Gold Rate in Mumbai Today

Todays gold rate in Mumbai:

  • 10g of 24K gold is 45,950 Indian Rupee
  • 10g of 22K gold is 44,950 Indian Rupee
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  • Today's Gold Rate in Mumbai ( 03 Mar 2021 )

    ₹ 4,495
    Today's Gold Rate (22K) per gram

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

    Today
    Yesterday
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 4,495 ₹ 4,492 ₹ 3 ↑
    Standard Gold (22 K) ( 8 grams ) ₹ 35,960 ₹ 35,936 ₹ 24 ↑
    Pure Gold (24 K) ( 1 gram ) ₹ 4,595 ₹ 4,592 ₹ 3 ↑
    Pure Gold (24 K) ( 8 grams ) ₹ 36,760 ₹ 36,736 ₹ 24 ↑

    Daily Gold Rates

    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    02 Mar 2021 ₹ 4,495 ₹ 35,960 ₹ 4,595 ₹ 36,760
    01 Mar 2021 ₹ 4,492 ₹ 35,936 ₹ 4,592 ₹ 36,736
    28 Feb 2021 ₹ 4,573 ₹ 36,584 ₹ 4,673 ₹ 37,384
    27 Feb 2021 ₹ 4,573 ₹ 36,584 ₹ 4,673 ₹ 37,384
    26 Feb 2021 ₹ 4,574 ₹ 36,592 ₹ 4,674 ₹ 37,392
    25 Feb 2021 ₹ 4,577 ₹ 36,616 ₹ 4,677 ₹ 37,416
    24 Feb 2021 ₹ 4,596 ₹ 36,768 ₹ 4,696 ₹ 37,568
    23 Feb 2021 ₹ 4,547 ₹ 36,376 ₹ 4,647 ₹ 37,176
    22 Feb 2021 ₹ 4,513 ₹ 36,104 ₹ 4,613 ₹ 36,904
    21 Feb 2021 ₹ 4,513 ₹ 36,104 ₹ 4,613 ₹ 36,904

    Weekly & Monthly Graph of Gold Rate in Mumbai

    • 7 Days
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    • 3 Months
    • 6 Months

    *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.

    Also check : Silver Rate in Mumbai

    Historical Gold Price in Mumbai

    Months Lowest Price 24 Carat Gold – ₹ Per 10 Grams Highest Price 24 Carat Gold – ₹ Per 10 Grams
    January 202148,89051,360
    December 202047,93050,380
    November 2020 48,250 52,230
    October 2020 49,900 51,620
    September 2020 49,260 52,760
    August 2020 51,360 55,410
    July 2020 47,460 52,410
    June 2020 45,640 48,410
    May 2020 45,410 47,270
    April 2020 41,580 47,850
    March 2020 41,160 45,310
    February 2020 41,320 44,100
    January 2020 39,850 42,160

    Trend of Gold Rate in Mumbai for February 2021 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    February 1 Rate Rs.4,897 per gram
    February 21 Rate Rs.4,613 per gram
    Highest Rate in February Rs.4,946 per gram on 2 February
    Lowest Rate in February Rs.4,612 per gram on 20 February
    Overall Performance Decline

    February 2021 - Week 1 (1 - 7):

    • Gold prices in Mumbai were Rs.4,897 per gram on 1 February and hit its highest price of the week on 2 February at Rs.4,946 per gram due to lower risk appetite amongst investors.
    • The price of the metal, however, declined through the rest of the week, decreasing to Rs.4,858 per gram on 3 February as the value of the U.S. dollar recovered in the international market. The price of the metal increased marginally on 4 February at Rs.4,901 per gram.
    • On 5 February, the price of gold was Rs.4,752 per gram and declined to close the month at its lowest on 7 February at Rs.4,716 per gram.

    February 2021 - Week 2 (8 - 14):

    • The price of gold in Mumbai was Rs.4,715 per gram on 8 February and increased by Rs.16 to Rs.4,736 per gram on 9 February. With a declining risk appetite amongst investors, the price of the metal increased to Rs.4,790 per gram on 10 February.
    • Hitting the highest price of the week, gold was at Rs.4,802 per gram on 11 February. However, on the following day, it eased to Rs.4,789 per gram on profits and a fluctuating trend was seen in the international market.
    • At the end of the week, gold prices were at Rs.4,743 per gram on 13 February and closed the week at Rs.4,734 per gram on 14 February.

    February 2021 - Week 3 (15 - 21):

    • A gram of 24-karat gold was retailed at Rs.4,734 in Mumbai at the start of the third week of February. There was no change in the price of the yellow metal when the rate was compared to the closing price of the previous week.
    • Gold price in Mumbai started to slip from 17th February onwards and recorded its lowest price for the month till date on 20th February. A gram of 24-karat gold was retailed at Rs.4,612 on the mentioned date.
    • The yellow metal closed the week at Rs.4,613 per gram in Mumbai after recording an increase of Re.1 on the final day of the week. The overall performance recorded a declining trend in the commercial capital of the country.

