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  • Gold Rate in Mumbai Today

    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    16 Aug 2018 ₹ 2,915 ₹ 23,320 ₹ 3,061 ₹ 24,488
    15 Aug 2018 ₹ 2,915 ₹ 23,320 ₹ 3,061 ₹ 24,488
    14 Aug 2018 ₹ 2,910 ₹ 23,280 ₹ 3,056 ₹ 24,448
    13 Aug 2018 ₹ 2,898 ₹ 23,184 ₹ 3,043 ₹ 24,344
    12 Aug 2018 ₹ 2,898 ₹ 23,184 ₹ 3,043 ₹ 24,344
    11 Aug 2018 ₹ 2,898 ₹ 23,184 ₹ 3,043 ₹ 24,344
    10 Aug 2018 ₹ 2,898 ₹ 23,184 ₹ 3,043 ₹ 24,344
    09 Aug 2018 ₹ 2,898 ₹ 23,184 ₹ 3,043 ₹ 24,344
    07 Aug 2018 ₹ 2,912 ₹ 23,296 ₹ 3,058 ₹ 24,464

    *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.

    Comparison for 24 K Gold Rates for Mumbai July 2018
    Graph for Gold Rate (24K) in Mumbai July 2018

    Trend of Gold Rate in Mumbai for August 2018 (rates per gram of 24 karat gold)

    August 2018 - Week 1 (1 - 5):

    Parameters Gold price (per gram of 24 karat gold)
    August 1 Rate Rs.3,095 per gram
    August 5 Rate Rs.3,053 per gram
    Overall Weekly Performance Decline
    • A steep decline in gold rates was observed in the financial capital of the country, as market volatility severely impacted gold prices.
    • Strong demand for the precious metal saw gold rates in Mumbai open at Rs.3,095 per gram in spite of a rising dollar capping gains.
    • The positive economic assessment of the U.S. market led to equities rising, as demand for gold fell sharply.
    • Prices dropped to Rs.3,070 per gram on 3 August as the rupee plunged against the dollar, further affecting gold orders and imports.
    • Rates continued to drop as the week ended, with the yellow metal trading at Rs.3,053 per gram on 5 August.

    Trend of Gold Rate in Mumbai for July 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    July 1 Rate Rs.3,142 per gram
    July 31 Rate Rs.3,095 per gram
    Highest Rate in July Rs.3,148 per gram from 4 - 10 July
    Lowest Rate in July Rs.3,082 per gram from 18 - 23 July
    Overall Monthly Performance Decline
    Percentage Change -1.49%
    Comparison for 24 K Gold Rates for Mumbai June 2018
    Graph for Gold Rate (24K) in Mumbai June 2018

    July 2018 - Week 1 (1 - 7):

    Parameters Gold price (per gram of 24 karat gold)
    July 1 Rate Rs.3,142 per gram
    July 7 Rate Rs.3,148 per gram
    Overall Weekly Performance Incline
    • Gold rate in Mumbai didn’t record too many changes this month, apart from the slight increases caused by a weakened US dollar.
    • When the week began, gold was priced at Rs.3,142 per gram before continuing at this rate on the 2nd as well.
    • On the 3rd, prices dropped to Rs.3,140 per gram as demand for the metal dropped after the US dollar recorded some gains ahead of the latest Fed meeting.
    • With the dollar continuing to remain on a high, gold still traded at Rs.3,140 per gram on the 4th, before changing the next day.
    • When the market opened for the 5th, gold was priced at Rs.3,148 per gram - after demand surged as the dollar declined, owing to the intensifying trade war between the US and other major countries of the world.
    • As the dollar continued to remain weak, gold traded at Rs.3,148 per gram for the remaining few days of the week.

    July 2018 - Week 2 (8 - 14):

    Parameters Gold price (per gram of 24 karat gold)
    July 8 Rate Rs.3,148 per gram
    July 14 Rate Rs.3,129 per gram
    Overall Weekly Performance Decline
    • Trading began for the week with gold priced at Rs.3,148 per gram on the 8th with strong domestic demand from industries, jewellers and retailers amid the strong trend overseas.
    • With the dollar hovering close to near three-and-half week lows and industries ramping up purchases to meet local demand, gold rates in Mumbai remained untouched at Rs.3,148 per gram until the 11th.
    • However, with the greenback recovering from its previous rally of losses, prices dropped to Rs.3,146 per gram on the 12th.
    • The 13th saw rates dropping further to Rs.3,129 per gram as investors and market participants cut down purchases amid the rising US dollar and well-performing equity markets.
    • The week ended with todays gold rate in Mumbai remaining untouched at Rs.3,129 per gram with subdued but steady demand from local jewellers and retailers amid the weak overseas trends.

