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|Gold price in Mumbai in September 2017||Gold price in Mumbai in August 2017||Gold price in Mumbai in July 2017|
Gold Price in Mumbai
Mumbai, the commercial capital of India, is also one of the most popular markets for gold in the country. The city has one of the highest concentrations of gold sellers and dealers. Gold rates in Mumbai follow the same trend as international gold price. Gold rates, which are a product of a lot of dynamic factors coming into play, have been more or less stable for this year in Mumbai.
Gold in Mumbai is available in various forms such as physical gold which includes jewelry, ornaments, coins, bars and ingots etc. Gold is also available for trading as a commodity in the national and international markets. In India, gold can be traded on exchanges such as National Commodity and Derivatives Exchange (NCDEX), Multi Commodity Exchange (MCX) and National Spot Exchange (NSEL).
Mumbai is also one of the most populated cities in the country. Gold rates in Mumbai are therefore an indication of the buying patterns of a large number of consumers. Gold in the city can be purchased from a wide range of providers, who also happen to be among the largest dealers in the country.
Trend of Gold Rate in Mumbai for September 2017 (rates per gram for 24 karat gold)
September 2017 - Week 1 (1st to 10th)
- Gold trading in Mumbai was quite stable throughout the first week of September with only a few changes to be seen.
- On the 1st of September, when the week started, gold was trading at Rs.3,045 per gram.
- As domestic demand increased, courtesy of positive global cues, prices surged to Rs.3,073 per gram on the 3rd.
- For the next few days, until the 8th, gold rate in Mumbai remained unchanged due to consistent demand.
- Gold price in Mumbai reached Rs.3,187 per gram on 9th September, a whopping Rs.113 increase within a single day due to an increased demand in the global market.
- A prime reason for this increase was the confirmation provided by North Korea that it indeed conducted one its most powerful nuclear test to date.
- Sustained buying trends on the 10th led to the metal still trading at Rs.3,187 per gram till the end of the day.
Trend of Gold Rate in Mumbai for August 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.2,988 per gram|
|August 31 Rate||Rs.3,045 per gram|
|Highest Rate in August||Rs.3,045 per gram from 29-31 August|
|Lowest Rate in August||Rs.2,978 per gram on 8 August|
|Overall Monthly Performance||Incline|
August ’17- Week 1 (1 to 6)
- Gold price were stable in the country’s financial capital in spite of major fluctuations in demand and the dollar rate.
- Gold traded at Rs.2,988 per gram on 1 August as prices remained unchanged from the previous month.
- A fall in industrial demand was recorded, but this failed to impact the gold price in Mumbai, which traded at Rs.2,988 per gram for the rest of the week.
- There was a decline in interest in gold as the markers stabilised following the U.S. Fed meeting, which had minimum impact on bullion demand in Mumbai.
August ‘17 – Week 2 (7th to 13th)
- In Mumbai, gold prices remained on a subdued note for the first half of the week before going up significantly during the second half.
- On the 7th, gold in Mumbai was trading at Rs.2,988 per gram, but as local jewellers were cautious with their investment, rates went down to Rs.2,978 per gram.
- After some positive cues from the global market made its way to Mumbai, gold prices went up to Rs.2,998 per gram on the 9th.
- The 10th saw gold rate in Mumbai remain at Rs.2,998 per gram before increasing by Rs.46 to trade at Rs.3,044 per gram on the 11th of August.
- As demand remained steady despite falling international demand, gold prices were seen holding at Rs.3,044 per gram over 12th and the 13th of August.
August ’17- Week 3 (14 to 20)
- The financial capital of the country saw sharp fluctuations in the price of the yellow metal in the third week of August, with the week opening at Rs.3,044 per gram on 14 August.
- Gold price in Mumbai remained unchanged on 25 August as there was no major change in demand or trade in gold.
- International demand for gold fell as the dollar rose in anticipation of the U.S. Federal Reserve meeting, which led to domestic gold falling to Rs.3,010 per gram from 16-18 August.
- Local demand kept prices from dropping too steeply as the metal recovered to trade at Rs.3,038 per gram on 19 August.
- There was no change in price as the week ended with gold rate in Mumbai at Rs.3,038 per gram on 20 August following wildly disparate prices.
August 2017 – Week 4 (21st - 27th)
- None of the global or the domestic events had any bearing on gold demand in Mumbai.
- When the week began on the 21st, gold rate in Mumbai was at Rs.3,028 per gram.
- As demand remained steady for the remaining six days of the week, gold was seen selling at Rs.3,028 per gram when the week came to an end.