    Trend of Gold Rate in Mumbai for January 2021 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    January 1 Rate Rs.5,068 per gram
    January 31 Rate Rs.4,896 per gram
    Highest Rate in January Rs.5,136 per gram on 7 January
    Lowest Rate in January Rs.4,889 per gram on 18 January
    Overall Performance Decline

    January 2021 - Week 1 (1 - 9):

    • In Mumbai, gold price opened the month of January at Rs.5,068 per gram and the price of the metal increased to Rs.5,088 per gram on 3 January. However, the metal’s price dipped to Rs.5,040 per gram and further to its weekly low at Rs.5,023 per gram on 5 January.
    • However, with lower risk appetite and increased factors affecting the trend of the equities market, the price of the metal increased to Rs.5,134 per gram on 6 January and further to its highest at Rs.5,136 per gram on 7 January.
    • Gold rate in Mumbai dipped to Rs.5,106 per gram on 8 January and decreased further on the last day of the week to close at Rs.5,038 per gram.

    January 2021 - Week 2 (10 - 16):

    • The price of gold in Mumbai at the start of the week was Rs.4,947 per gram. The rate of the yellow metal was down by Rs.91 for every gram when the rate was compared to the closing price of the previous week.
    • Gold price in Mumbai slipped over the next two days and a gram was retailed for Rs.4,930 on 12th January. This was the lowest recorded price of the previous metal for the month till date. The price of the yellow metal increased the following day before slipping again.
    • The yellow metal closed the second week of January at Rs.4,946 per gram. Gold’s overall performance in Mumbai witnessed a declining trend.

    January 2021 - Week 3 (17 - 23):

    • Opening the third week of the month at Rs.4,948 per gram on 17 January, gold price in Mumbai dipped to hit its lowest during the month at Rs.4,889 per gram on 18 January due to a higher risk appetite amongst investors and expectations of another stimulus package.
    • The price of the metal recovered on 19 January to Rs.4,897 per gram and further increased to Rs.4,901 per gram on 20 January. With a lower risk appetite seen, the precious metal’s value rose to Rs.4,911 per gram on 21 January.
    • As the dollar value dipped in the market, the rate of gold increased to Rs.5,030 per gram on 22 January. However, gold prices dipped and closed at Rs.4,977 per gram.

    January 2021 - Week 4 (24 - 31):

    • The price of gold in Mumbai at the start of the fourth week of January was Rs.4,977 per gram. The rate of the yellow metal didn’t see change when the rate was compared to the closing price of the previous week.
    • Over the week, gold price in Mumbai witnessed a declining trend with the rates slipping considerably. The price of gold slipped regularly from 25th January onwards and a gram was retailed for Rs.4,897 on 29th January.
    • Gold rate witnessed a gradual increase in the commercial capital of the country on the final two days of the week and closed at Rs.4,896 per gram.

    Trend of Gold Rate in Mumbai for December 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    December 1 Rate Rs.4,825 per gram
    December 31 Rate Rs.4,994 per gram
    Highest Rate in December Rs.5,038 per gram on 22 December
    Lowest Rate in December Rs.4,793 per gram on 2 December
    Overall Performance Incline

    December 2020 - Week 1 (1 - 6):

    • In Mumbai, a gram of gold was retailed for Rs.4,825 per gram at the start of the first week of December. There was a minimal drop in the price of the yellow metal when compared to the closing price of the previous month.
    • The price of gold slipped to its lowest for the month till date on 2nd December in the commercial capital of the country. On the mentioned date, a gram of the 24-karat gold was retailed for Rs.4,793.
    • Gold rate in Mumbai climbed over the remainder of the week and closed at Rs.4,934 per gram. The closing price was the highest for the month till date. Gold’s overall performance in Mumbai witnessed an inclining trend in the rates.

    December 2020 - Week 2 (7 - 13):

    • Gold prices in Mumbai opened at Rs.4,935 per gram on 7 December and dipped marginally to Rs.4,933 per gram on 8 December. The price of the metal increased yet again on 9 December at RS.4,936 per gram.
    • On 10 December, the gold rate dipped marginally to Rs.4,931 per gram and showed a marginal dip to Rs.4,926 per gram on 11 December.
    • On 12 December, the price of gold declined by Rs.20 to Rs.4,906 per gram and dipped further to Rs.4,925 per gram on the last day, closing the week with an overall weekly incline.