    July 2018 - Week 3 (15 - 22):

    Parameters Gold price (per gram of 24 karat gold)
    July 15 Rate Rs.3,129 per gram
    July 22 Rate Rs.3,082 per gram
    Overall Weekly Performance Decline
    • Gold was priced at Rs.3,129 per gram in Mumbai when trading for the third week of July began.
    • On the 16th, gold continued to trade at Rs.3,129 per gram before continuing at this rate for the two subsequent days as the turmoil seen elsewhere didn’t have too much impact in the city.
    • Gold rate in Mumbai went down to Rs.3,082 per gram on the 19th as a resurgent dollar pushed demand down.
    • For the next few day, i.e., from the 20th to the 22nd of July, gold continued to trade at Rs.3,082 per gram, as demand from the local circles remained low while they rose in other cities.

    July 2018 Week 4 (22 - 31):

    Parameters Gold price (per gram of 24 karat gold)
    July 22 Rate Rs.3,082 per gram
    July 31 Rate Rs.3,095 per gram
    Overall Weekly Performance Incline
    • Gold opened the week priced at Rs.3,082 per gram in the financial capital as weak overseas trends resulted in reduced offtake.
    • Minor spikes in the gold rate in Mumbai were observed as the dollar’s value fell after a period of steady growth, as tensions with Iran also impacted the currency.
    • Prices rose to Rs.3,095 per gram on 25 July prior to the trade talks between the U.S. and European Union, as the dollar continued to slip.
    • Fresh trade tariffs against China were announced towards the end of the month, which put further pressure on the dollar as gold prices remained unchanged.
    • The month ended with gold priced at Rs.3,095 per gram on 31 July, though overall demand was still low.

    Trend of Gold Rate in Mumbai for June 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    June 1 Rate Rs.3,208 per gram
    June 30 Rate Rs.3,142 per gram
    Highest Rate in June Rs.3,208 per gram from 1 to 4 June
    Lowest Rate in June Rs.3,142 per gram on 29 and 30 June
    Overall Monthly Performance Decline
    Percentage Change -1.87%
    Comparison for 24 K Gold Rates for Mumbai May 2018
    Graph for Gold Rate (24K) in Mumbai May 2018

    June 2018 - Week 1 (1st - 10th)

    • In Mumbai, gold was priced at Rs.3,208 per gram when exchanges opened for trade on the 1st of June.
    • Rates continued to hold steady over the next three days - till the 4th - at Rs.3,208 per gram as local demand was largely consistent.
    • On the 5th, gold price in Mumbai dropped to Rs.3,171 per gram - a massive Rs.37 decline after the US markets and its dollar improved significantly buoyed by the latest jobs data.
    • Rates dropped further over the next two days i.e., the 6th and 7th to Rs.3,167 per gram as a possible Fed rate hike was being anticipated.
    • However, the latest G7 brought with it a range of disagreements between the US and the other member nations, which pushed safe haven demand up.
    • As markets crashed, gold traded at Rs.3,177 per gram on the 8th. The next two days i.e., the 9th and the 10th also saw the yellow metal trade at Rs.3,177 per gram, thanks to a stable local demand.

    June 2018- Week 2 (11th-17th)

    • Gold traded at Rs.3,177 per gram on 11 June as local demand was stable in spite of fluctuations across global markets.
    • Gold price in Mumbai rose to Rs.3,186 per gram on 12 June as fears of a trade war between the United States and China were renewed over the weekend.
    • The success of the summit between Donald Trump and Kim Jong-un led to investor confidence in U.S. markets, while interest in bullion declined.
    • Contrary to trends seen in other cities, gold rate in Mumbai rose to Rs.3,200 per gram on 14 June in spite an impending interest rate hike leading to declining interest in gold across overseas markets.
    • Prices remained steady for the rest of the week, as local interest in gold was steady due to high offtake by jewellers.
    • Investors pulled out of long term gold investments overseas which led to gold rates falling, but local prices were unaffected.
    • Gold ended the week priced at Rs.3,200 per gram on 17 June on consistent local demand.

    June 2018 - Week 3 (18th - 24th)

    • The week began with gold trading at Rs.3,200 per gram on the 18th with steady domestic demand from local jewellers, industries and retailers amid favourable market cues.
    • However, with the safe-haven demand declining amid the strengthening US dollar, prices dropped to Rs.3,175 per gram on the 19th.
    • Rates remained untouched at Rs.3,175 per gram until the 22nd with subdued but steady investor demand amid the poor trend overseas.
    • The 23rd saw gold rates in Mumbai plummeting to Rs.3,148 per gram as the bullion market tumbled after the US dollar index recorded its highest level in eleven months at the global level.
    • Poor trends overseas coupled with subdued investor demand led to gold prices closing at Rs.3,148 per gram on the 24th.

