Gold Rate in Mumbai Last Updated : 27 Nov 2022

Gold price in Mumbai are revised on a daily basis. The prices of gold in the international markets determine the rates in the city. The value of the US dollar plays a role in determining gold prices in Mumbai.

Gold in Mumbai is available in various forms such as physical gold which includes jewellery, 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).

  • Today's Gold Rate in Mumbai (27 Nov 2022)

    ₹ 4,938
    Today's Gold Rate (22K) per gram

    Compare 22K & 24K Gold Rate In Mumbai (Today & Yesterday)

    Rate Change
    Standard Gold (22 K) (1 gram) ₹ 4,938 ₹ 4,938 ₹ 0 ↑
    Standard Gold (22 K) (8 grams) ₹ 39,504 ₹ 39,504 ₹ 0 ↑
    Pure Gold (24 K) (1 gram) ₹ 5,185 ₹ 5,185 ₹ 0 ↑
    Pure Gold (24 K) (8 grams) ₹ 41,480 ₹ 41,480 ₹ 0 ↑

    Daily Gold Rates

    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    27 Nov 2022 ₹ 4,938 ₹ 39,504 ₹ 5,185 ₹ 41,480
    26 Nov 2022 ₹ 4,938 ₹ 39,504 ₹ 5,185 ₹ 41,480
    25 Nov 2022 ₹ 4,938 ₹ 39,504 ₹ 5,185 ₹ 41,480
    24 Nov 2022 ₹ 4,938 ₹ 39,504 ₹ 5,185 ₹ 41,480
    23 Nov 2022 ₹ 4,908 ₹ 39,264 ₹ 5,153 ₹ 41,224
    22 Nov 2022 ₹ 4,918 ₹ 39,344 ₹ 5,164 ₹ 41,312
    21 Nov 2022 ₹ 4,933 ₹ 39,464 ₹ 5,180 ₹ 41,440
    20 Nov 2022 ₹ 4,943 ₹ 39,544 ₹ 5,190 ₹ 41,520
    19 Nov 2022 ₹ 4,943 ₹ 39,544 ₹ 5,190 ₹ 41,520
    18 Nov 2022 ₹ 4,958 ₹ 39,664 ₹ 5,206 ₹ 41,648

    Weekly & Monthly Graph of Gold Rate in Mumbai (1 gram)

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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.

    Today's 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 Rate in Mumbai follows the same trend as the international gold price. Gold rate today, which are a product of a lot of dynamic factors coming into play, have been more or less stable for this year in Mumbai.

    Apart from the prices in the international markets, the rates set by the IBJA, import duty, and MCX prices determine gold rates in Mumbai. Gold prices in Mumbai will not be the same as the prices in other cities due to local taxes. Capital gains tax will need to be paid in case you purchase gold. The amount of tax that must be paid will vary on when you will receive the profit. Gold can be stored in storage lockers that are provided by banks.

    Mumbai is also one of the most populated cities in the country.Gold price in Mumbai is 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.

    Historical Gold Price in Mumbai

    Months Lowest Price 24 Carat Gold – ₹ Per 10 Grams Highest Price 24 Carat Gold – ₹ Per 10 Grams
    October 2022 50,120 51,980
    September 2022 50,320 52,880
    August 2022 50,300 52,700
    July 2022 50,390 52,860
    June 2022 50,290 52,760
    May 2022 50,290 52,790
    April 2022 47,810 52,140
    March 2022 50,950 54,330
    February 2022 48,980 51,550
    January 2022 48,370 49,420

    November 2022 Gold Rate in Mumbai

    Parameter Gold price (24 karat)
    November 1 Rate Rs.4,970 per gram
    November 24 Rate Rs.5,180 per gram
    Highest Rate in November Rs.5,253 per gram on 17 November
    Lowest Rate in November Rs.4,970 per gram on 1 November
    Overall Performance Incline

    October 2022 Gold Rate in Mumbai

    Parameter Gold price (24 karat)
    October 1 Rate Rs.4,970 per gram
    October 31 Rate Rs.4,980 per gram
    Highest Rate in October Rs.5,033 per gram on 27 and 28 October
    Lowest Rate in October Rs.4,980 per gram on 31 October
    Overall Performance Decline