    December 2020 - Week 3 (14 - 20):

    • A gram of 24-karat gold was retailed for Rs.4,926 on 14th December in Mumbai. The price of gold witnessed a minimal increase of Re.1 when the rate was compared to what was charged on the final day of the previous week.
    • Over the next two days, gold price in Mumbai witnessed slight fluctuations before increasing gradually. Gold was priced Rs.4,972 per gram on 18th December in the commercial capital of the country. This was the highest recorded price of gold in the city for the month till date.
    • The price of gold slipped marginally on 19th December before recovering and closing at Rs.4,972 per gram. The overall performance of the yellow metal witnessed an inclining trend in the rates.

    December 2020 - Week 4 (21 - 27):

    • Opening at Rs.4,973 per gram on 21 December 2020 and increased to hit its weekly high at Rs.5,038 per gram on 22 December as COVID-19 tensions rose amongst investors. However, as they waited on the update on the stimulus bill in the United States of America.
    • On 24 December, the price of the gold in Mumbai dipped to Rs.4,978 per gram and decreased further to Rs.4,971 per gram on Christmas Day. With the United States government likely to sign the COVID-19 relief bill passed in the Senate, investors held to their assets.
    • The price of gold on 26 December was Rs.4,972 per gram and increased marginally on the last day of the week and closed at Rs.4,973 per gram.

    December 2020 - Week 5 (28 - 31):

    • In Mumbai, a gram of 24-karat gold was retailed for Rs.4,979 on 28th December. When compared to the price charged on the final day of the previous week, the price of gold was up by Rs.6 for every gram.
    • Over the next two days, gold price in Mumbai was on an upward curve. The increase in the rates saw the yellow metal being retailed for Rs.5,023 per gram on 30th December.
    • The price of the precious metal slipped in the metropolitan city on the final day of the year and closed the week at Rs.4,994 per gram. Gold’s overall performance witnessed an inclining trend.

    Trend of Gold Rate in Mumbai for November 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    November 1 Rate Rs.5,096 per gram
    November 22 Rate Rs.4,826 per gram
    Highest Rate in November Rs.5,223 per gram on 10 November
    Lowest Rate in November Rs.4,825 per gram on 29 November
    Overall Performance Decline

    November 2020 - Week 1 (1 - 8):

    • Gold prices in Mumbai were Rs.5,096 per gram on 1 November and showed an incline throughout the week due to various global factors. On 2 November, the price of the metal was Rs.5,097 per gram.
    • On 4 November, the metal hit its lowest price of the week at Rs.5,090 per gram and on 6 November, the price of the metal increased to Rs.5,127 per gram due to the U.S. elections.
    • The precious metal’s prices increased further on 7 November to Rs.5,181 per gram and hit its weekly high on the last day of the week at Rs.5,219 per gram on 8 November.

    November 2020 - Week 2 (9 - 15):

    • Gold price in Mumbai at the start of the second week of November was Rs.5,220 per gram. There was an increase of Re.1 in the rates when compared to the price charged on the final day of the previous week.
    • The price of gold increased in the metropolitan city on 10th November before slipping considerably. The yellow metal recorded its highest and lowest price for the month till date on 10th and 12th November when a gram cost Rs.5,223 and Rs.5,066 respectively.
    • Gold closed the week at Rs.5,096 per gram after the rates improved over the last three days of the week. The overall performance of the yellow metal remained stable in the financial capital.

    November 2020 - Week 3 (16 - 22):

    • Gold rate in Mumbai was Rs.5,097 per gram on 16 November, opening the third week of the month. On 17 November, the price of gold dipped marginally to Rs.5,076 per gram as risk appetite increased and the value of the dollar increased.
    • On 18 November, the gold rate increased yet again to Rs.5,095 per gram and dipped to Rs.5,090 per gram on the following day, 19 November.
    • The price of the metal dipped marginally on 20 November to Rs.5,086 per gram and closed the month on 22 November at Rs.5,090 per gram and recorded an overall weekly decline.

    November 2020 - Week 4 (23 - 30):

    • A gram of gold in Mumbai was Rs.5,090 per gram on 23 November opening the fourth week of the month. On 24 November, the price of the metal increased marginally to Rs.5,095 per gram.
    • With the value of the dollar rising in the economy, gold rate in Mumbai dipped further to Rs.5,080 per gram on 25 November and further to below the Rs.5,000 per gram level on 27 November at Rs.4,886 per gram.
    • The precious metal’s value decreased further on 29 November to Rs.4,825 per gram which was the lowest price of gold in the month and closed at Rs.4,826 per gram on 30 November.