    June 2018 - Week 4 (25th - 30th)

    • Gold was priced at Rs.3,148 per gram when trading started for the final week of June.
    • This was a significant drop of Rs.27 per gram compared to the 24th of June, when the metal was trading at Rs.3,175 per gram.
    • The drop was due to a rising US dollar which caused gold investors to back away from purchasing the metal.
    • From the 26th onwards, gold rates in Mumbai were largely stable as demand from the local market was steady.
    • The yellow metal traded at Rs.3,148 per gram till the 29th of June as demand was stable.
    • On the final day of the week, however, gold rates dropped to Rs.3,142 per gram as local demand plummeted.

    Trend of Gold Rate in Mumbai for May 2018 (rates per gram for 24 karat gold)

    Parameters Gold price (24 karat)
    May 1 Rate Rs.3,219 per gram
    May 31 Rate Rs.3,208 per gram
    Highest Rate in May Rs.3,228 per gram from 8 - 16 and 25 - 30 May
    Lowest Rate in May Rs.3,205 per gram from 17 to 24 May
    Overall Monthly Performance Decline
    Percentage Change -0.34%
    Comparison for 24 K Gold Rates for Mumbai April 2018
    Graph for Gold Rate (24K) in Mumbai April 2018

    May 2018 - Week 1 (1st - 6th)

    • The bullion trade in Mumbai witnessed gold rates remaining untouched before dropping slightly amid the strengthening dollar towards the end of the week.
    • The week commenced with gold prices holding firm at Rs.3,219 per gram on the 1st with steady demand from local jewellers, retailers and industries amid positive global cues.
    • Prices remained unaltered at Rs.3,219 per gram on the 3rd with the bullion market capitalising on the cautious market ahead of the US central bank meeting.
    • When the week ended, gold rate in Mumbai were recorded holding at Rs.3,213 per gram on the 6th as demand marginally dropped amid the recovering US dollar.

    May 2018 - Week 2 (7th - 13th)

    • In Mumbai, gold was priced at Rs.3,228 per gram when trading commenced for the second week of May.
    • This week didn’t record any real changes in terms of pricing as demand from the local market was largely the same.
    • Gold rates in Mumbai remained consistent in the city despite the international market as well as the other major cities in India recorded significant surges in rates as the week progressed.
    • From the 8th to the 13th, gold prices remained at Rs.3,228 per gram - thanks as the market dynamic remained unchanged.
    • When the week drew to a close, gold prices were still holding at Rs.3,228 per gram.

    May 2018 - Week 3 (14th - 20th)

    • Trading began in Mumbai with gold rates holding firm at Rs.3,228 per gram on the 14th with steady demand from domestic jewellers and retailers amid strong global cues.
    • Gold continued trading at Rs.3,228 per gram until the 16th with the domestic bullion market rising on the back of the losing US dollar rates.
    • The 17th, however, saw the yellow metal prices plunging to Rs.3,205 per gram as the greenback regained lost ground after the dollar index gained against a basket of other major emerging currencies at the global level.
    • Prices remained low for much of the week with the rising dollar pushing demand lower for the precious metal.
    • The week came to an end with gold prices in Mumbai holding steady at Rs.3,205 per gram on the 20th with subdued but consistent demand from local markets despite the weak trend overseas.

    May 2018 - Week 4 (21st - 27th)

    • Gold rates in Mumbai recorded changes on two occasions this week.
    • Unlike other cities, the economic capital records very few changes in gold rates as the supply-demand dynamic is slightly different.
    • When the fourth week of May began in the city, gold was priced at Rs.3,205 per gram.
    • Due to a steady local demand, gold continued to trade at Rs.3,205 per gram for the next four days, i.e, till the 24th of the month.
    • On the 25th, gold rates in Mumbai rose to Rs.3,228 per gram as cues from the global market also rose after the Fed meeting announced no changes in interest rates.
    • There was sustained for the remaining few days of the week, and gold continued to trade at Rs.3,228 per gram as a result.

    May 2018 - Week 5 (28th - 31st)

    • The last week commenced with gold prices in Mumbai holding strong at Rs.3,228 per gram on the 28th with steady demand from domestic jewellers, retailers and industries.
    • Positive trends overseas coupled with consistent demand led to gold being priced at Rs.3,228 per gram until the 30th.
    • However, with the recovering dollar weighing on the international markets, rates eased to Rs.3,208 per gram on the last day.
    • Gold rates in Mumbai recorded a decline of 0.34% on account of the poor trends overseas that pushed local demand lower during the month.

