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  • Gold Rate in Mumbai

    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    28 Mar 2017 ₹ 2,842 ₹ 22,736 ₹ 3,035 ₹ 24,280
    27 Mar 2017 ₹ 2,842 ₹ 22,736 ₹ 3,035 ₹ 24,280
    26 Mar 2017 ₹ 2,842 ₹ 22,736 ₹ 3,035 ₹ 24,280
    25 Mar 2017 ₹ 2,842 ₹ 22,736 ₹ 3,035 ₹ 24,280
    24 Mar 2017 ₹ 2,842 ₹ 22,736 ₹ 3,035 ₹ 24,280
    23 Mar 2017 ₹ 2,842 ₹ 22,736 ₹ 3,035 ₹ 24,280
    22 Mar 2017 ₹ 2,822 ₹ 22,576 ₹ 3,012 ₹ 24,096
    21 Mar 2017 ₹ 2,822 ₹ 22,576 ₹ 3,012 ₹ 24,096
    20 Mar 2017 ₹ 2,822 ₹ 22,576 ₹ 3,012 ₹ 24,096
    19 Mar 2017 ₹ 2,822 ₹ 22,576 ₹ 3,012 ₹ 24,096

    *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.

    Fixed Deposit
    Comparison for 24 K Gold Rates for Mumbai February '17

    Trend of Gold Rate in Mumbai for March 2017 (rates per gram for 24karat gold)

    March 2017 - Week 1 (1st - 4th):

    • Economic capital Mumbai had one of the highest gold rates in the entire country during the first week of March.
    • The week began on 1st with gold trading at Rs.3,054 per gram and continued at the same rate during the next day.
    • The 3rd, however, saw prices drop by Rs.28 per gram to hit Rs.3,026 per gram as demand seemed to tank.
    • Rates didn’t see any change as strengthening of the US dollar didn’t allow for a change in price.
    • When week 1 of March ended, gold was trading at Rs.3,026 per gram.

    March 2017 - Week 2 (5th - 11th):

    • In bollywood-town Mumbai, gold prices seemed to fluctuate quite a lot over the second week of March.
    • On 5th, gold was trading at Rs.3,026 per gram and continued at the same rate on 6th March.
    • As the demand went down, gold price in Mumbai dropped to Rs.3,016 per gram on 7th but rallied to reach Rs.3,045 per gram on 8th.
    • After a sudden surge in demand, gold rates went down again on 9th to Rs.3,030 per gram and went down again by Rs.25 to reach Rs.3,005 per gram.
    • When week 2 of March ended, gold was still trading at Rs.3,005 per gram.

    March 2017 - Week 3 (12th-18th):

    • Gold prices in Mumbai were more or less stable for the week, in opposition to trends seen across the country.
    • Gold was priced at Rs.3,013 per gram on 13th March, with prices remaining relatively constant as compared to the previous week.
    • This rate was steady until the 15th of March as there was no indication of international trends impacting the price of gold.
    • Gold traded at Rs.3,024 per gram on 16th March, as a sudden rise in the U.S. Dollar and a hike in markets led to reduced demand for gold.
    • The price rose to Rs.3,034 per gram on 17th March as gold demand rose in response to falling stock markets.
    • Gold traded at Rs.3,034 per gram on 18th March, a weekly increase of Rs.21 per gram.

    Trend of Gold Rate in Mumbai for February 2017 (rates per gram for 24karat gold)

    February 1st  Rate Rs.2,985 per gram
    February 28th  Rate Rs.3,054 per gram
    Highest Rate in February Rs.3,054 per gram from 24th-28th February
    Lowest Rate in February Rs.2,985 per gram on 1st February
    Overall Performance Incline
    Percentage Change +2.31%
    Comparison for 24 K Gold Rates for Mumbai January '17

    February 2017 - Week 1 (1st-4th):

    • Gold rates saw significant appreciation in Mumbai when February began.
    • The yellow metal was trading at Rs.2,985 per gram on 1st, which then increased to Rs.3,014 per gram on the 2nd.
    • The sudden fluctuation in prices was due to a surge in global demand brought about by US President Donald Trump’s questionable policy decisions.
    • At the end of the week on 4th gold prices didn’t see any change as it continued at Rs.3,014 per gram till the end of the business day.

    February 2017 - Week 2 (5th-11th)

    • The price of gold in the financial capital of the county was steady as the week began, trading at Rs.3,014 per gram from 5th-7th February as industrial demand stabilised the price.
    • Prices rose to Rs.3,034 per gram on 8th February, an increase of Rs.20 per gram as a result of brisk trading in the metal on futures markets due to a weakening in global markets as a consequence of uncertainty over the immigration ban in the United States.
    • A sudden rally by markets led to gold demand dipping, as it traded at Rs.3,013 per gram on 10th February.
    • The week ended with gold trading at Rs.3,013 per gram on 11th February, registering a decline in price by Rs.1 per gram.

    February 2017 - Week 3 (12th-18th)

    • Gold prices in Mumbai were more or less stable for the week, in contrast to trends across the country.
    • Gold was priced at Rs.3,013 per gram on 12th February, the price remaining constant from the previous week due to demand being stagnant.
    • Prices continued to remain constant from 12th-15th February, as international trends did not impact prices.
    • Gold traded at Rs.3,024 per gram on 16th February, as a sudden dip in the U.S. Dollar and a drop in markets led to higher demand for gold.
    • The price rose to Rs.3,034 per gram on 17th February as gold demand rose in response to faltering stock markets.
    • Gold traded at Rs.3,034 per gram on 18th February, a weekly increase of Rs.20 per gram.

    February 2017 - Weeks 4 & 5 (19th-28th)

    • The price of gold in Mumbai was stable for the last two weeks, trading at Rs.3,034 per gram on 19th February.
    • Prices were constant till 23rd February due to high domestic demand in spite of fluctuating rates elsewhere.
    • Prices rose to Rs.3,054 per gram on 24th February due to a dip in U.S. markets and a slide in the dollar rate, which resulted in higher demand for gold.
    • Prices were constant till the end of the week, as gold traded at Rs.3,054 per gram on 28th February, a weekly increase of Rs.20 per gram and a monthly increase of 2.31%.