August 2017 – Week 5 (28th - 31st)
- Demand for gold in the financial capital of the country was more or less stable, with the metal opening the week at Rs.3,028 per gram on 28 August.
- Continued tensions due to the ongoing geopolitical crisis in the Korean peninsula led to increased trade in safe-haven assets like gold and silver, resulting in gold prices rising to Rs.3,045 per gram on 29 August.
- Local demand fell as the rupee fell against the dollar, resulting in gold price in Chennai rising in spite of a fall in orders for the yellow metal.
- Prices remained constant for the rest of the week, resulting in gold ending the month trading at Rs.3,045 per gram on 31 August.
Trend of Gold Rate in Mumbai for July 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.3,055 per gram|
|July 31 Rate||Rs.2,988 per gram|
|Highest Rate in June||Rs.3,055 per gram on 1 and 2 July|
|Lowest Rate in June||Rs.2,902 per gram on 10 July|
|Overall Monthly Performance||Decline|
July 2017 - Week 1 (1st to 9th)
- The price of the yellow metal in the country’s financial capital was relatively steady during the first week of the month, with a few minor variations here and there.
- Gold opened at Rs.3,055 per gram on 1 July which was one of the higher rates noted in the entire country. This rate was noted the next day as well.
- The demand for this metal reduced resulting in a price drop. This precious metal traded at Rs.2,991 per gram on 3 July as well as 4 July.
- However, the rate of this metal was on an upswing thereafter due to increase in demand for this metal from international as well as domestic markets.
- Gold traded steadily at Rs.3,004 per gram from 5 July until 8 July. However, this demand was not sustained and the price of gold dropped on 9 July to be priced at Rs.2,981 per gram.
July 2017 - Week 2 (10th to 16th)
- Despite some significant global cues, gold prices in Mumbai didn’t see too many changes during July week 2.
- On the 10th of July, gold price in Mumbai was recorded at Rs.2,902 per gram while the precious metal’s rates hit a near four-month low in the international market.
- Gold rate in Mumbai went up to Rs.2,919 per gram on the 12th as demand spiked due to a fall in US dollar rates.
- The 13th, however, saw gold prices dipped slightly to reach Rs.2,916 per gram.
- As international demand for gold went up, prices went up in Mumbai on the 14th for the metal to trade at Rs.2,923 per gram.
- Over the next two days, i.e., the 15th and 16th, gold rates remained at Rs.2,923 per gram as demand stabilised while US dollar value picked up.
July 2017 - Week 3 (17th to 23rd)
- In line with trends seen across other Indian cities, there was a sharp increase in the price of gold in the country’s financial capital in the third week of July.
- Gold was priced at Rs.2,923 per gram on 17 July but soon rose to Rs.2,947 per gram on 18 July due to increased trading and demand in overseas markets.
- The U.S. dollar continued to slide against other global currencies, which increased demand for the precious metal.
- Gold rate in Mumbai were stable for a few days in spite of increased overseas demand due to inconsistent stock markets in the United States.
- Gold price in Chennai jumped to Rs.2,988 per gram on 22 July as the United States’ internal crises led to markets faltering and renewed demand for bullion among investors.
- Gold ended the week trading at Rs.2,988 per gram on 23 July, an increase of Rs.65 over the course of the week.
July 2017 - Week 4 (24th to 31st):
- In Mumbai, demand for gold remained constant throughout the last week of July.
- On the 24th, gold was trading at Rs.2,988 per gram.
- Market meltdowns in the US failed to have any impact on gold prices in Mumbai, which was quite evident with no fluctuation in rates.
- Due to sustained demand from local jewellers, gold prices continued at Rs.2,988 per gram for the rest of the week.
- Despite gold hitting 7-month high figures globally - owing to poor US dollar performance - trading cues in Mumbai remained steady over this week.
|Parameters||Gold price (24karat)|
|June 1 Rate||Rs.3,046 per gram|
|June 30 Rate||Rs.3,055 per gram|
|Highest Rate in June||Rs.3,077 per gram on 7 & 8 June|
|Lowest Rate in June||Rs.3,033 per gram from 15-29 June|
June 2017 - Week 1 (1st-4th):
- Gold prices in Mumbai was a contrast to that in Chennai and the Indian mainland.
- On the 1st of June, gold was priced at Rs.3,046 per gram and remained the same on the 2nd due to a sustained demand for the metal in the city.
- As some global factors saw gold prices increase internationally, gold prices went up to Rs.3,059 per gram.
- Due to there being no domestic factors in play, gold prices remained at Rs.3,059 per gram on the 4th as well.