    Trend of Gold Rate in Mumbai for October 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    October 1 Rate Rs.4,990 per gram
    October 31 Rate Rs.5,095 per gram
    Highest Rate in October Rs.5,162 per gram on 25 October
    Lowest Rate in October Rs.4,990 per gram on 1 October
    Overall Performance Incline

    October 2020 - Week 1 & 2 (1 -11):

    • Gold price in Mumbai was Rs.4,990 per gram at the beginning of October and showed a constant fluctuation in prices due to various factors affecting the price of the metal. Rs.4,990 per gram was the lowest price of the metal in the week.
    • On 5 October, the value of the metal increased to cross the Rs.5,000 per gram mark to Rs.5,042 per gram but dipped to Rs.4,999 per gram on the following day. On 9 October, gold price was Rs.5,046 per gram.
    • At the end of the week, gold prices increased and closed at its highest price of the week at Rs.5,055 per gram on 11 October.

    October 2020 - Week 3 (12 - 18):

    • In Mumbai, gold opened the third week of October at Rs.5,056 per gram. The price of the yellow metal recorded an increase of Re.1 when compared to the closing price of the previous week.
    • The price of gold climbed by Rs.27 for every gram on 13th October and recorded its highest price for the month till date. A gram of the 24-karat gold was retailed for Rs.5,083 on the mentioned date.
    • Gold rate in Mumbai saw slight fluctuations over the next two days before slipping further and closing the week at Rs.5,051 per gram. The overall performance of gold recorded an inclining trend in the commercial capital.

    October 2020 - Week 4 (19 - 25):

    • Gold rate in Mumbai was Rs.5,052 per gram on 19 October marking the fourth week of the month and showed an inclining trend for the week. On 20 October, the price of the metal increased marginally to Rs.5,093 per gram.
    • On 22 October, gold prices crossed the Rs.5,100 per gram mark at Rs.5,113 per gram and held steady with minor fluctuations until 24 October at Rs.5,116 per gram.
    • On the last day of the week, gold price increased to hit its highest price of the month at Rs.5,162 per gram as the risk appetite was muted awaiting the decision on the U.S. stimulus package.

    October 2020 - Week 5 (26 - 31):

    • A gram of the yellow metal was retailed for Rs.5,106 per gram on 26 October in Mumbai. The price of the yellow metal witnessed a decline of Rs.56 in the rates when compared to the closing price of the previous week.
    • The price of gold declined in the city over the next few days and a gram was retailed for Rs.5,069 on 30th October.
    • Gold price in Mumbai recorded an increase in the rates on the final day of the week and closed at Rs.5,095 per gram. The overall performance of the yellow metal witnessed an inclining trend in the commercial capital.

    Trend of Gold Rate in Mumbai for September 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.5,250 per gram
    September 30 Rate Rs.5,001 per gram
    Highest Rate in September Rs.5,276 per gram on 2 September
    Lowest Rate in September Rs.4,926 per gram on 29 September
    Overall Performance Decline

    September 2020 - Week 1 (1 - 6):

    • In Mumbai, gold rate showed a declining trend during the first week of September, opening at Rs.5,250 per gram on 1 September and hitting the highest price of the week on 2 September at Rs.5,276 per gram.
    • As the dollar value recovered, gold price in Mumbai dipped substantially to hit the lowest price of the month on 5 September at Rs.5,050 per gram.
    • At the end of the week, the price of the metal recovered marginally and closed at Rs.5,051 per gram on 6 September recording an overall decline in the price trend.

    September 2020 - Week 2 (7 - 13):

    • At the beginning of the second week of September, gold price in Mumbai was Rs.5,052 per gram. There was an increase of Re.1 in the rates when compared to the price charged on the final day of the previous week.
    • While the price of gold increased on 8 September, it slipped gradually in the metropolitan city over the week.
    • Gold price in Mumbai closed the week at Rs.5,045 per gram. This was the lowest recorded price of the precious metal for the month till date. The yellow metal’s overall performance in the commercial capital witnessed a declining trend.

    September 2020 - Week 3 (14 - 20):

    • Gold price in Mumbai at the start of the third week of September was Rs.5,046 per gram. There was an increase of Re.1 in the rates when compared to the price charged on the final day of the previous week.
    • The price of gold increased in the metropolitan city over the next few days and a gram was retailed for Rs.5,159 on 17th September
    • Gold rate closed the week at Rs.5,149 per gram. The overall performance of the yellow metal saw a declining trend in the commercial capital of the country.

    September 2020 - Week 4 (21 - 27):

    • In Mumbai, gold price opened the fourth week of September at Rs.5,150 per gram and dipped marginally to Rs.5,131 per gram on 22 September as the dollar value increased.
    • Gold rate in Mumbai dipped further to Rs.5,064 per gram on 23 September and the declining trend continued to the following day as gold was priced at Rs.5,010 per gram on 24 September.
    • At the end of the week, the price of gold dipped below the Rs.5,000 per gram mark and hit its lowest price of the week at Rs.4,931 per gram on 27 September, recording an overall decline in prices.