    Trend of Gold Rate in Mumbai for January 2017 (rates per gram for 24karat gold)

    January 1st Rate Rs.2,884 per gram
    January 31st Rate Rs.2,985 per gram
    Highest Rate in January Rs.2,997 per gram from 16th-27th January
    Lowest Rate in January Rs.2,872 per gram on 2nd January
    Overall Performance Incline
    Percentage Change +3.50%
    Comparison for 24 K Gold Rates for Mumbai December '16

    January 2017 - Week 1 (1st to 7th)

    • Barring a short blip at the beginning of the week, gold prices continued its upward trend in economic capital Mumbai.
    • With new year starting and with cash flow increasing, gold rates seemed to be on an incline for the better.
    • At the beginning of the week, gold price started at Rs.2,884 per gram but decreased to Rs.2,872 on the 2nd.
    • The 3rd, however, saw some positive growth for gold to trade at Rs.2,884, same rate as on the first of the week.
    • On 4th, gold rates again increased to Rs.2,895 per gram - an improvement of Rs.11.
    • Last three days of the week, from 5th to 7th, gold prices remained the same by gaining up on the rates during the 4th.
    • The week ended with gold trading at Rs.2,908 per gram.

    January 2017 - Week 2 (8th to 15th)

    • Gold prices in the country’s financial capital rose the whole of the second week, as increasing demand from the industrial sector kept prices high.
    • Gold traded at Rs.2,908 per gram on 8th January, maintaining its price from the previous week.
    • Prices rose by Rs.30 per gram to trade at Rs.2,938 per gram on 10th January as the Rupee fell against the U.S. Dollar, making exports cheaper.
    • Prices were steady for a day before rising to Rs.2,974 per gram on 12th January on sustained demand from the retail sector.
    • Prices stayed constant for the rest of the week, with gold ending the week trading at Rs.2,974 per gram on 15th January.
    • High domestic demand and conducive market conditions led to gold prices rising by Rs.66 per gram during the week.

    January 2017 - Week 3 (15th to 21st):

    • In Mumbai, gold trading rates remained largely unchanged for much of the week, except for the opening price on the 15th.
    • The week began with gold trading at Rs.2,974 per gram.
    • On 16th, prices increased by Rs.23 to Rs.2,997 per gram and continued at the same rate till the end of the week on the 21st.
    • There weren’t any catalytic changes to be witnessed throughout the week, which paved the way for little to no fluctuations.

    January 2017- Weeks 4 & 5 (22nd to31st)

    • Gold prices in Mumbai were stable as the week began, trading at Rs.2,997 per gram on 22nd January, with the price being unchanged from the past week.
    • Sluggish demand from industry kept prices stagnant, though heightened international demand kept prices from falling.
    • High local demand kept prices from falling due to lowered demand from Asia due to Lunar New Year.
    • Prices fell on the last day of the week over uncertainty regarding the U.S. Federal Reserve meeting in the next week, as gold traded at Rs.2,985 per gram on 31st January.
    December 1st Rate Rs.2,938 per gram
    December 31st Rate Rs.2,884 per gram
    Highest Rate in December Rs.2,938 per gram from 1st to 7th December
    Lowest Rate in December Rs.2,870 per gram from 22nd to 26th December
    Overall Performance Decline
    Percentage Change -1.83%

    December 2016 - Week 1 (1st to 4th)

    • Economic capital Mumbai too was stifled by the after effects of demonetization.
    • At the beginning of the week at December 1st, gold traded at Rs.2,938 per gram.
    • As there was no catalytic changes to be seen over the week, gold prices remained largely unchanged throughout the week.
    • Gold traded at Rs.2,938, the same as on December 1st, over the course of the week.
    • As PAN card details were made mandatory by every jeweller, gold prices remained the same and closed at Rs.2,938.

    January 2017 - Week 2 (8th to 15th)

    • Gold prices in the country’s financial capital rose the whole of the second week, as increasing demand from the industrial sector kept prices high.
    • Gold traded at Rs.2,908 per gram on 8th January, maintaining its price from the previous week.
    • Prices rose by Rs.30 per gram to trade at Rs.2,938 per gram on 10th January as the Rupee fell against the U.S. Dollar, making exports cheaper.
    • Prices were steady for a day before rising to Rs.2,974 per gram on 12th January on sustained demand from the retail sector.
    • Prices stayed constant for the rest of the week, with gold ending the week trading at Rs.2,974 per gram on 15th January.
    • High domestic demand and conducive market conditions led to gold prices rising by Rs.66 per gram during the week.

    December 2016 - Week 2 (5th-11th)

    • Economic capital Mumbai saw alarming increase and decrease in gold trading prices, although the fluctuation happened on three instances.
    • Prices remained the same for the first three days of the week, i.e., December 5th to 7th, and stood at Rs.2,938 per gram.
    • On December 8th, prices slipped by about Rs.31 as it traded at Rs.2,907 per gram.Prices continued to be the same on December 9th too.
    • Prices fell again by about Rs.28 on December 10th and as gold trading closed at Rs.2,879 per gram at the end of the week on December 11th.

    December 2016 - Week 3 (12th to 18th)

    • Economic capital Mumbai saw quite some fluctuations throughout the week.
    • At the beginning of the week at December 12th, gold traded at Rs.2,879 per gram.
    • As there was no catalytic changes to be seen over the week, gold prices remained largely unchanged till the 14th.
    • Gold traded at Rs.2,842 on the 15th as demand began to fall.
    • When the week ended on the 18th, gold prices were down to Rs.2,826 per gram, a massive decrease of Rs.53 per gram.

    December 2016 - Week 4 (19th to 25th)

    • The economic capital of India didn’t see much of a change in gold pricing either.
    • At the beginning of the week, gold traded at Rs.2,826 per gram and continued at the same rate till the 21st of the month.
    • The 22nd saw prices go down to Rs.2,810 per gram, and remained so till the end of the week on the 25th.

    December 2016 - Week 5 (26th to 31st)

    • The price of gold in the country’s financial capital was much the same, as the effects of demonetisation continued to influence gold trading.
    • Gold was priced at Rs.2,810 per gram as the week began on 26th December, with investments being bolstered by a fluctuating market.
    • Prices rose sharply to Rs,2,848 per gram on 28th December as uncertainty due to impending announcements over demonetisation led to markets falling.
    • Gold reached Rs.2,884 per gram on 30th and 31st December as the year ended on a high for the yellow metal.
    1st November rate Rs.3,168 per gram
    30th November rate Rs.2,975 per gram
    Highest rate in November Rs.3,247 per gram on 11th and 12th November
    Lowest rate in November Rs.2,949 per gram on 25th to 27th November
    Overall performance Decline
    % Change -6.09%
    Comparison for 24 K Gold Rates for Mumbai October '16

    November '16 - Week 1 (1st to 6th)

    • Gold traded at Rs.3,168 per gram on 1st November.
    • Prices of gold edged higher as demand in the domestic market was driven by festive and wedding demand.
    • Gold prices climbed to Rs.3,197 per gram on 2nd October and remained unchanged going into to the second week of November.
    • In the global market, the dollar weakened giving demand for gold a boost.