- Despite seeing one of the highest gold prices in the country, gold rates went up by just Rs.13 as there wasn’t as much demand for the metal in Mumbai when compared to other cities.
June 2017 - Week 2 (5th - 11th)
- Gold prices were recorded at Rs.3,059 per gram in Mumbai when the second week of June began.
- Though, prices remained unchanged on the 6th, they went up considerably to Rs.3,077 per gram on the 7th.
- The 8th saw gold prices still holding at Rs.3,077 per gram as demand from the local circles largely remained constant.
- However, all the progress made over the previous days came undone as prices went down to Rs.3,053 per gram on the 9th.
- As the clout over US Labour Department’s Employment Report cleared, gold prices remained unchanged over the last two days of the week, i.e, the 10th and the 11th.
June 2017 - Week 3 (12th-18th)
- The price of this precious metal in the city of Mumbai was relatively stable and high as compared to the rates seen in other cities in the country.
- This could be due to steady demand for this metal in domestic markets.
- Gold opened the third week of June at Rs.3,053 per gram and stayed steady at this rate until the 14th of the month.
- There were some issues regarding the import of bullion by banks due to a lack of clarity with respect to GST.
- There was a marginal decline in the price of gold in Mumbai on the 15th of June with gold trading at Rs.3,033 per gram.
- As the demand for gold did not increase, gold continued to trade at Rs.3,033 per gram from the 15th of June until the 18th of June.
June 2017 - Week 4 (19 to 25)
- The price of the yellow metal in the country’s financial capital was steady for the entirety of the week as prices were steady.
- Gold was priced at Rs.3,033 per gram on 19 June, remaining unchanged from the previous week.
- Stable demand and strong demand from the local market kept prices stable in spite of fluctuations in demand overseas.
- The U.S. Dollar began to strengthen but domestic demand was high as consumers increased gold purchases before the onset of the GST regime.
- Prices ended the week at Rs.3,033 per gram on 25 June, remaining unchanged for the duration of the week.
June ’17 – Week 5 (26 to 30)
- Gold prices were unchanged for most of the week as demand was consistent, with gold trading at Rs.3,033 per gram on 26 June.
- The fluctuations in market rates as well as the weakening U.S. Dollar did not impact demand in the country’s financial capital.
- Steady demand from retail consumers helped keep prices stable as jewellers also increased demand before the onset of GST, which would result in increased tax rates.
- Prices rose as the month drew to a close, with gold climbing to Rs.23,055 per gram on 30 June as domestic demand spiked.
|May 1st Rate||Rs.3,061 per gram|
|May 31st Rate||Rs.3,046 per gram|
|Highest Rate in May||Rs.3,061 per gram on 1st & 2nd May|
|Lowest Rate in May||Rs.2,956 per gram from 11th- 16th May|
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.
May 2017 – Week 4 (22nd - 28th)
- Gold prices in Mumbai reflected ongoing trends with a few variations noted during the fourth week of the month.
- The rate of gold was relatively high in Mumbai as compared to the rest of the country with this yellow metal trading at Rs.3,017 per gram on the first day of the week. This rate was a continuation of the prices seen during the previous week.
- Rate of gold was steady at Rs.3,017 per gram until the 24th of the month with the Manchester blasts having no impact on the price of this metal.
- The rate of gold in Munbai plunged to trade at Rs.3,028 per gram on the 26th of May. Due to low but sustained demand, the price of gold continued to trade at Rs.3,028 per gram until the end of the week.
May ’17 – Week 5 (29th to 31st)
- The price of gold in the financial capital reflected trends seen across the country, with an overall decline in price.
- Gold traded at Rs.3,028 per gram on 29th May, with the price rising from the previous week due to higher local demand.
- Prices rose as the month ended, with gold trading at Rs.3,046 per gram on 31st May as markets fell, which led to a marginal increase in demand for gold.
- While gold prices rose in the last week, the price declined by 0.49% over the course of the month.
|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|
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|
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|
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|
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.
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 Rate in Maharashtra
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
- Auspicious Days To Buy Gold In 2017
- Why Investing In Gold Is A Golden Opportunity
- Things To Remember Before Buying Gold Jewellery
- Jewellery Markings - Know The Purity Of The Gold
- What Are Gold Stocks?
News About Mumbai Gold Rate
Gold rate reached highest this year - Rs.3060 per gram
For the first time in 2017, Gold price reached a new high of Rs.3060 per gram on Monday. The high rate is associated with higher global rates and also increased buying by the local jewellers.
Silver price also seen a surge on Monday to Rs.41,700 per kg due to increased purchase by industrial units and coin makers.