    September 2022 Gold Rate in Mumbai

    Parameter Gold price (24 karat)
    September 1 Rate Rs.4,964 per gram
    September 30 Rate Rs.4,912 per gram
    Highest Rate in September Rs.4,975 per gram on 23 September
    Lowest Rate in September Rs.4,891 per gram on 22 September
    Overall Performance Decline

    August 2022 Gold Rate in Mumbai

    Parameter Gold price (24 karat)
    August 1 Rate Rs.5,060 per gram
    August 31 Rate Rs.5,059 per gram
    Highest Rate in August Rs.5,128 per gram on 5 August
    Lowest Rate in August Rs.5,060 per gram on 1 August
    Overall Performance Incline

    July 2022 Gold Rate in Mumbai

    Parameter Gold price (24 karat)
    July 1 Rate Rs.5,122 per gram
    July 31 Rate Rs.5,059 per gram
    Highest Rate in July Rs.5,153 per gram on 5th July
    Lowest Rate in July Rs.4,959 per gram on 18th July
    Overall Performance Decline

    Also Check Gold Price in Metro Cities

    Gold as Investment in Mumbai

    Gold also doubles up as an investment portfolio for a large number of Indians. This is because gold has a reputation for offering stable and assured returns to consumers in both the short and long terms. This has instigated consumers 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:

    Jewellery - As with most of the country, consumers in Mumbai are also obsessed with gold jewellery and ornaments. Gold jewellery forms an integral part of Indian society and used in festivals, occasions such as marriages and also as savings investment.

    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 today 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 an exchange facility where goods and precious metals are bought and sold. Gold price changes are primarily decided based on the performance of this market.

    Where to Purchase Gold in Mumbai?

    When it comes to buying gold in Mumbai, there are numerous areas. Zaveri Bazaar has several gold jewellery shops offering a variety of designs and patterns. Among the well-known shops are Tanishq, Bhimji, Tribhoovandas, etc. You can also explore local shops to buy gold. While gold prices in Mumbai vary from one shop to another, you should keep a close eye on making charges. When the value of the gold is high, a small variation in the making charges could cause a significant difference in the total cost of the jewellery.

    Various Options to Purchase Gold in Mumbai

    Apart from gold jewellery, there are several other ways you can invest in this precious metal. Some of the most popular ones are gold coins and bars. Another viable alternative is to invest in gold ETFs. With gold ETFs, storage difficulties and the risk of theft are eliminated. Similar to gold rates, gold ETFs in Mumbai also follow international prices.

    Gold ETFs are becoming popular among major funds, particularly domestic mutual funds. You can choose from several gold ETFs such as HDFC Gold ETF, SBI Gold ETF, Axis Gold ETF, and more.

    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%.

    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.

    FAQs on Gold rate in Mumbai

    1. How can I check the purity of gold in Mumbai?

      The certification of gold determines its purity. The various certifications such as Hallmark BIS and 916 are etched on gold and help sellers as well as consumers to check the purity of gold.

    2. What determines the gold rate in Mumbai?

      Gold rate in Mumbai is determined by a variety of factors ranging from global to local economic factors, government policies related to gold tariffs, gold interest rates, and local government tariffs.

    3. What should I check when buying gold jewellery in Mumbai?

      While buying gold jewellery in Mumbai, you should check if the ornament is hallmarked, if the jeweller is a trusted and reputed jeweller, what are the making charges and what gold composition is used to make the jewellery.

    4. When is the best time to sell gold in Mumbai?

      If you are looking to sell gold in Mumbai, it is best to do it when prices are higher than usual. To know which days are best, you will have to study the gold rate in Mumbai over a couple of days. This can be done both online and offline. An understanding of the economic factors that contribute to the rise in gold price in Mumbai can help you sell your gold when the time is just right.

    5. What should I look out for when buying gold in Mumbai?

      When buying gold in Mumbai, some of the factors to look out for are: buying it from a reliable source, the gold price per gram, the different purity levels in gold, certification for quality and purity, exchange or buy-back policy, and ensuring that you get the bill in hand.

    6. What is the difference between hallmarked gold and normal gold in Mumbai?

      Generally, the hallmark gold rates in Mumbai do not differ from the normal gold when it comes to the pricing. However, the quality of yellow metal does change. The quality of the hallmark gold is always higher.