    November '16 - Week 2 (7th to 13th)

    • Gold traded at a steady pace this week.
    • The price of gold was Rs.3,197 per gram from 7th to 10th November.
    • There was a surge in gold rates owing to the wedding season demand, PM Modi’s surgical strike on black money and the aftermath of the U.S. elections.
    • Gold traded at Rs.3,247 per gram on 11th and 12th November, the highest for this week.
    • By the end of the week, gold rates dropped to Rs.3,082 per gram as cash purchases required PAN card details.

    November '16 - Week 3 (14th to 20th)

    • Gold traded at Rs.3,082 per gram from 14th to 17th November.
    • Constant rates were a direct result of stalled demand in the domestic market on account of the strike on black money.
    • On the global front, gold prices edged higher as the dollar retreated but this did not affect gold rates in Mumbai.
    • Gold prices dipped further to Rs.3,009 per gram on 18th November as the Indian economy experienced a shortage of cash.
    • Prices remained unchanged for the rest of the week.

    November '16 - Week 4 and 5 (21st to 30th)

    • At the start of the week, gold prices lulled at Rs.3,009 per gram.
    • Gold rates dropped drastically as the demonetisation move by PM Modi took a toll on the nation’s cash supply.
    • Gold fell to Rs.2,949 per gram between 25th and 27th November, the lowest price for this week.
    • A rising dollar in the global market coupled with a nearing Fed rate hike also put immense pressure on gold prices.
    • Gold traded at Rs.2,975 per gram from 28th to 30th November.
    1st October rate Rs.3,249 per gram
    31st October rate Rs.3,168 per gram
    Highest rate in October Rs.3,249 per gram on 1st and 2nd October
    Lowest rate in October Rs.3,123 per gram on 7th October to 9th October
    Overall performance Decline
    % Change -2.49%
    Comparison for 24 K Gold Rates for Mumbai September'16

    October '16 - Week 1 (1st to 7th)

    • Gold prices fell this week in Mumbai as there was a downturn in global and domestic trends.
    • Gold traded at Rs.3,249 per gram on 1st and 2nd October.
    • Prices dipped as fears of a Fed rate hike took over the market.
    • On the domestic front, customers have been enquiring about jewellery but are reluctant to buy as yet. Jewellers are pinning their hopes on the Dhanteras and Navaratri.
    • Gold had fallen to Rs.3,123 per gram by the end of the week.

    October '16 - Week 2 (8th to 14th)

    • The trend for gold was an incline this week, but prices fell on the last day owing to weak global trends.
    • Gold traded at Rs.3,123 per gram on 8th and 9th October.
    • Prices climbed as domestic jewellers increased their appetite for gold in light of the festive season.
    • As prices fell last week, there was an increase in footfall as customers started their festive shopping early.
    • Increased demand and positive global trends gave gold prices a boost to Rs.3,143 per gram on 13 October.
    • On the last day of the week, prices plummeted to Rs.3,133 per gram as the prospect of a Fed rate hike of 20-25 basis points loomed over the global market.
    • Demand fell in the domestic spot market as well.

    October '16 - Week 3 (15th to 21st)

    • Gold continued to trade at Rs.3,133 per gram from last week.
    • Prices remained constant on account of steady demand in the domestic market on account of the wedding season.
    • Strong global trends also kept gold prices stable.
    • On 20th October, gold rates increased to Rs.3,154 per gram and remained unchanged on 21st as well.

    October '16 - Week 4 (22nd to 28th) & Week 5 (29th to 31st)

    • Gold traded at a steady pace this week.
    • The price of gold was Rs.3,154 per gram from 22nd October to 25th October.
    • A weak dollar and speculations of a gradual Fed rate hike in the global market gave gold prices a boost.
    • In the domestic market, demand for gold was high on account of the festive and wedding seasons.
    • Gold traded at Rs.3,168 per gram from 26th October till 31st October.
    1st September rate Rs.3,212 per gram
    30th September rate Rs.3,279 per gram
    Highest rate in September Rs.3,285 per gram on 23rd to 26th September
    Lowest rate in September Rs.3,212 per gram on 1st September
    Overall performance Increase
    % Change 2.09%
    Comparison for 24 K Gold Rates for Mumbai August'16

    September '16 - Week 1 and 2 (1st to 10th)

    • Gold remained stable through the first two weeks in Mumbai.
    • Gold traded at Rs.3,212 per gram on 1st and 2nd September.
    • On account of global trends coupled with domestic demand, gold rates rose to Rs.3,229 per gram for the rest of the week.

    September '16 - Week 3 (11th to 17th)

    • Gold rates increased marginally this week as domestic demand was stable.
    • Gold traded at Rs.3,229 per gram on 11th September and rose to Rs.3,246 per gram between 13th and 15th September despite gloomy global trends.
    • The pressure of a Fed rate hike this month eventually took its toll on the yellow metal and prices dropped to Rs.3,231 per gram towards the end of the week as demand slackened in the domestic and global markets.

    September '16 - Week 4 (18th to 24th)

    • Gold traded at Rs.3,231 per gram on 18th September.
    • Prices increased as the week progressed on account of a positive atmosphere in the global markets.
    • Anticipation of an interest rate hike by the U.S. Federal Reserve has been put to rest for now.
    • Domestic demand has been on the rise as the festive season is near.
    • Gold traded at Rs.3,285 per gram on 23rd and 24th September.

    September '16 - Week 5 (25th to 30th)

    • Gold rates fell this week but managed to stay stable for majority of the week.
    • Gold traded at Rs.3,285 per gram at the start of the week.
    • Prices fell to Rs.3,279 per gram on 27th September as the global market turned bearish amid a rising dollar.
    • Demand in the domestic market was not booming but was able to keep prices stable.
    1st July rate Rs.3,249 per gram
    31st July rate Rs.3,225 per gram
    Highest rate in July Rs.3,283 per gram on 18th August
    Lowest rate in July Rs.3,226 per gram on 6th to 9th August
    Overall performance Decline
    % Change -0.74%
    Comparison for 24 K Gold Rates for Mumbai July'16

    August '16 - Week 1 (1st to 7th)

    • The price of gold rose gradually as the week commenced on strong trading as well as heightened domestic demand.
    • Prices were recorded at Rs.3,249 per gram on the 1st of August, falling to Rs.3,226 per gram on the 7th of August.
    • Prices declined as demand fell due to a strengthening Dollar on the back of strong U.S. data and a resurgent equity market.