    Trend of Gold Rate in Mumbai for April 2018 (rates per gram for 24 karat gold)

    Parameters Gold price (24 karat)
    April 1 Rate Rs.3,148 per gram
    April 30 Rate Rs.3,219 per gram
    Highest Rate in April Rs.3,232 per gram on 26 and 27 April
    Lowest Rate in April Rs.3,148 per gram from 1 April to 14 April
    Overall Monthly Performance Incline
    Percentage Change 2.25%
    Comparison for 24 K Gold Rates for Mumbai March 2018
    Graph for Gold Rate (24K) in Mumbai March 2018

    April 2018- Week 1 (1st-7th)

    • In a departure from trends seen across other major Indian cities, gold prices in the country’s financial capital were stable throughout the first week.
    • Gold rate in Mumbai opened the month trading at Rs.3,148 per gram and saw no change in price as retail demand stayed stagnant.
    • The appointment of the new Secretary of State and the escalation of trade war rhetoric with China saw gold prices rise across the world, but did not impact demand in the city.
    • Industrial demand fell towards the middle of the week, but a rise in orders by jewellers made up for this loss and kept prices stable.
    • Gold price in Mumbai traded at Rs.3,148 per gram as the week ended on 7 April as consistent demand resulted in prices staying constant.

    April 2018- Week 2 (8th -15th)

    • Gold opened at Rs.3,148 per gram when the second week of April began in Mumbai.
    • Demand seemed to be steady for most part of this week, and gold traded at Rs.3,148 per gram till the 12th as a result.
    • After news about a possible joint attack on Syria by the US, France, and England, gold rate in Mumbai surged to Rs.3,184 per gram on the 13th of April.
    • As demand was steady for the remaining few days amidst a volatile market, gold traded at Rs.3,184 per gram.
    • When the week ended, the metal was still seen trading at Rs.3,184 per gram.

    April 2018 - Week 3 (16th - 22nd)

    • In Mumbai, the week opened with gold rates holding at Rs.3,184 per gram on the 16th with steady domestic demand amid positive global cues.
    • Demand remained consistent amid the weakened US dollar and losing equity markets. This led to gold price in Mumbai remaining unchanged at Rs.3,184 per gram until the 18th.
    • The 19th, however, witnessed gold rates in Mumbai surging to its highest level during the week at Rs.3,211 per gram with the the US dollar losing significant ground with inflationary concerns dominating on the market.
    • The next couple of days witnessed the precious metal trading firm at Rs.3,211 per gram amid firm overseas trends.
    • The week concluded with the yellow metal closing at Rs.3,211 per gram on the 22nd with steady demand at the domestic level amid the ongoing wedding season.

    April 2018 - Week 4 (23rd - 30th):

    • Gold rate in Mumbai didn’t see too many chances over the course of this week.
    • When the fourth week of April began, gold was priced at Rs.3,211 per gram. This rate remained unchanged till the 25th due to local demand holding steady.
    • On the 25th, gold price in Mumbai went up to Rs.3,232 per gram - the month’s highest rate as domestic demand surged while international demand was also on the rise.
    • Gold continued to trade at Rs.3,232 per gram on the 27th before dropping to Rs.3,219 per gram as a drop in demand weighed down on the sakes.
    • During the 29th and the 30th, gold traded at Rs.3,219 per gram for the most part as demand remained low but steady.

    Trend of Gold Rate in Mumbai for March 2018 (rates per gram for 24 karat gold)

    Parameters Gold price (24 karat)
    Gold Rate on 1st March 2018 Rs.3,147 per gram
    Gold Rate on 31st March 2018 Rs.3,148 per gram
    Highest Rate in March Rs.3,148 per gram on 8, 9 and from 24 to 31 March
    Lowest Rate in March Rs.3,123 per gram from 17 to 23 March
    Overall Monthly Performance Incline
    Percentage Change 0.03%
    Comparison for 24 K Gold Rates for Mumbai February 2018
    Graph for Gold Rate (24K) in Mumbai February 2018

    March 2018 - Week 1 (1 - 5):

    • The financial capital of the country saw gold open the month priced at Rs.3,147 per gram as there was no change in demand.
    • In contrast to the trends seen across the country, there was no sharp increase in demand for gold in spite of turbulent equity markets and a plunging U.S. Dollar.
    • Gold traded at a consistent price for most of the week, as local demand was muted and not influenced by trends seen across the rest of the market.
    • Gold price in Mumbai dropped to Rs.3,146 per gram as the week ended on 5 March.

    March 2018 - Week 2 (5-11):

    • Gold rates in Mumbai opened at Rs.3,146 per gram on the 5th of March.
    • The metal continued to traded at the same rate for the next two days as local demand remained largely unchanged despite changes in the global market.
    • On the 8th, gold rates in Mumbai went up slightly to Rs.3,148 per gram before continuing on at this rate for the next day as well.
    • However, as local demand dropped, gold rates fell to Rs.3,134 per gram on the 10th of March.
    • When the week closed, gold rates were still recorded at Rs.3,134 per gram.