    September 2020 - Week 5 (28 - 30):

    • In Mumbai, gold opened the final week of September at Rs.4,932 per gram. When compared to the price charged on the final day of the previous week, the price was up by Re.1
    • The overall performance of gold witnessed a declining trend in the commercial capital.
    • Gold price in Mumbai closed the month at Rs.5,001 per gram after the rates increased following a drop in the rates on 29th September.

    Trend of Gold Rate in Mumbai for August 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    August 1 Rate Rs.5,291 per gram
    August 31 Rate Rs.5,147 per gram
    Highest Rate in August Rs.5,541 per gram on 8 August
    Lowest Rate in August Rs.5,136 per gram on 26 and 28 August
    Overall Performance Decline

    August 2020 - Week 1 (1 - 9):

    • In August, gold price in Mumbai opened at Rs.5,291 per gram on 1 August and crossed the Rs.5,300 per gram mark on the following day.
    • Gold rates increased throughout the week due to a weak dollar and a lower risk appetite due to a slower economic growth rate as predicted by the U.S. Federal Reserve.
    • The price of the metal crossed the Rs.5,400 per gram mark on 6 August and hit record highs on 8 August at Rs.5,541 per gram. The metal closed the week at Rs.5,526 per gram with an overall percentage incline.

    August 2020 - Week 2 (10 - 16):

    • The price of gold at the start of the second week of August was Rs.5,527 per gram in Mumbai. Compared to the closing price of the previous week, the rates saw a minimal increase.
    • The overall performance of the yellow metal witnessed a declining trend in the city.
    • Gold price in Mumbai recorded its lowest price for the month till date on 15th August before closing the week at Rs.5,223 per gram.

    August 2020 - Week 3 (17 - 23):

    • In Mumbai, gold price opened the third week of August at Rs.5,224 per gram on 17 August and increased marginally to Rs.5,251 per gram on the following day due to safe-haven demand.
    • However, with economic uncertainties rising, gold rate in Mumbai crossed the Rs.5,300 per gram mark on 19 August at Rs.5,322 per gram and held steady with a minor dip in prices at Rs.5,299 per gram on 20 August.
    • Gold rate, on 21 August, dropped yet again to Rs.5,200 per gram mark at Rs.5,199 per gram with the markets reopening and the dollar value increasing in the market. At the end of the week, gold closed at Rs.5,196 per gram.

    August 2020 - Week 4 (24 - 31):

    • The price of gold in Mumbai at the start of the final week of August was Rs.5,197 per gram. When compared to the closing price of the previous week, gold rates saw an increase of Re.1.
    • Gold rates witnessed fluctuations in the metropolitan city over the week. The precious metal recorded its lowest price for the month on 26th and 28th August with a gram of the 24-karat gold costing Rs.5,136.
    • Gold price in Mumbai closed the week and month at Rs.5,147 per gram. The metal’s overall performance witnessed a declining trend in the commercial capital.

    Trend of Gold Rate in Mumbai for July 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    July 1 Rate Rs.4,836 per gram
    July 31 Rate Rs.5,211 per gram
    Highest Rate in July Rs.5,241 per gram on 30 July
    Lowest Rate in July Rs.4,746 per gram on 5 July
    Overall Performance Incline

    July 2020 - Week 1 (01 - 05):

    • In Mumbai, the price of gold opened at Rs.4,836 per gram on 1 June and showed a declining trend for the week. With the rise in COVID-19 cases in the country, investors shifted away from riskier assets and resorted to safe-haven assets. The price of the metal, due to this, increased and hit its all-time high at Rs.4,866 per gram on 2 July.
    • However, with positive data being showcased in the United States of America, risk appetite increased amongst investors and gold rate in Mumbai dipped to a great extent to Rs.4,755 per gram on 3 July. With speculations of the vaccine being made and passing the trials circulating around, investors were partial towards the equities market and the price of gold dipped marginally to Rs.4,751 per gram on 4 July.
    • At the end of the week, gold closed with an overall weekly decline with little movement in gold prices, dipping further and closing at Rs.4,746 per gram on 5 July with gradual gains in the equities market.