    August '16 - Week 2 (8th-14th)

    • Gold traded at Rs.3,226 on 8th August.
    • The rates for the yellow metal firmed up through the week as the dollar weakened.
    • Expectations of a Fed rate hike lowered as the U.S. retail data seemed sluggish.
    • Gold rose to Rs.3,260 per gram owing to a boost in domestic demand.

    August '16 - Week 3 (15th-21st)

    • Gold traded at Rs.3,260 per gram on 15th August.
    • Gold rates climbed at a stable pace owing to a rise in demand in the domestic market as the festive season approaches.
    • Gold rates dropped slightly as the U.S. is confident that a Federal Reserve hike is possible this year.
    • Gold closed at Rs.3,278 per gram on 21st August, marking an overall increase for the week.

    August '16 - Week 4 (22nd-28th)

    • Gold prices remained stable for majority of the week, however, the overall trend indicated a major decline in prices.
    • Owing to conflicting signals from the U.S. Federal Reserve about an interest rate hike this year, gold prices have been affected in the recent months.
    • Gold traded at Rs.3,278 per gram on 22nd August and fell to Rs.3,236 per gram by the end of the week on account of a stronger dollar.

    August '16 - Week 5 (29th-31st)

    • Gold traded at Rs.3,236 per gram at the beginning of the week.
    • Rates soon slipped as the dollar gained on the back of strong U.S. payroll data.
    • Domestic demand was muted following the sluggish overseas trends.
    • Gold traded at Rs.3,225 per gram on 31st August and continued to drop entering September.
    1st July rate Rs. 3,154 per gram
    31st July rate Rs. 3,249 per gram
    Highest rate in July Rs. 3,154 per gram on July 1
    Lowest rate in July Rs. 3,018 per gram on July 31
    Overall performance Decline
    % Change -4.31%
    Comparison for (1 gram) Silver Rates for Mumbai Jun'16

    July'16 - Week 1 and 2 (1st to 10th)

    • Gold traded at Rs.3,112 on 1st July and the prices only increased through the week.
    • Demand for gold was up as it proved to be a safe haven investment amidst the Brexit vote, however, a strong dollar supported by stable U.S. job data brought the prices back down on July 8th.
    • Gold rates were pushed up to Rs.3,246 on July 9th and remained stable till the end of the week.

    July'16 - Week 3 (11th to 17th)

    • Gold prices were stable for most of the week, with a slight rise at the end of the week thanks to renewed interest in gold in the domestic market.
    • Prices were recorded at Rs.3,226 per gram on the first day of the week and Rs.3,234 per gram on the last day of the week.
    • Prices remained stable for most of the week before rising at the end, with the difference in prices between first and last days being Rs.8.

    July '16 - Week 4 (18th to 24th)

    • Gold rates in Mumbai slipped slowly through the week.
    • On 18th July, gold traded at Rs.3,234 after which it dropped off Rs.10 trading at Rs.3,224 till 21st July.
    • Strong U.S. non-farm payroll data has led to a stronger dollar, resulting in gold prices falling.
    • Expectations of a U.S. Federal Reserve hike, weak global trends and negligible demand in the domestic market have all contributed to easing gold prices.

    July‘16 - Week 5 (25th to 31st)

    • Prices remained constant at Rs.3,223 between the 25th and 30th of July.
    • An increase of Rs.26 drove prices up to Rs.3,249 per gram, which was the price of the precious metal at the close of the month.
    1st June rate Rs.3,038
    30th June rate Rs.3,112
    Highest rate in June Rs.3,192 on 27th of June
    Lowest rate in June Rs.3,015 on 3rd of June
    Overall performance Rise
    % Change +5.87
    Comparison for 24 K Gold Rates for Mumbai May'16

    Jun'16 - Week 1 (1st to 5th)

    • Gold rates in Mumbai were relatively stable at the beginning of June.
    • Rates climbed on 5th June as the U.S. dollar weakened owing to data reports from the Labor Department noting the lowest number of job creations in five and a half years.
    • Gold traded at Rs. 3,038 on 1st June and Rs. 3,063 on 5th June.

    Jun'16 - Week 2 (6th to 12th)

    • Gold traded at Rs. 3,063 per gram. on the 6th and 7th of June.
    • Prices increased further as gold traded at Rs. 3,078 per gram on the 9th of June.
    • Gold hit the highest for the week on the11th and 12th of June at Rs. 3,123 per gram.

    Jun'16 - Week 3 (13th to 19th)

    • Gold traded at Rs. 3,123 per gram on the 13th of June.
    • There was no change in the gold rate for the whole week as gold price remained the same at Rs. 3,123 per gram from the 13th of June to the 19th of June.

    Jun'16 - Week 4 (20th to 26th)

    • Although there were minor fluctuations seen throughout the month of June, the rate of gold was completely stable during the course of the week.
    • The rate of gold was the same at Rs. 3,075 per gram and was the same throughout the month.
    • Due to increased demand, reducing expectations of U.S. Federal rate hike, price of gold saw a steady increase.

    Jun'16 - Week 5 (27th to 30th)

    • Gold rates fluctuated during the week but the changes were marginal thanks to strong local and international trends in addition to strong demand.
    • Prices were Rs.3,192 on the 27th of June and Rs.3,112 on the 30th of June.
    • The overall decline in prices between the start and the end of the week was just Rs.80.
    1st May rate Rs. 3,154 per gram
    31st May rate Rs. 3,018 per gram
    Highest rate in May Rs. 3,154 per gram on May 1
    Lowest rate in May Rs. 3,018 per gram on May 31
    Overall performance Decline
    % Change -4.31%
    Graph for Gold Rate in Mumbai for April 2016

    May'16 - Week 1 (1st to 7th)

    • Gold rates were stable during the week as no significant changes were recorded.
    • Prices were Rs.3,154 on the 1st of May and Rs.3,123 on the 7th of May.
    • Prices were mostly constant as there were no major events to influence the change of prices.

    May ‘16 - Week 2 (8th to 14th)

    • Gold rates were stable during the week as no significant changes were recorded.
    • Prices were Rs.3,155 on the 8th of May and Rs.3,112 on the 14th of May.
    • Prices remained the same for the first four days of the week before recording a small decline after which they remained at the same level until the end of the week.

