal; the capital city of Tamil Nadu, Chennai; and the capital city of Gujarat, Ahmedabad; the banks shall remain closed on the 21st and 24th November 2018.

      The festival holiday of Eid-e-Milad-ul-Nabi fell on the 20th November 2018 in Kerala. TOI report further said that the banks will remain off on 24 November on account of the fourth Saturday of the month in various cities, including Patna, Agartala, Gangtok, Goa, Bhubaneswar, Aizawl and Imphal.

      21 November 2018

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