    March 2018 - Week 3 (12 - 18):

    • The week opened in Mumbai with the yellow metal prices holding steady at Rs.3,134 per gram on the 12th amid the rising US dollar and equities.
    • Thanks to strong demand from local industries, jewellers and retailers, gold prices remained untouched at Rs.3,134 per gram on the 13th despite the steady US dollar.
    • The dollar, however, lost its ground after a rocky road with President Trump resulted in Rex Tillerson, the US Secretary of State being fired by the White House.
    • Gold rates in Mumbai were recorded holding steady at Rs.3,134 per gram until the 16th amid positive overseas trends.
    • The 17th saw gold prices plunging to Rs.3,123 per gram with the bullion being pressured by a strong US dollar and expectations of an interest rate hike by the Federal Reserve next week.
    • Trading concluded with the precious metal holding steady at Rs.3,123 per gram on the 18th with steady domestic demand amid the firm trends overseas.

    March 2018 - Week 4 (19 - 25):

    • Demand for gold in Mumbai was in contrast to other Indian cities, with prices fluctuating significantly over the course of the week.
    • The yellow metal opened the week trading at Rs.3,123 per gram on 19 March as demand was stagnant due to stable equity markets.
    • In spite of a rise in demand for the metal across global markets and other regional markets, there was no change in the price of gold for a few days.
    • Local demand was also muted in spite of favourable market conditions, with industrial demand also poor in the financial capital of the country.
    • There was a sharp jump in the price of gold on 23 March, with gold trading at Rs.3,148 per gram after a late rally by the metal amidst declining interest in equities.
    • Gold price in Mumbai remained constant for the rest of the week as steady retail demand kept prices from falling too steeply.
    • Though there was not much movement in the price of gold in Mumbai, there was a significant rise in the price of the metal.

    March 2018 - Week 5 (26 - 31):

    • The bullion trade in Mumbai witnessed gold prices remaining unaltered the entire week following strong domestic demand despite the uneven global trends.
    • The week began with the yellow metal prices holding steady at Rs.3,148 per gram on the 26th with the bullion maintaining its five-week high amid the US-China trade war concerns.
    • Strong global cues coupled with steady domestic demand for the metal led to gold rates in Mumbai remaining untouched at Rs.3,148 per gram until the 30th.
    • The month concluded with the precious metal trading firm at Rs.3,148 per gram on account of steady demand from local retailers, jewellers and industries. Mumbai registered an incline of 0.03% during the course of the month.

    Trend of Gold Rate in Mumbai for February 2018 (rates per gram for 24 karat gold)

    Parameters Gold price (24 karat)
    Gold rate on 1st February 2018 Rs.3,128 per gram
    Gold rate on 28th February 2018 Rs.3,147 per gram
    Highest Rate in February Rs.3,148 per gram on 3, 4, 5, 7 and from 17 to 22 February
    Lowest Rate in February Rs.3,091 per gram from 9 to 11 February
    Overall Monthly Performance Incline
    Percentage Change 0.60%
    Comparison for 24 K Gold Rates for Mumbai January 2018
    Graph for Gold Rate (24K) in Mumbai January 2018

    February 2018 - Week 1 (1st - 4th)

    • In Mumbai, gold was recorded trading at Rs.3,128 per gram when the month began.
    • Despite the strengthening US dollar and well performing equities, demand for metal remained steady in the domestic market. This led to gold rate in Mumbai holding steady at Rs.3,128 per gram the following day.
    • The 3rd, however, saw gold price in Mumbai surging to Rs.3,148 per gram with domestic demand picking up due to increased buying by local jewellers, industries and retailers.
    • The week ended with the precious metal priced at Rs.3,148 per gram on the 4th with steady local demand for the metal.

    February 2018 - Week 2 (5th -11th)

    • In Mumbai, gold prices seemed quite unaffected by the happenings around the world. This was because domestic demand was on a rather steadier side during the initial few days.
    • On the 5th of February, gold was seen trading at Rs.3,148 per gram, which then fell to Rs.3,125 on the second day of this week. Analysts said that “today’s gold rate” fell in Mumbai due to a strengthening dollar.
    • The 6th, however, saw gold price in Mumbai increase to Rs.3,148 per gram as demand from the domestic market trumped the USD’s performance.
    • The remaining few days saw gold rates fall as local demand weakened amid poor sales from various investing quarters of the city.
    • Gold rate in Mumbai dropped to Rs.3,125 per gram on the 8th of February, and fell again by Rs.34 the next day to hit Rs.3,091 per gram.
    • Over the next two days, gold traded at Rs.3,091 per gram as demand remained weak but steady.