    May ‘16 - Week 3 (15th to 21st)

    • Gold rates remained stable for most parts of the week as there were no international or domestic events to affect prices.
    • Prices were Rs.3,140 on the 15th of May and Rs.3,094 on the 21st of May.
    • Prices remained the same for the first two days of the week after which they declined marginally and remained constant until the last day of the week when they rose by Rs.76.

    May ‘16 - Week 4 (22nd to 28th)

    • Gold rates were stable at the beginning of the week but started to fall quickly.
    • Gold prices were Rs. 3,094 on the 22nd of May and Rs. 3,025 on the 28th of May.
    • Due to the decline in rates globally, Mumbai was also affected with the rates steadily dropping through the week.

    May ‘16 - Week 5 (29th to 31st)

    • There were minor changes in the price of gold as the month of May progressed.
    • On the last day of the month, gold closed at Rs. 3,018 per gram.
    • The highest price at which gold traded was on 7th of may at Rs. 3,155 per gram.
    1st April rate Rs 2,989
    30th April rate Rs 3,154
    Highest rate in April Rs 3,154 on 30th
    Lowest rate in April Rs 2,989 from 1st to 11th
    Overall performance Gain/Positive
    % Change + 5.52%
    Comparison for 24 K Gold Rates for Mumbai,March'16

    Apr'16 - Weeks 1 & 2 (1st to 10th)

    • Gold prices were stable at Rs.2,989 over the first ten days of April as bullion traders continued their strike over implementation of excise duty on gold jewellery sales
    • On the global front, prices appreciated as the Fed looked set to postpone rate hikes while weak economic data from the US central bank and weak dollar reinforced gold as safe investment.

    Apr ‘16 - Week 3 (11th to 17th)

    • Gold rates were constant at Rs.3,038 over the course of the third week as trading remained suspended for the most part.

    Apr ‘16 - Week 4 (18th to 24th)

    • Gold lost marginal value in this week.
    • Prices were stable at Rs.3,038 till 23rd before losing Rs.5 on 24th to settle at Rs.3,033.

    Apr ‘16 - Week 5 (25th to 30th)

    • Gold rates remained constant at Rs 3,033 from 25th to 28th.
    • An increase of over Rs 80 was seen on 29th, with prices hitting Rs 3,120.
    • The week ended with gold trading at Rs 3,154, the highest for the month.

    1st March rate

    Rs 3,068

    31st March rate

    Rs 2,989

    Highest rate in March

    Rs 3,093 from 12th to 17th

    Lowest rate in March

    Rs 2,989 from 22nd to 31st

    Overall performance

    Loss/Negative

    % Change

    -2.57%

    Comparison for 24 K Gold Rates for Mumbai Feb'16

    Mar'16 - Week 1 (1st to 6th)

    • Gold trading remained suspended in Mumbai as jewellers and traders called for an indefinite strike against the proposal made in Budget 2016-17 that levied an additional 1% excise duty on jewellery sales.
    • Gold rates were constant at last week’s closing rate of Rs.3,068.

    Mar'16 - Week 2 (7th to 13th)

    • Jewellers and associations continued their agitation for the second straight week as deadlock continued over imposition of 1% excise duty on non-silver jewellery purchases and PAN card detail disclosures on jewellery transactions over Rs.2 lakh.
    • Gold rates were constant at last week’s closing rate of Rs.3,068 till 11th before settling at Rs.3,093 for the rest of the week.

    Mar ‘16 - Week 3 (14th to 20th)

    • Markets were once again closed over the week as protests continued.
    • Gold was selling at Rs.3,093 till 17th and Rs.3,033 from thereon.

    Mar ‘16 - Week 4 (21st to 27th)

    • Gold saw another week of muted trade as traders brought the protests into the fourth week though jewellers were open for business in most parts of the city.
    • There was no major movement of rates as prices were stable at Rs.2,989 all through the week.

    Mar ‘16 - Week 5 (28th to 31st)

    • Market performance exceeded expectations, nearing record quarterly numbers.
    • Strong international performance of gold resulted in better local rates.
    • Gold prices in the city stayed constant at Rs 2,989 throughout the week.

    1st February rate

    Rs.2,714

    29th February rate

    Rs.3,068

    Highest rate in February

    Rs.3,068 on 27th, 28th and 29th

    Lowest rate in February

    Rs.2,714 on 1st

    Overall performance

    Gain/Positive

    % Change

    +13.04%

    Comparison for Gold Rate 24 K for Mumbai

    Feb'16 - Week 1 (1st to 7th)

    • Gold had a profitable 1st week in February, rising by an overall amount of Rs.168 and touching a 9-month high of Rs2,882.
    • Prices were Rs.2,714 on 1st and Rs.2,882 on 7th.
    • Gold gained value on all days of the week on the back of wedding season demand from domestic jewellers as well as positive global cues.
    • Gold breached the 2,800-mark for the first time this year on 4th to settle at Rs.2,832.
    • Prices continued going upwards and ended the week at a high of Rs.2,882.

    Feb '16 - Week 2 (8th to 14th)

    • Gold prices appreciated again during the 2nd week, breaching the Rs.3,000-mark for the first time in almost 2 years.
    • Prices were Rs.2,875 on 8th and Rs.2,944 on 14th.
    • Prices rose on the back of a weaker rupee, strong global cues and ongoing buying from jewellers and retailers to meet the wedding season demand.
    • Prices breached the 2,900-mark on 9th for the first time this year and settled at Rs.2,942 for 9th and 10th.
    • Gold declined to Rs.2,833 on 11th before rising by Rs.208 in a single day to breach the 3,000-mark and settle at Rs.3,045.
    • Prices slid to Rs.2,944 on 13th and remained stable there on 14th to end the week on a positive note.

    Feb '16 - Week 3 (15th to 21st)

    • Gold prices appreciated again in the third week, as global cues remained strong and the domestic demand was at healthy levels.
    • Prices were Rs.2,994 on 15th and Rs.3,028 on 21st.
    • Gold dropped at the start of the week to Rs.2,952 as demand was muted on that day while global cues were also weak, however prices started appreciating from 17th onwards.
    • Gold breached the Rs.3,000-mark once again this month as it settled at Rs.3,028 from 19th to 21st to end the week on a high note.