    July 2020 - Week 2 (06 - 12):

    • Gold rate in Mumbai opened the second week of the month at Rs.4,747 per gram on 6 July and increased to Rs.4,796 per gram on 7 July with the constant rise in COVID-19 cases all over the country and the world. Investors shifted to the bullion market as a safe-haven metal and due to lesser risk appetite.
    • The price of gold in Mumbai on 8 July dipped to Rs.4,763 per gram due to investors speculating an economic recovery amidst the virus and rising cases. Due to this, the risk appetite amongst investors increased and the demand for the safe-haven metal dipped. On 9 July, the value of the yellow metal dipped marginally to Rs.4,761 per gram with investors sticking to the equities market with steady risk appetite.
    • However, on 10 July, the value of gold increased as a surge in the total COVID-19 cases in a day in the world surged to a great extent. With a lower risk appetite, the value of the metal increased and was Rs.4,841 per gram, increasing by almost Rs.100. On 11 July, gold price in Mumbai hit its highest price in more than 6 years, crossing the Rs.4,900 per gram mark at Rs.4,901 per gram. On the last day of the week, the value of the metal dipped by Rs.50 and closed the week at Rs.4,851 per gram on 12 July.

    July 2020 - Week 3 (13 - 19):

    • Gold price in Mumbai was Rs.4,852 per gram at the start of the third week of July. The rates remained unchanged when compared to the closing price of the previous week.
    • While gold rate in Mumbai shot up to Rs.4,897 per gram the next day, the rates of the precious metal dipped over the next few days in the metropolitan city.
    • In Mumbai, the price of gold closed the week at Rs.4,896 per gram. The rates witnessed an inclining trend in the city over the week.

    July 2020 - Week 4 (20 - 26):

    • Gold price in Mumbai opened the fourth week of July at Rs.5,134 per gram. Compared to the price charged on the final day of the previous week, the rates were up by Rs.238 .
    • Having opened the week at the highest price for the month till date, gold rates declined in the financial capital of the country, the following day. The rates recovered gradually over the week.
    • Gold price at the end of the week was Rs.5,091 per gram. The overall performance of the yellow metal in Mumbai witnessed an inclining trend.

    July 2020 - Week 5 (27 - 31):

    • Gold rates in Mumbai were at Rs.5,092 per gram on 27 July after increasing marginally from Rs.5,091 per gram on 26 July which was the previous week’s closing.
    • As the number of COVID-19 cases kept rising all over the world, the demand for the metal increased as well. The price of the precious metal crossed the Rs.5,200 per gram mark on 29 July.
    • At the end of the month, gold prices increased and were at its highest on 30 July at Rs.5,241 per gram and closed the month at Rs.5,211 per gram on 31 July, recording an overall weekly incline.

    Also Check Gold Price in Metro Cities

    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%.

    FAQ's on Gold Rate in for Mumbai

    1. How many grams are in a tola of gold?

      Ans: Currently, one tola is equivalent to 10 grams of gold.

    2. What determines the gold rate in Mumbai?

      Ans: 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 look out for when buying gold in Mumbai?

      Ans: 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.

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

      Ans: To know the best time to buy gold in Mumbai, you can look for gold rate in Mumbai either in the daily newspapers or online portals. Doing a comparison of different days, and keeping an eye out for the days in which prices are low, which is determined by several local and global factors, will help you buy gold in Mumbai when the prices are lowest.

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

      Ans: 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.

    Also Check Gold Price in NearBy Cities of Mumbai

    Storing Gold in Mumbai

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

    Also Check Petrol Price and Diesel Price in Mumbai

    Read more on Gold

    News About Mumbai Gold Rate

    • Gold rates drip, down 18%

      Gold rates had dipped in the Indian markets amidst a risk-on rally. On the MCX, gold futures had dipped 0.2% to Rs.46,439 per 10 gram. The silver futures had risen by 0.56% and reached Rs.69,930 per kg. In the previous session, gold had dipped 0.5% while silver had gained 0.6%.

      25 February 2021

    • Gold prices decline after crossing the Rs.48,000 per 10-gram mark; silver prices drop substantially

      The price of gold dipped marginally to below the Rs.48,000 per 10-gram mark at Rs.47,953 per 10 grams. Gold prices dropped by Rs.92 due to a higher rupee value and a mute trend seen in the international market.

      The price of 22-karat gold in Mumbai was Rs.43,925 per 10 grams and 24-karat gold was priced at Rs.47,953 per 10 grams. In the international market, spot gold traded slightly higher at $1,839.79 per ounce.

      SPDR Gold Trust also reported a decline by 4.1 tonnes to 1,148.34 tonnes.

      11 February 2021

    • Gold prices dip to near its 1-month low; silver rates decline in the market

      Silver and gold prices declined substantially in the domestic market as a weak trend of the metals were seen in the international market. Gold futures on the Multi Commodity Exchange dipped by 0.6% to Rs.48,845 per 10 grams which was near its one-month low.

      Silver prices on the Multi Commodity Exchange fell by 0.6% too Rs.66,130 per kg amidst the domestic markets being shut on 26 January on the account of Republic Day.