    February 2018 - Week 3 (12th - 18th)

    • Trading opened in Mumbai with the yellow metal priced at Rs.3,103 per gram on the 12th with markets eyeing on the US price data for signs of US interest rate hikes.
    • With the dollar losing significant ground against other emerging currencies ahead of the US inflation data, the greenback-dependant gold prices declined. This led to an increased demand for the metal during the week.
    • Steady demand coupled with firm trends overseas led to gold rate in Mumbai holding steady at Rs.3,103 per gram until the 15th.
    • The 16th, however, saw the bullion prices surging to Rs.3,129 per gram with the dollar hitting two-week lows amid high debt level and tax cuts concerns.
    • Gold rate in Mumbai surged to Rs.3,148 per gram on the 17th with the poorly performing dollar and equities pushing demand higher for the precious metal in the world markets.
    • Steady domestic demand coupled with strong global cues resulted in the bullion trading firm at Rs.3,148 per gram for the rest of the week.

    February 2018 - Week 4 (19th - 25th)

    • Gold demand in Mumbai remained largely muted for majority of this week and there were little changes to be witnessed over these seven days.
    • On the 19th, gold was priced at Rs.3,148 per gram. The Mumbai market wasn’t hindered by the global bullion scenario, which was quite evident with the sales figures.
    • For the next four days, i.e., till the 22nd of February, the yellow metal traded at Rs.3,148 per gram.
    • As markets eagerly awaited the minutes from the latest Fed Reserve meeting, gold rate in Mumbai dropped slightly to Rs.3,145 per gram on the 23rd.
    • With other markets remaining steady, gold rates in Mumbai saw little reason to change as well. For the remainder of the week i.e., the 24th and the 25th, gold price in Mumbai continued at Rs.3,145 per gram, thanks to stable demand.

    February 2018 - Week 5 (26th - 28th)

    • Trading began in Mumbai with the bullion prices holding steady at Rs.3,145 per gram on the 26th following steady domestic demand from the previous week.
    • The 27th, however, saw price in Mumbai rebounding to Rs.3,147 per gram on with markets cautious ahead of Federal Reserve Chairman Jerome Powell’s first testimony for clues on future monetary hikes.
    • The month ended with the precious metal trading at Rs.3,147 per gram on the 28th owing to steady demand from local jeweller, retailers and industries amid the firm trends overseas.
    • Mumbai recorded an increase of 0.60% in gold prices during the course of the month.

    Trend of Gold Rate in Mumbai for January 2018 (rates per gram for 24 karat gold)

    Parameters Gold price (24 karat)
    Gold Rate on 1st January 2018 Rs.3,093 per gram
    Gold Rate on 31st January 2018 Rs.3,121 per gram
    Highest Rate in January Rs.3,162 per gram on 17 and 18 January
    Lowest Rate in January Rs.3,080 per gram from 4 to 8 January
    Overall Monthly Performance Incline
    Percentage Change 0.90%
    Comparison for 24 K Gold Rates for Mumbai December 2017
    Graph for Gold Rate (24K) in Mumbai December 2017

    January 2018 - Week 1 (1st - 7th)

    • In Mumbai, gold rates seemed to decline as the week progressed.
    • On the 1st of January, gold was priced at Rs.3,093 per gram.
    • Due to a steady local demand, gold rate in Mumbai continued at Rs.3,093 per gram for the next two days as well.
    • However, the 4th saw gold price in Mumbai reach Rs.3,080 per gram as local demand was affected by overseas trend slightly. Reports claimed that “today’s gold rate” declined due to decreased purchases from investors in the city.
    • For the remaining three days of the week, gold rates continued at Rs.3,080 per gram.

    January 2018 - Week 2 (8th - 14th)

    • In Mumbai, gold was priced at Rs.3,080 per gram on the 8th when trading commenced for the second week.
    • With the US dollar losing against the Euro, demand for gold surged in the European market, this led to prices surging to Rs.3,087 per gram and Rs.3,094 per gram on the 9th and the 10th respectively.
    • The poorly performing equities coupled with the weakened dollar led to gold rate in Mumbai rising further to Rs.3,111 per gram on the 11th.
    • Gold price in Mumbai were recorded at Rs.3,114 per gram on the 12th which surged to Rs.3,147 per gram on the 13th owing to an increase in demand from industries, jewellers and retailers.
    • Thanks to the strong trend overseas that pushed local buying in the domestic markets, gold rates remained untouched at Rs.3,147 per gram for the remainder of the week.

