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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|
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|
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|
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
|Gold Rate Today In Bangalore||Today Gold Rate In Chennai||Today Gold Rate In Delhi|
|Today Gold Rate In Hyderabad||Today Gold Rate In Kolkata||Gold Rate Today In India|
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|
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|
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.
- 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|
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):
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|
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|
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|
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 Rate in Maharashtra
Also Check Gold Price in NearBy Cities of Mumbai
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|Gold Rate In Sangli||Gold Rate In Jalgaon||Gold Rate In Kolhapur|
|Also Know: Silver Rate in 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.