      In the international market, gold prices were trading lower by 0.3% at $1,845.30 per ounce ahead of the decision of the U.S. Federal Reserve on the monetary policies. Silver prices were trading flat at $25.43 per ounce.

      28 January 2021

    • Gold rallies more than 1% and silver prices up more than 2%

      On the Multi-Commodity Exchange, the gold contracts for February had been trading higher by 1.05% and reached Rs.50,771 per 10 gram. The silver futures for March had been trading 2.2% higher and reached Rs.69,650 a kilogram. Gold had been volatile but investors might actually want to buy the dip, a few experts had said. The support for gold had been placed at Rs.50,000, and for silver, it was at Rs.67,500. Gold rates crossed $1,900 per troy ounce.

      6 January 2021

    • Gold prices in Mumbai fall on 10 December due to an increased appetite for riskier products

      In Mumbai, the prices of gold fell by Rs.498 and were at Rs.49,191 for 10 grams. The main reason for the fall in prices was the increased appetite for riskier products. Gold was under pressure due to the increase in the value of the dollar for the fourth consecutive session. The prices of 18-carat, 22-carat, and 24-carat gold in Mumbai were at Rs.36,893, Rs.45,059, and Rs.49,191 plus 3% GST, respectively. Spot gold fell by $1.85 and were at $1,837.78 for an ounce in the international markets.

      15 December 2020

    • Gold futures fall by 0.15 percent to cost Rs.49,879 per 10 grams

      In the Indian market, the price of gold dropped on Tuesday amid a strong rally in equity markets. On Multi Commodity Exchange (MCX), gold futures edged 0.15 percent lower to cost Rs.49,879 for every 10 grams. In the global market, gold rates were flat today as investors monitored the prospects for additional US stimulus spending. Spot gold was little changed at $1,863.30 per ounce. The price of silver also fell on Tuesday. The futures of the white metal dropped by 0.6 percent to cost Rs.65,057 per kg. Globally, silver rate remained steady at $24.51 per ounce.

      8 December 2020

    • Domestic gold futures at the Rs.50,850 mark in the MCX

      Domestic gold futures in the Multi Commodity Exchange (MCX) increased by 0.59% to reach a price of Rs.51,000. The contract increased by 0.38% to end the day at Rs.50,890. Silver gained by 1.24% for the day, an increase of Rs.748, to reach the price of Rs.60,920. The price of spot gold increased by 0.4% to reach $1,884.98 per ounce. Gold futures in the US increased by 0.2% to reach $1,884.00 per ounce.

      3 November 2020

    • Gold rates remain flat for the second consecutive day on 19 October

      Gold prices on MCX continued to remain flat on 19 October 2020 and were at Rs.50,605 per 10 grams. In the previous session, the prices of the yellow metal were at Rs.5,547 for 10 grams. Spot gold prices in the international markets increased by 0.1% and were at $1,900.79 for an ounce. Gold prices have increased by 26% so far in 2020. The main reason for the increase in the prices was the coronavirus outbreak. The prices of gold fell last week. The hopes of the economy improving also ensured that the prices of gold fell.

      20 October 2020

    • Gold rates down by 1 percent

      The price of the yellow metal was down by 1 percent given a muted trend in international spot prices. On the Multi Commodity Exchange (MCX), December gold contracts slipped by 0.91 percent and was trading at Rs.50,066 for every 10 grams. At the MCX, the yellow metal could test the levels of Rs.49,900 – 49,700 again while Rs.50,660 will act as a major resistance. Silver futures were trading at Rs.59,674 per kg after the rates fell by 1.4 percent.

      7 October 2020

    • Gold rates fall by Rs.658 in Mumbai on 22 September 2020

      In Mumbai, the prices of gold fell by Rs.658 on 22 September 2020 and are at Rs.50, 583 for 10 grams. The main reasons for the reduction in prices were a subdued global trend and a strong dollar. In Mumbai, the prices of 22-carat gold and 24-carat gold are at Rs.46,426 (plus GST) and Rs.50,683 (plus GST), respectively. Gold futures prices for the month of October on MCX fell by Rs.163 and are at Rs.50,308 for 10 grams. Gold futures prices for the month of December fell by 0.34% and are at Rs.50,470 for 10 grams.

      23 September 2020

    • The gold rate increased ahead of U.S. Federal Reserve's policy meeting

      Gold and silver prices increased on 14 September as the investors awaited the U.S. Federal Reserve’s decision on the monetary policy. Along with this, the rise in COVID cases, the value of the precious metals increased.

      On the Multi Commodity Exchange, gold futures increased to Rs.51,498 per 10 grams, rising by 0.35%. silver futures also increased by Rs.252 to Rs.68,180 per kg, with an incline of 0.37%.