    January 2018 - Week 3 (15th - 21st)

    • Gold trading in Mumbai hit a peak in the beginning before consolidating as the week progressed.
    • On the 15th of January, gold was priced at Rs.3,147 per gram. Gold rate in Mumbai rose to Rs.3,162 per gram on the 16th of the month as demand rose in the local market.
    • Prices this week was largely on the steadier side in Mumbai despite some significant fluctuations in other major cities in the country.
    • Gold continued to trade at Rs.3,162 per gram on the 17th and the 18th of January as well as domestic demand was stable.
    • However, there was a considerable drop to be witnessed on the 19th when the yellow metal traded at Rs.3,148 per gram.

    January 2018 - Week 4 (22nd - 28th)

    • In Mumbai, gold was valued at a respectable figure of Rs.3,100 per gram when the week began.
    • As the local market took time to react to outside stimulus, gold price in Mumbai continued at Rs.3,100 per gram on the 23rd as well.
    • After slowdown in the US dollar became apparent, gold rate in Mumbai increased slightly to Rs.3,112 per gram on the 24th of the month.
    • Courtesy of strong global cues, demand from local jewellers also increased. This pushed gold rate in Mumbai to increase to Rs.3,144 per gram on the 25th of January.
    • Gold recorded its highest rates since August 2016 globally but in the domestic market, demand seemed to fall flat. Due to this gold continued to trade at RS.3,144 per gram on the 26th of the month.
    • The next two days, i.e., the 27th and the 28th, gold continued at Rs.3,144 per gram as domestic sales was enough to offset the national trend.

    January 2018 - Week 5 (29th - 31st)

    • Trading opened in Mumbai for the week with the precious metal priced at Rs.3,144 per gram on the 29th after the US dollar began to pull ahead from the previous week’s losses amid strengthening equities.
    • Gold price in Mumbai remained untouched at Rs.3,144 per gram on the 30th owing to steady domestic demand from local jewellers, industries and retailers.
    • The demand, however, couldn’t keep up with the rising US dollar and rising US treasury yields. This resulted in gold being priced at Rs.3,121 per gram when the week concluded on the 31st.
    • Strong global cues coupled with steady domestic demand led to gold rate in Mumbai recording an incline of 0.90% during the course of the month.

    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.

    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.

    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 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.

    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%.

    The increase and decrease of gold prices in Mumbai hinges mainly on the performance of the international market. For instance, if the price of gold falls internationally, prices in Mumbai will also fall and if the prices increase globally, the same in the city will rise.

    However, the rise or fall is dependent on a number of factors such as the bond yields, the US Federal Reserve interest rate. Currently, going by the trends as seen over the first quarter of 2017, gold prices are likely to fall, barring any major international event.

    All in all, investing in gold isn’t all that simple if you are looking to get some hefty returns on your investment. So, we would advise you to learn more about the factors that impact gold prices more carefully or get in touch with a seasoned trader to understand the nitty-gritties of investing in bullion-related things.

    • 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
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    Also Know: Silver Rate in Mumbai

    Read more on Gold

    News About Mumbai Gold Rate

    • Gold loses its shimmer with US, China conflict

      The precious yellow seems to have lost its sheen as a safe haven asset, going down by around 6% in the international market. With this the price of gold has reached a 1-year low.

      The reason for such a trend is the trade tensions surrounding the United States of America (US) and China. At present, there are many factors at work that are affecting the price of gold. Some of these factors include the rise in the strength of the US dollar, the overall inclining trends shown in the US economy and other increasing rates in the States.

      Generally, gold is looked at as an asset in times of crisis by investors. However, at present, the same demand to hold a safe-haven asset has been causing a rise in the US dollar, gaining at the rate of around 8%.

      It is important to note here that though there may be geopolitical tensions surrounding the trade relations between US and China, along with other allies, the total outlook of the economy in US is still quite sturdy. US and China had a standoff and went on to impose tariffs. This resulted in an inclining trend in gold but it immediately plunged to around 1,235 to 1,240 per ounce.

      The US is likely to impose further tariffs in the EU and on Chinese goods.

      25 July 2018

    • Gold Falls Sharply on Strong Dollar

      Gold prices fell to their lowest for the year after a surge in the dollar rate and weak oil led to falling demand. Spot gold fell by 0.3% to trade at $1,223.22 per ounce towards the end of the trading day.

      U.S. gold futures for August also lost value, falling by 0.2% to $1,223.50 per ounce on rising interest rates. Gold has seen a sharp fall since mid-April, falling by 10% due to a strengthening dollar.

      Oil prices have also been falling, which has caused less concern among investors on rising inflation. Falling inflationary concerns resulted in less demand for gold as a safe-haven asset, further reducing prices for the metal.

      Analysts speculate that gold’s fortunes could be reversed, with a fall in the dollar rate due to ongoing market conditions expected. However, gold prices look set to trade low for a while.