As India meets most of its gold requirements from imports, the gold prices in the domestic market are largely affected by global gold prices. The import duties along with the dollar-rupee value do affect the price of the precious metal.
On Monday, the price of spot gold in the US reached $1,339.47 per ounce, the highest rate recorded since September 2016. The raise is associated with the escalating geopolitical issues between North Korea and the United States.
The political instability weakened the dollar making dollar-denominated gold cheaper for those who hold other currencies, leading to increased demand for the yellow metal. The dollar rate fell to 90, the lowest since January 2015.
Other factors affecting the dollar price include the speculations that Federal Reserve may not raise interest rates in the near future. Higher interest rates will strengthen the dollar and push up bond yields, resulting in increased pressure on gold prices.
It is anticipated that the global gold prices continue to increase as Fed interest rates are likely to remain the same until mid- 2018.
5th September 2017
Gold Rate In Mumbai Rises Following Buying Frenzy
Gold prices in Mumbai rose today as jewellers increase demand on the back of positive global cues and higher interest from investors. Gold of standard 99.5 purity was priced at Rs.28,960 for 10 gram on 17th August, 2017 as the price rose by Rs.305 in a single day of trading.
Pure gold in Mumbai was priced at Rs.29,110 for 10 grams, registering a rise of Rs.305 in a matter of a day. Silver prices were also on the ascent, with the white metal trading at Rs.39,000 per kg on 17th August, 2017 after an increase in industrial demand.
17th August 2017
Weak Dollar Leads To Gold Rally
The gold price today rose on the back of a poor dollar rate, trading at $1,274 per ounce (August 10th, 2017). Prices have risen by close to 6% in international trading as political uncertainty in the United States has led to diminishing confidence in the currency.
Sluggish economic growth has also been a factor in the dollar’s slide, as the U.S. economy grew a mere 1.9% in the first half of 2017.
Meanwhile, demand for gold rose to 1,895 tonnes up to August, an increase of 17% for the same period in 2016. This is in spite of a reduction in demand from China, one of the largest importers of the yellow metal.
10th August 2017
Mumbai Gold Prices Dip On Global Cues
The price of gold fell marginally in the country’s financial capital on Tuesday, 1st August 2017. The domestic bullion market in Mumbai reported a dip in standard purity gold (99.5) to Rs.28,495 for 10 grams as compared to Rs.28,540 for 10 grams the previous day.
Silver prices in Mumbai also saw a drop in value, with the white metal trading at Rs.38,260 per kg on 1st August 2017 as opposed to Rs.38,355 per kg on July 31st, 2017.
Gold prices saw a decline globally after an almost 7-week high. The drop was brought about by a rise in the U.S. dollar rate after weeks of poor performances by the currency. Markets also strengthened following the dollar’s ascendancy.
1st August 2017
Gold Slumps Due To High Cost, Low Consumption
The price of gold fell in trading on Friday, 21st July, 2017 due to higher costs associated with the yellow metal. Jewellers offered discounts in an effort to move stock during what is traditionally slow month due to a paucity of festivals and the end of the wedding season.
With the price rising by over 2.7% since July 10th, 2017, many customers were put off by higher than normal rates.
Gold traded at $1,248.35 per ounce on Friday, 21st July 2017, bolstered by a weak U.S. Dollar.
Gold was also being sold at premiums ranging from 60 cents to $1 over the benchmark rate in most Asian countries.
21st July 2017
Gold prices go up significantly due to rise in domestic and international demand
Gold prices for the beginning of this week shot up by Rs.190 per 10 gram, thanks to some strong cues from the international market and a consequent increase in demand from local jewellers.
Silver too hit some strong numbers as the metal’s prices went up to Rs.38,000 due to an increase in offtake from industrial firms and coin makers.
In the international market, bullion rates went up by 0.91% to reach $1,228.40 per ounce while silver prices rose by 1.82% to reach $15.96 per ounce. Market analysis said that the increase was mostly due to an increased demand in the international market and also from jewellers in the country.
19th July 2017
Gold Prices Rise As Jewellers Increase Orders
The price of gold rose to Rs.29,160 for 10 grams on June 27, 2017, a rise of Rs.60 due to increased orders from jewellers. Higher demand from the overseas markets also contributed to the sharp rise in the value of the yellow metal. The rise in the price of gold was attributed to the U.S. Federal Reserve’s decision on a rate hike as well as increased demand for spot gold.
Silver prices however fell to Rs.38,900 per kg in trading on June 27th, 2017 due to selling pressure.
27th June 2017
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
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