      Gold prices in the previous week were down to Rs.52,452 per 10 grams and silver prices had also decreased by almost Rs.1,000 to Rs.69,441 per kg.

      In the international market, spot gold was trading at $1,941.11 per ounce and silver prices had dipped by 0.3% to $26.68 per ounce.

      15 September 2020

    • Slip in gold prices after marginal gains

      After two sessions of marginal gains, there was a decrease in gold prices that was in line with the trend in global markets as investors waited on news from the US Federal Reserve about the economic situation and the monetary policy. The US Federal Reserve Chairman was expected to announce its plans to fight the inflation. The rising coronavirus cases globally have led to the prices of gold being held steady. In India, the price of 24-carat gold prices in New Delhi was Rs.54,390 per 10 grams. The price of 24-carat gold in Chennai was Rs.53,760 per 10 grams while in Mumbai it was Rs.51,410.

      1 September 2020

    • Gold and silver prices trade flat in the country

      Gold prices were trading flat in the Indian market after falling consecutively for five days. With the global equities market recovering marginally, risk appetite has increased amongst investors. With the improving relationship between China and the United States of America, the focus on gold and silver has decreased.

      On the Multi Commodity Exchange, gold prices were trading at Rs.52,280 per 10 grams, higher by 0.10%. The metal had hit its intraday high at Rs.53,340 per 10 grams compared to its previous closing price at Rs.52,227 per 10 grams. Gold futures on the MCX was trading at a low of more than Rs.3,500 compared to its lifetime high.

      Silver price was trading at a high of Rs.68,312 per kg, increasing by Rs.1,141 and had hit its intraday high of Rs.68,470 per kg, In the international market, spot gold was trading at a marginal low by 0.1% at $1,952.01 per ounce.

      19 August 2020

    • Prices of gold reduce in India after increasing by Rs.1,500 over the last two days

      After seeing positive gains over the last two sessions, the prices of gold reduced in India on 29 July 2020. Gold futures prices for the month of August on MCX reduced by 0.1% and are at Rs.52,540 for 10 grams. In the last session, the prices of gold increased by Rs.550. In the international markets, the prices of the spot gold remained almost the same and were at $1,957.84 for an ounce. In the previous session, spot gold prices hit record highs. Gold traders are looking to the US Fed meeting that ends today. The increase in the number of coronavirus cases has ensured that the prices of gold have increased. Gold prices have also been supported due to the various stimulus measures that have been introduced by governments and central banks. The prices of gold in India are inclusive of 3% GST and 12.5% import duty.

      29 July 2020

    • Gold futures prices hit record highs on 22 June 2020

      Due to a global rally, the prices of gold increased on 22 June 2020 and hit a new high. Gold futures prices for the month of August on MCX increased by 0.7% and are at Rs.48,289 for 10 grams.

      In the previous session, the prices of gold increased by 1.2%. In the international markets, the prices of gold hit a one month high due to the increase in the number of coronavirus cases. This led to investors moving away from riskier assets. Gold is being considered as a safe haven due to worries that the economy would take longer to recover. Spot gold prices increased by 0.4% and are at $1,749.54 for an ounce. Gold futures prices in the US increased by 0.6% and are at $1,763.80 for an ounce. The sentiment for gold has improved due to the rise in coronavirus cases. There is support for the yellow metal in times of geopolitical tensions. On 19 June 2020, Apple announced that it would temporarily shut down stores in the US due to the rise in coronavirus cases. The prices of gold have also increased due to the several stimulus measures that have been introduced by Central Banks all over the world. In Asia, the demand for physical gold has been low even though there were expectations that the economy would recover. The prices of gold in India are inclusive of 3% GST and 12.5% import duty.

      22 June 2020

    • Rates of gold eases on Wednesday

      After a smart rally seen in the previous trading session, India Gold August futures slipped today as ongoing border tensions between India and China triggered safe-haven buying. On the Multi Commodity Exchange (MCX), June gold contracts were trading at Rs.47,350 for every 10 grams after slipping by 0.46 percent. Experts believe that the rates shall remain volatile and hold above $1,733 per troy ounce. It could possibly extend the rally towards $1,745 - $1,755 per troy ounce levels.

      The bullion international prices started flat on Wednesday morning in Asia. This was majorly because fears of a second wave of coronavirus infections offset optimism around a potential COVID-19 drug and a stronger US dollar. LBMA GOLD Spot was trading on a positive note where it is sustaining above $1,720 levels and took resistance at $1,736 level. MCX Gold August contract has given a strong breakout above 47,300 levels and gave a positive close above 47,500 levels indicating that strong uptrend will continue in the counter. COMEX gold is trading marginally lower near $1,735/oz after a 0.5 percent gain yesterday.

      17 June 2020

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