    Feb '16 - Week 4 (22nd to 29th)

    • Gold continued its gainful streak toward the end of February, rising on the back of strong global cues and scattered domestic demand.
    • Prices were Rs.3,005 on 22nd and Rs.3,068 on 29th.
    • Gold had consecutive positive sessions which saw overall gains in the month touching 4-year highs.
    • Prices were stable at Rs.3,005 till 23rd before rising substantially by Rs.59 on 25th to touch Rs.3,064.
    • Gold gained marginally on 27th to rise to Rs.3,068 and remained stable at that level for the rest of the week.
    4th January rate Rs.2,621
    31st January rate Rs.2,775
    Highest rate in January Rs.2,789 on 27th, 28th and 29th
    Lowest rate in January Rs.2,541 on 5th
    Overall performance Gain/Positive

    Jan'16 - Week 1 (4th to 10th)

    • Gold rates were marginally up in the 1st week of trading in 2016.
    • Prices were Rs.2,621 on 4th and Rs.2,630 on 10th.
    • There was a drop of Rs.66 on 5th when prices fell to Rs.2,583.
    • Gold rebounded from the low on 5th to appreciate continuously from 6th to 9th by an overall margin of Rs.81 to take prices to Rs.2,630. Prices were stable on 10th on account of it being a Sunday.

    Jan '16 - Week 2 (11th to 17th)

    • Gold lost value in the 2nd week of trading in January.
    • Prices were Rs.2,636 on 11th and Rs.2,598 on 17th.
    • Gold remained stable for the first three days, selling at Rs.2,634 by 13th.
    • Prices dropped by Rs.36 on 14th to settle at Rs.2,598, amid reduced demand for spot gold by jewellers.
    • Gold rates were stable at Rs.2,598 for the rest of the week

    Jan '16 - Week 3 (18th to 24th)

    • Gold prices appreciated substantially during the 3rd week.
    • Prices were Rs.2,654 on 18th and Rs.2,729 on 24th.
    • Gold dropped to Rs.2,644 on 19th before rallying over the next 3 days to breach Rs.2,700-mark and settle at Rs.2,736 by 22nd.
    • Prices dropped by Rs.75 on 23rd to fall to Rs.2,661 but rallied on 24th by Rs.68 to cover the losses and end the week at Rs.2,729.

    Jan '16 - Week 4 (24th to 31st)

    • Gold rates appreciated towards the end of January as Fed rate speculations softened dollar while domestic demand from jewellers was also high.
    • Prices were Rs.2,729 on 25th and Rs.2,775 on 31st.
    • Gold rallied by Rs.60 till 27th to settle at Rs.2,789, where it remained till 29th.
    • Prices dropped drastically on 30th by Rs.89 to touch Rs.2,700 before covering the losses on the last day of the month to end at Rs.2,775.

    1st December rate

    Rs.2,550

    31st December rate

    Rs.2,558

    Highest rate in December

    Rs.2,665 on 5th and 6th

    Lowest rate in December

    Rs.2,550 on 1st

    Overall performance

    Gain/Positive

    % Change

    +0.31%

    Dec'15 - Week 1 (1st to 7th)

    • Gold prices in Mumbai appreciated in the 1st week of December.
    • Rates were Rs.2,550 on 1st and Rs.2,596 on 7th.
    • Gold was volatile over the week as prices went on a see-saw ride.
    • There was a gain of Rs.80 on 2nd when prices breached the Rs.2,600 mark to rest at Rs.2,630.
    • Prices declined by Rs.63 on the next day to fall to Rs.2,567 on 3rd.
    • Gold depreciated on 4th but picked up on 5th to settle at Rs.2,665 for 5th and 6th.
    • Prices dropped on 7th by Rs.69 to end the week at Rs.2,596.

    Dec'15 - Week 2 (8th to 14th)

    • Gold rates were volatile in the 2nd week.
    • Prices were Rs.2,593 on 8th and Rs.2,597 on 14th.
    • Gold dropped by Rs.23 on 9th to fall to Rs.2,571 and was priced Rs.2,579 on 10th and Rs.2,575 on 11th.
    • Prices dropped to Rs.2,565 on 12th before rallying by Rs.99 to Rs.2,664 on 13th.
    • Gold declined by Rs.67 on 14th to settle at Rs.2,597 for the week.

    Dec'15 - Week 3 (15th to 21st)

    • Gold rates depreciated in the 3rd week.
    • Prices were Rs.2,576 on 15th and Rs.2,552 on 21st.
    • Gold dropped by Rs.13 on 16th to fall to Rs.2,561 before losing another Rs.3 over the next 2 days to settle at Rs.2,560 on 18th.
    • Gold rallied by a substantial Rs.54 on 19th to cross Rs.2,600 mark and rest at Rs.2,614.
    • Prices were stable on 20th and fell steeply on 21st by Rs.62 to rest at Rs.2,552 for the week.

    Dec'15 - Week 4 (22nd to 28th)

    • Gold rates were volatile in the 4th week.
    • Prices were Rs.2,562 on 22nd and Rs.2,558 on 28th.
    • Gold appreciated steeply to Rs.75 on 23rd to breach 2,600-mark for the first time in the week.
    • Gold dropped from Rs.2,637 on 23rd to Rs.2,558 on 24th, a drop of Rs.79.
    • Prices again picked up on 25th by Rs.69 to settle at Rs.2,627.
    • Gold remained stable at Rs.2,627 till 27th before dropping substantially by Rs.69 on 28th to end at Rs.2,558.

    Dec'15 - Week 5 (29th to 31st)

    • Gold rates were mostly stable in the final days of the month.
    • Prices were Rs.2,562 on 29th and Rs.2,558 on 31st.
    • Gold was priced at Rs.2,563 on 30th before dropping to RS.2,558 on 31st.

    1st November rate

    Rs.2,686.50

    30th November rate

    Rs.2,558

    Highest rate in November

    Rs.2,686.50 on 1st

    Lowest rate in November

    Rs.2,550 on 21st, 22nd and 25th

    Overall performance

    Loss/Negative

    % Change

    -4.78%

    Nov '15 - Week 1 (1st to 7th)
    • Gold rates dropped in the first week of November.
    • Gold was priced at Rs.2,686.50 on 1st and Rs.2,590 on 7th.
    • There was marginal gain in rates on 3rd when prices rose to Rs.2,680 from Rs.2,674 on the previous day.
    • Gold lost Rs.90 in value over the next four days.
    • Gold traded in the red on 4th, 5th, 6th and 7th.

