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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
    27 May 2017 ₹ 2,835 ₹ 22,680 ₹ 3,028 ₹ 24,224
    26 May 2017 ₹ 2,835 ₹ 22,680 ₹ 3,028 ₹ 24,224
    25 May 2017 ₹ 2,826 ₹ 22,608 ₹ 3,017 ₹ 24,136
    24 May 2017 ₹ 2,826 ₹ 22,608 ₹ 3,017 ₹ 24,136
    23 May 2017 ₹ 2,826 ₹ 22,608 ₹ 3,017 ₹ 24,136
    22 May 2017 ₹ 2,826 ₹ 22,608 ₹ 3,017 ₹ 24,136
    21 May 2017 ₹ 2,826 ₹ 22,608 ₹ 3,017 ₹ 24,136
    20 May 2017 ₹ 2,826 ₹ 22,608 ₹ 3,017 ₹ 24,136
    19 May 2017 ₹ 2,826 ₹ 22,608 ₹ 3,017 ₹ 24,136
    18 May 2017 ₹ 2,784 ₹ 22,272 ₹ 2,973 ₹ 23,784

    *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 April'17
    Comparison for 24 K Gold Rates for City_Name April'17

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

    May 2017 - Week 1 (1st-7th)

    • The rate of gold in the city of Mumbai was relatively stable as compared to the prices seen in other cities in the country.
    • This could be attributed to steady demand for this metal in domestic markets.
    • Gold traded at Rs.3,061 per gram on the 1st of May and was steady at this rate on the 2nd of May as well.
    • However, as the demand for this metal fell and the value of the U.S.Dollar increased, the rate of gold fell drastically the next day to trade at Rs.3,020 per gram.
    • From the 5th of May until the end of the week, gold was priced at Rs.2,996 per gram due to slow demand for this metal.

    May 2017 – Week 2 (8th -14th)

    • Gold prices in the financial capital reflected prevailing trends, with a dip in price due to declining demand.
    • Gold in Mumbai was priced at Rs.2,996 per gram on 8th May, with the price falling to Rs,2,977 per gram on 9th May as a resurgent market reduced demand for the yellow metal.
    • Prices continued to drop as markets were bolstered by Emmanuel Macron’s win in the French presidential election.
    • The week also saw industrial demand for gold drop, further weakening demand and contributing to a fall in the price of gold.
    • A stable U.S. Dollar also led to the decline in demand for gold as the metal traded at Rs.2,956 per gram from 11th-14th May, recording a drop in price of Rs.40 per gram during the week.

    May 2017 - Week 3 (15th - 21st)

    • In Bollywood town Mumbai, gold rates were on the incline for the entire third week of May.
    • The incline was due to an increase in demand in the local market combined with the rise in global demand as well.
    • On 15th, gold in Mumbai was trading at Rs.2,956 per gram.
    • As there were no major changes in the domestic market, gold prices remained at Rs.2,956 per gram on the 16th.
    • Due to news about Donald Trump’s interference over his government’s Russian connection spreading, gold rate went up to Rs.2,973 per gram on 17th.
    • Rates jumped again on the 18th as they went up to Rs.3,017 per gram - an increase of Rs.44 per gram.
    • The remaining days of the week didn’t see any price changes as market stabilised for a brief period.

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

    April 1st Rate Rs.3,011 per gram
    April 30th Rate Rs.3,061 per gram
    Highest Rate in April Rs.3,061 per gram on the 29th and 30th of April
    Lowest Rate in April Rs.3,011 per gram on the 1st and 2nd of April
    Overall Performance Incline
    Percentage Change 1.66%
    Comparison for 24 K Gold Rates for Mumbai March'17

    April 2017 - Week 1 (1st-9th)

    • Gold price in Mumbai were more or less stable for the week, in opposition to trends seen across the country.
    • Gold was priced at Rs.3,011 per gram on the 1st of April, with prices remaining relatively constant as compared to that of the previous month.
    • This rate was steady until the 3rd of April as there was no indication of international trends that would have had an impact on the rate of gold.
    • Gold rate in Mumbai traded at Rs.3,043 per gram on 4th April, as a sudden rise in the U.S. Dollar and a hike in markets led to reduced demand for gold.
    • Due to steady demand for this precious metal, the rate of gold remained steady until the end of the week trading at Rs.3,043 per gram.