      18 July 2018

    • Gold Futures Rise on Favourable Market Cues

      The price of gold futures rose in Delhi on 4th July, 2018 as a firm overseas trend sparked greater demand. Gold futures for August delivery rose by 0.19% to Rs.30,550 for 10 grams as the commodity exchange opened. The business turnover was 239 lots.

      Futures for October also saw a rise, trading at Rs.30,830 for 10 grams to record a 0.18% increase.  The recent rise in gold futures prices and the steady rise in demand for gold could be a result of the global firming trend. Global gold prices registered an increase, with the precious metal trading at $1,256.20 per ounce in Singapore.

      4 July 2018

    • Gold Could Rise to Rs.34,000 By Diwali

      Gold prices could rise to Rs.34,000 per 10 grams by Diwali as the falling rupee and geopolitical concerns make the metal more expensive for Indians.

      At current rates and prevalent trends, gold is likely to remain in the Rs.30,000 to Rs.34,000 per 10 gram bracket.

      With an interest rate hike from the Federal Reserve likely, inflationary expectations are likely to rise which would boost demand for bullion. The rupee is also expected to remain weak which would result in gold becoming more expensive in the domestic market.

      Long term projections suggest gold will be slightly bullish, as geopolitical concerns and higher inflation result in higher prices.

      10 June 2018

    • Gold, Silver Prices Rise In Early Trading

      The price of precious metals saw an upward revision, with gold futures priced at Rs.31,080 for 10 grams to register a 0.14% rise in price. Silver futures also rose by 0.15% to trade at Rs.40,105 per kg in early trading today.

      International demand for bullion was on the rise as lower than expected U.S. economic data saw the Dollar hitting new lows, which boosted demand for bullion. Concerns on a possible trade war between the United States and China as well as the political crisis in Italy also prompted increased demand for safe-haven assets.

      31 May 2018

    • Gold prices remain steady on Thursday

      With gold prices touching their lowest level this year in the previous session, on Thursday the prices continued to remain steady. The steadiness in the prices of the yellow metal was accounted to the US dollar hovering below the 2018-peak. The price of spot gold was 1,290.64 dollars per ounce after it recorded its lowest since December 27 last year while US gold futures for June delivery were down by 0.01 percent to cost 1,290.10 dollars per ounce. The dollar index also eased after climbing to its highest level for 2018 in the last session.

      17 May 2018

    • 50% Drop in Gold Imports in March Due To High Prices

      India imported 52.5 tonnes of gold in March 2018, a 50% drop in demand compared to the same period in 2017. A prolonged increase in local gold prices led to a decline in demand for the metal by the world’s largest bullion consumer.

      Data released by banks and government sources indicated that high prices and the resultant low demand from consumers, especially the rural sector led to the sharp drop in imports. Lower returns from winter-sown crops and the weakened Rupee resulted in reduced purchases and gold imports dropping 32% compared to the previous year.

      With inventories depleted due to lower imports from January-March 2018, analysts are predicting an increase in imports in April 2018. Akshaya Tritiya, which also falls in April is likely to stimulate demand for the metal.

      9 April 2018

    • Gold Falls, Silver Stable In Mumbai

      Trading in Mumbai saw gold fall on muted demand from jewellers and retail customers, though silver prices held steady.

      Standard gold of 99.5 purity closed the trading day at Rs.30,440 for 10 grams on Friday, 6th April, 2018 as prices dropped by Rs.100.

      Global gold prices saw a minor drop in price ahead of U.S. payrolls data figures being announced, as spot gold fell by 0.1% to trade at 1,325.46 per ounce.

      Silver was unaffected, trading at Rs.37,900 per kg in local trading. International demand for silver fell by 0.2% to close at $16.31 per ounce.

      6 April 2018

    • Gold Prices Stable As N. Korea Tensions Ease

      Gold prices appeared to stabilise after posting their biggest loss in months. Spot gold traded at $1,325.16 per ounce as markets closed on 28th March, 2018 after tiding over a turbulent day previously.

      Gold futures for April delivery also did not see much in the way of movement, trading at $1,324 per ounce.

      The resolution of tensions with North Korea, which led to gold and oil trading at a premium. With a lowering of tensions between the U.S. and North Korea, there is a possibility gold prices could see flat growth for a period of time.

      28 March 2018

    • Gold rates hold gains as FOMC warns more Fed rate hikes in 2019 and 2020

      Gold rates continues to maintain daily gains after the US Federal Reserve announced that it will increase the US interest rates only thrice this year while signalling an incline in the number of Fed rate hikes in the next two years. The Federal Reserve raised the federal funds rate to range between 1.50% and 1.75% while increasing the US interest rates by 25 basis points as expected. According to the monetary policy statement, the economy of the country has been improving gradually with the central bank confident that the present inflation will hit the 2% mark during the midway term.

      21 March 2018

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