    Nov '15 - Week 2 (8th to 14th)

    • Gold had a turbulent 2nd week in Mumbai.
    • Rates were Rs2,590 on 8th and Rs.2,557 on 14th.
    • Prices climbed to Rs.2,612 on 9th before falling by Rs.32 on 10th to rest at Rs.2,580.
    • Gold rate dropped again on 11th before rallying on 12th to gain Rs.53.50 and touch Rs.2,627.
    • Prices dropped over the next two days by Rs.26 and Rs.44 to rest at Rs.2,557 on 14th.

    Nov '15 - Week 3 (15th to 21st)

    • Gold had a stable performance as per week beginning and end rates.
    • Prices were Rs.2,557 on 15th and Rs.2,550 on 21st.
    • Rates appreciated to Rs.2,680 on 16th before losing out the value on the next day to rest at Rs.2,595.
    • There were more negative sessions for gold with week end level touching Rs.2,550.

    Nov '15 - Week 4 and 5 (22nd to 30th)

    • Gold lost value in the last 9 days of the month.
    • Prices were Rs.2,617 on 22nd and Rs.2,560 on 30th.
    • Gold depreciated by Rs.44 over 23rd and 24th to fall to Rs.2,573 on 24th before regaining the lost value on 25th to once again settle at Rs.2,617.
    • Prices feel again on the next day to Rs.2,582 and settled at Rs.2,579 by 29th.
    • Gold lost Rs19 on the last day of the month to touch Rs.2,560.

    1st October rate

    Rs.2,621

    31st October rate

    Rs.2,686.50

    Highest rate in October

    Rs.2,728 on 16th

    Overall performance

    Gain/Positive

    % Change

    +1.72%

    Oct '15 - Week 1 (1st to 7th)

    • Gold rate appreciated in the first week of October.
    • Prices were Rs.2,641 on 1st and Rs.2,664 on 7th.
    • Gold gained significant value on 4th when prices rose to Rs.2,667 from Rs.2,625 at day closing rates.
    • Prices were stable in the next two days.

    Oct '15 - Week 2 (8th to 14th)

    • Gold gained some value in the second week of the month.
    • It was priced at Rs.2,672 on 8th and Rs.2,686 on 14th.
    • There was a gain in value on 13th when prices rose to Rs.2,698 almost breaching the 2,700 mark.

    Oct '15 - Week 3 (15th to 21st)

    • Gold rates were stable for the third week of the month.
    • Prices were Rs.2,716 on 15th and Rs.2,717 on 21st.
    • Prices stayed between Rs.2,710 to Rs.2,730 for this week indicating a stable week for rates.
    • Prices peaked on 16th at Rs.2,728, which was the highest gold rate in Mumbai for October.

    Oct '15 - Week 4 (22nd to 28th)

    • Gold rates appreciated marginally in the fourth week of October.
    • Prices were Rs.2,687 on 22nd and Rs.2,707 on 28th.
    • Gold gained value on 23rd and 26th.
    • Prices were Rs.2,701 and Rs.2,704 on 26th and 27th respectively.

    Oct '15 - Week 5 (29th to 31st)

    • Gold rate declined considerably in the last 3 days of the month.
    • Prices were Rs.2,721 on 29th, which declined to Rs.2,686.50 on 30th and maintained the rate on 31st.

    Gold price in Mumbai at the start of the September was Rs.2,701 as on 1st September. Rates declined over the first week and reached a mid-week low of Rs.2,667 on 4th September. Prices stayed at the same level over the next few days, with gold priced at Rs.2,675 by the end of the first week. There was a downward spiral of gold rate in the next week, when prices dropped to Rs.2,630 by 14th September.

    Gold rate remained at the Rs.2,630 over the next two days before rallying on 17th and 18th of the month. Prices continued in the upward trend and reached Rs.2,669 on 21st September, the highest gold rate in the 3rd week of the month. 4th week saw prices drop in the first two days to Rs.2,648 by 23rd before climbing steeply in the next couple of days to Rs.2,701 and matching month-start gold rates. Prices went stable till 28th, however there was a drop on 29th when the rate was clocked at Rs.2,652.

    Gold rate in the month of September has been volatile but the month start and end rates were largely similar. Gold rates can be expected to remain volatile in the coming days however the approaching festive season will help enhance gold rates 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.

    • 24 karat gold rates in Mumbai

    The year started with 24 karat gold prices in Mumbai at Rs.2,692. Prices peaked at Rs.2,861 on 21st January. This was followed by a general downward movement of prices until they reached a low of Rs.2,615 on 18th March. Since then, prices have seen a general upward shift and reached a high of Rs.2,789 on 18th May, before ending the month at Rs.2,726.

    • 22 karat gold rates in Mumbai

    Price per gram of 22 karat gold at the start of the year was Rs.2,518. Prices continued to rise throughout January and peaked on 21st January at Rs.2,674. This is also the highest gold rate in Mumbai this year till now. Prices started sliding after this, and reached a low of Rs.2,436 on 18th March. Prices have since then seen an upward trend and reached Rs2,610 on 18th May.

    Also Check Gold Price in NearBy Cities of Mumbai

    Gold Rate In Nagpur Gold Rate In Pune Gold Rate In Aurangabad Gold Rate In Thane
    Gold Rate In Nashik Gold Rate In Solapur Gold Rate In Amravati Gold Rate In Nanded
    Gold Rate In Sangli Gold Rate In Jalgaon Gold Rate In Kolhapur
    Also Know: Silver Rate in Mumbai

    Read more on Gold

    News About Mumbai Gold Rate

    • Gold Recycling Plan does not Woo Indian Families

      The government’s plan to recycle unused gold that are present in houses and temples seem to be failing because of high cost and low returns. The government came up with this plan to reduce gold import. Households and temples combined have only turned over 7 tonnes of gold. It is believed that around 24,000 tonnes of gold are owned by these households and temples. Families that have around 80% of unused gold have not been wooed by the scheme. The government wanted to use idle gold by melting it and renting it out to the jewellers or auctioning it. The interest offered by the government’s scheme is 2.5%, which is very low compared to cash deposit interest rates.

      14th March 2017

    • Gold Prices Slide In Anticipation of US Fed Rate Hike

      The price of gold fell over the past few days as speculators pulled out of the market in anticipation of a rate hike announcement by the U.S. Federal Reserve. A meeting scheduled for March 14th-15th, 2017 has raised hopes of a Fed hike by up to 25 basis points, given the strong performance by the labour markets in the past two months. The probability of a rate cut has led to increases pressure on gold prices, which began the year on a high. The Fed rate hike would depend on the upcoming U.S. jobs report, which is due for release on 10th March, 2017. Some market watchers are anticipating a downward revision of between $40-$50 an ounce in the price of gold, with domestic prices likely to fall by Rs.800-Rs.1,000 per 10 grams. With gold demand already low following the end of the wedding season, there is concern the price could fall steeply. Renewed buying of physical gold could stabilise prices, which are currently trading at Rs.29,011 per 10 grams on the Multi Commodity Exchange (MCX).