    April 2017 - Week 2 (10th-16th)

    • Contrary to gold trading trends in the rest of India, gold rate in Mumbai didn’t witness any change during the second week of April.
    • The week began on 10th with gold selling at Rs.3,025 per gram in Mumbai and due to a sustained demand and no apparent catalytic events, prices remained the same.
    • When the week came to an end, gold price in Mumbai was still trading at Rs.3,025 per gram, marking little to no difference from the prices on the first day.

    April 2017 - Week 3 (17th-23rd)

    • Gold rate in Mumbai was completely stable. This could be attributed to a number of factors.
    • There was no change in the demand for this metal in both domestic and international markets and there was also no significant change noted in the value of the U.S.Dollar during this period.
    • Although the rate of gold was stable, it was still relatively high. This was due to the political tensions in Syria and North Korea resulting in investors flocking to purchase safe haven assets.
    • The price of gold in Mumbai from the 17th of April to 23rd of April was Rs.3,025 per gram, without any variations.

    April 2017 - Week 4 (24th-30th)

    • Compared to the third week of April, the rate of gold fluctuated quite significantly during the final week in Mumbai.
    • Geopolitical factors as well as variations in the demand for this metal could be attributed to the fluctuations noted in the rate of this precious metal.
    • Gold traded at Rs.3,025 per gram on the 24th of April and stayed steady at this rate on the 25th as well.
    • As the week progressed, the rate of gold continued to increase, trading at Rs.3,048 per gram on the 27th and 28th of April.
    • On the last two days of the month, gold was priced at Rs.3,061 per gram which was also the highest rate of gold noted during the week.
    March 1st Rate Rs.3,054 per gram
    March 31st Rate Rs.3,011 per gram
    Highest Rate in March Rs.3,054 per gram on 1st March
    Lowest Rate in March Rs.2,968 per gram on 15th March
    Overall Performance Decline
    Percentage Change -1.42%
    Comparison for 24 K Gold Rates for Mumbai February '17

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

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

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

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

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

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

    March 2017 - Week 4 (19th-25th):

    • In Mumbai, gold prices didn’t see too much of a change over the fourth week of March.
    • The week began on 20th with gold trading at Rs.3,012 per gram and remained unchanged over the next two days till the 22nd.
    • On 23rd, gold prices went up by Rs.23 to bring the metal’s prices up to Rs.3,035 per gram.
    • As demand in the city cancelled out the impact of a strengthening dollar, gold was still trading at Rs.3,035 per gram on 24th.
    • Due to domestic demand not budging, the week ended with gold prices still holding at Rs.3,035 per gram.

    March 2017- Week 5 (26th-31st):

    • Gold rate in Mumbai remained largely unchanged over the fifth week of March.
    • The week began on 27th March with gold trading at Rs.3,035 per gram and continued at the same rate till the closing hours of the 30th.
    • On 31st, however, gold price in Mumbai slumped to Rs.3,011 per gram - a decrease of Rs.24 per gram - as domestic demand fell considerably.
    February 1st  Rate Rs.2,985 per gram
    February 28th  Rate Rs.3,054 per gram
    Highest Rate in February Rs.3,054 per gram from 24th-28th February
    Lowest Rate in February Rs.2,985 per gram on 1st February
    Overall Performance Incline
    Percentage Change +2.31%
    Comparison for 24 K Gold Rates for Mumbai January '17