    7. What are the different ways of investing in gold in Mumbai?

      Gold investments in Mumbai can be made in various options such as gold jewellery, gold ETFs, gold coins and bars, gold mutual funds, etc.

    Check Gold Price in NearBy Cities of Mumbai

    News on Mumbai Gold rate

    • Gold prices decline on 23 November

      The price of gold fell in Chennai, Mumbai, Kolkata, and Delhi on 23 November. In Delhi, 10 gram of 22 karat gold has dropped by Rs.200 to Rs.48,500, while 24 karat gold is down by Rs.170 to sell at Rs.52,900 per 10 gram. In Chennai, 10 gram of 22 karat gold can be purchased at Rs.49,050 and 24 karat gold is priced at Rs.53,560 per 10 gram. In Mumbai and Kolkata, 10 gram of 22 karat and 24 karat gold are priced at Rs.48,500 and Rs.52,920, respectively.

      24 November 2022

    • Gold prices went up today on 17 November 2022

      The cost of 10 grams of 24-carat gold jumped by Rs.210 from yesterday’s closing price and stands at Rs.52,360. The price of the same variety and quantity of yellow metal is Rs.52,510, Rs.52,410, and Rs.54,210 in Delhi, Bengaluru, and Chennai, respectively. The price of precious metals in Kolkata, Mumbai, and Hyderabad is Rs.52,360 for the same quantity. The spot gold prices dropped by 0.30%, and US gold futures settled at a 0.10% lower rate.

      18 November 2022

    • Gold futures jump by 0.5%

      On MCX, gold futures jumped by 0.5% to Rs.52,601 per 10 gram on Monday. After touching three-month highs across global markets, gold prices slightly declined to $1,760 per ounce. Gold witnessed its highest weekly rise since March 2020 last week.

      16 November 2022

    • Gold being sold for Rs.51,670 for 10 grams in Mumbai on 10 November 2022

      In Mumbai, 10 grams of 24-carat gold is being sold for Rs.51,670 for 10 grams. 24-carat gold prices are the same in Kolkata and Mumbai. Gold prices increased slightly on 10 November because of to a decline in US government bonds. The prices for 10 grams on 24 carat gold in Chennai and Delhi are Rs.52,530 and Rs.51,770, respectively.

      11 November 2022

    • Gold rates fall on 2 November

      The price of gold witnessed a fall in the domestic markets on 2 November. In Bengaluru, 10 gram of 22 karat gold is trading at Rs.46,590 whereas 24 karat gold is being sold at Rs.50,820 per 10 gram. The precious yellow metal is priced at Rs.46,540 per 10 gram of 22 karat gold and Rs.50,770 per 10 gram of 24 karat gold in Kolkata, Hyderabad, and Mumbai. In Chennai, the price of 10 gram of 22 karat and 24 karat gold are Rs.47,290 and Rs.51,590, respectively.

      03 November 2022

    • Price of precious metal dipped in domestic market

      The price of 22-carat and 24-carat gold went down in the domestic market today, 23 October. The US gold futures and sport gold went down by 0.4% and 0.8%, respectively. The 24-carat gold is selling at Rs.50,900, Rs.50,600, and Rs.50,500 in Chennai, Delhi, and Bangalore, respectively. In Mumbai, Kolkata, and Hyderabad, the price of precious metal stands at Rs.50,450 per 10 grams.

      24 October 2022

    • Gold selling for Rs.51,170 for 10 grams in Chennai on 18 October 2022

      In Chennai, the prices of 24-carat gold were for Rs.51,170 per 10 grams on 18 October 2022. The prices of 22-carat gold were Rs.46,910 for 10 grams. When compared to the previous session, the prices of the yellow metal increased slightly. Gold futures prices in the US fell by 0.3% and were trading at Rs.1,658.30 for an ounce. Spot gold prices in the international markets remained steady and were trading at $1,651.75 for an ounce.

      19 September 2022

    • Gold Rates on 27 September 2022

      Gold prices are higher than average according to the Multi Commodity Exchange (MCX). The price of gold futures for 5 October 2022 delivery was Rs.49,190 per 10 kilos, up Rs.102 or 0.21%. When the market closed, the price of gold per 10 grams was Rs.49,150.

      28 September 2022

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