      9th March 2017

    • Gold Import in February Touch 50 tonnes

      In the first 2 months of 2017, the demand for gold has increased in the country. Average gold import has touched 50 tonnes. 48 tonnes of gold was imported in January and it is estimated that the import in February was 50 tonnes. The demand for gold was mainly seen at a jewellery show and then during Valentine’s Day. Globally, the price of gold has increased by 8.8% to $1,254 per ounce and the price of silver has increased by 14.9% to $18.3 per oz. The price spot standard gold in Mumbai increased by 6% to Rs.29,575 per 10g and the price of silver has increased by 9.5% to Rs.43,740 per kg.

      6th March 2017

    • Purchase of Gold Increases in India

      Gold purchase in India has increased over the last one week. The price rose by around 8% since the start of the year. According to gold traders and analysts, the price of gold will increase more after Donald Trump explains his foreign policy, levies on imports, tax cuts and infrastructure spending plans. Rise in supply of cash in the Indian market is also a reason for more purchases.

      1st March, 2017

    • Jewellers Demand and Global Conditions Increase Gold Rate to Rs.29,850

      An increase in demand from local jewellers and positive global market conditions have led to an increase in gold prices. At the bullion market, the rate increased by Rs.100 to touch Rs.29,850 per 10 grams. The price of silver also increased by Rs.100 to touch Rs.43,200 per kg because of an increase in purchase by coin makers and industries. At an international level, gold prices increased by 0.15% to $1,237.20 per ounce and silver prices increase by 0.28% to $17.98 per ounce in New York. In Delhi, price of 99.9% and 99.5% pure gold increased by Rs.100 each to touch Rs.29,850 and Rs.29,2700 for every 10 grams. Sovereign price remained unchanged at Rs.24,500 for every piece of 8 grams. Price of 100 silver coins remained Rs.73,000 for purchase and Rs.74,000 for sale.

      23rd February 2017

    • Investors anticipate rate hike by Federal Reserve

      As investors were waiting for a mention of an interest rate hike by the officials at the Federal Reserve, the price of gold fell in the middle of an increase in the dollar. Spot gold declined by 0.5% amounting to $1,232.31 per ounce by 0338 GMT. On the other hand, there has been an increase in the dollar index by 0.3% amounting to 101.22.

      Heraeus Metal Management announced that the US economic data is the force behind gold. Janet Yellen, the chief of Federal Reserve recently hinted that the American economy was looking forward to a rise in the key rates of interest. Data that would confirm this will put pressure on the price of gold in the coming days. The chiefs of five regional US Federal Reserve branched are supposed to have a conversation regarding this in the upcoming week.

      Loretta Mester, Fed President of Cleveland, declared that she would like to increase interest rates now if the economy kept behaving the way it is doing. Wang Tao, the technical analyst of Reuters have predicted that spot gold may get a support at $1,233 per ounce and go towards the support at $1,226.

      23rd February 2017

    • Gold Restocked by Jewellers

      Indian Jewellers have started stocking gold again. This is something they had stopped prior to the budget. According to dealers, gold rates are at a good level because of the positive changes in exchange rate and increase in global rates. On the London spot exchange, gold rate was $1235.46 per troy ounce on Tuesday and analysts expect this price to increase. On the MCX, gold rate was Rs.29,245 for every 10 gm by 3 pm on Tuesday. According to traders, India will not face a major impact of the uncertainty that has been caused in the global market due to Trump’s immigration ban.

      8th February 2017

    • Ahead of U.S. Fed Rate decision, Gold rate remains steady

      Gold reduced by over 1% as the dollar strengthened ahead of the U.S. Federal Reserve’s decision regarding interest rate which is expected to give clues regarding monetary policy this year. Gold is exposed to rate of interest especially in the United States of America as higher interest rates will increase the opportunity cost of holding non-yielding assets and also boost the dollar in which gold is usually priced.

      The Federal Reserve is expected to not change the U.S. rates of interest in its first policy decision since Donald Trump took up the Presidential office, as the Central Bank is yet to receive clarity on his economic policies.

      2nd February 2017

    • Demand for physical gold slides to a 7-year low in the year 2016

      Demand for physical gold reduced by 20% last year to its lowest since the year 2009. GFMS analysts working at Thomson Reuters said that a rebound in gold prices after three consecutive years of losses reduced appetite for this precious metal. Purchase of coins, bars, jewellery along with industrial demand and official sector reduced to 3,349 tonnes the previous year from 4,184 tonnes which was noted in 2015. This helped to lift the net surplus in gold market to 1,176 tonnes which was the biggest physical surplus in the past 100 years.

      Demand was impacted negatively towards the end of the year due to dollar gains and a sharp decline was noted in Indian demand after Prime Minister Narendra Modi put forth demonetization wherein certain banknotes were withdrawn. This led to a severe cash crunch in the fourth quarter. Political tensions as a result of Donald Trump’s election as the President of the United States of America, progress of Brexit and a number of elections in Europe may renew the demand for gold later this year, according to analysts. Due to this, the average gold price forecast for the year 2017 has been decided at $1,259 per ounce according to GFMS.

      30th January 2017

    • Gold Prices Fall After 8-Week High As Dollar Records A Rise

      The U.S. Dollar rose on positive inflation data, which led to gold prices falling after an 8-week high. Gold traded at $1,209.34 an ounce on Wednesday, 18th January, 2017, as an increase in consumer prices boosted the U.S. Dollar.

      Prices were relatively stable as markets and investors waited for the address by U.S. Fed Reserve Chair Janet Yellen, which would indicate the direction U.S. monetary policy would take.

      Higher manufacturing and strong labour markets pointed to healthy economic growth, which had a negative impact on gold prices during the week.

      Gold futures for February were also low, trading at $1,212.10.

      Traders are expecting hikes in U.S. interest rates as a response to rising inflationary pressures, with the Trump presidency expected to raise inflation further.

      The higher rates would impact gold prices, as the opportunity cost associated with holding non-yielding bullion would increase, putting investors off buying more.

      20th January 2017

    • For more related news /update on gold price visit: Gold News

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