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

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

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

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

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

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

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

    • The price of gold in Mumbai was stable for the last two weeks, trading at Rs.3,034 per gram on 19th February.
    • Prices were constant till 23rd February due to high domestic demand in spite of fluctuating rates elsewhere.
    • Prices rose to Rs.3,054 per gram on 24th February due to a dip in U.S. markets and a slide in the dollar rate, which resulted in higher demand for gold.
    • Prices were constant till the end of the week, as gold traded at Rs.3,054 per gram on 28th February, a weekly increase of Rs.20 per gram and a monthly increase of 2.31%.
    January 1st Rate Rs.2,884 per gram
    January 31st Rate Rs.2,985 per gram
    Highest Rate in January Rs.2,997 per gram from 16th-27th January
    Lowest Rate in January Rs.2,872 per gram on 2nd January
    Overall Performance Incline
    Percentage Change +3.50%
    Comparison for 24 K Gold Rates for Mumbai December '16

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    July‘16 - Week 5 (25th to 31st)

    • Prices remained constant at Rs.3,223 between the 25th and 30th of July.
    • An increase of Rs.26 drove prices up to Rs.3,249 per gram, which was the price of the precious metal at the close of the month.

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

    Read more on Gold

    News About Mumbai Gold Rate

    • Gold rates go up but hits new low as Fed rate hike concerns looms large

      As per reports last week, gold rates seemed to increase but despite that the new rates turned out to be the lowest rate for the last six weeks. This was in anticipation of the news that US Federal Reserve is likely to increase the interest rates in June. While the value of spot gold rose by 0.2% to reach $1,240.51 per ounce after hitting a new low of $1,236.01 on Wednesday.

      The rates of US future gold also dipped by 0.6% to $1,241.20 an ounce. An analyst from a popular Forex company spoke about the latest trend and said that gold prices have been on a slowdown as the US Federal Reserve has decided to hike the interest rates very soon. Another analyst Edward Meir chipped in with his view and said that the price of precious metal is likely to fall further as US dollar is steadily gaining due to Fed rate hikes.

      He also said that despite a falling demand, gold prices will not go below $1200 per ounce as consolidation is set to kick in in a few weeks. Prices of spot silver also rose by 0.9% to $16.53 on Thursday from $16.37 - the lowest silver rate ever since the month of January.

      8th May 2017

    • Gold slowly recuperates amid festive season

      Gold has seen four consecutive weeks of losses, but the bullion gold prices in India saw a recovery amid the ongoing festival season. Silver too, saw a rise amid good buying in the industrial sector. Gold is slowly recuperating during the festival season, but globally weak trends are restricting the gains. Standard gold (99.5% purity) saw a sharp rise of Rs.110 per 10 grams to close at Rs.28,735, and pure gold (99.9% purity) also saw a marginal rise from Rs.28,775 per to grams to Rs.28,885 per 10 grams. Silver (.999 fineness) rose by Rs.225 per kilo to close at Rs.42,590.

      3rd April 2017

    • Sebi to on jewellery is payment is not made

      Payments regulator Sebi will auction ornaments and jewellery of a Maharashtra based group in order to recover funds that are worth thousands of crores raised through illegal schemes from the public. In addition to composite jewellery, ornaments with 254 grams of gold and 50-carat weight of diamond will be put under the hammer. Reserve price for the jewellery has been fixed at Rs.68.85 lakh and for composite jewellery the price is Rs.82.2 lakh for the auction that is to be held on 11, April.

      Sebi will also arrange for an analyser machine, gold testing and carat meter machines for bidders who wish to check the purity and weight of the items.

      20th March 2017

    • Gold Recycling Plan does not Woo Indian Families

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

      14th March 2017

    • Gold Prices Slide In Anticipation of US Fed Rate Hike

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

      9th March 2017

    • Gold Import in February Touch 50 tonnes

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

      6th March 2017

    • Purchase of Gold Increases in India

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

      1st March, 2017

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

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

      23rd February 2017

    • Investors anticipate rate hike by Federal Reserve

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

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

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

      23rd February 2017

    • Gold Restocked by Jewellers

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

      8th February 2017

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

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