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Gold Price in MumbaiWhy to Buy Gold on Dhanteras
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 October 2016 (rates per gram for 24karat gold)
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.
Trend of Gold Rate in Mumbai for September 2016 (rates per gram for 24karat gold)
|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|
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|
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|
July'16 - Week 1 and 2 (1st to 10th)
- Gold traded at Rs.3,112 on 1st July and the prices only increased through the week.
- Demand for gold was up as it proved to be a safe haven investment amidst the Brexit vote, however, a strong dollar supported by stable U.S. job data brought the prices back down on July 8th.
- Gold rates were pushed up to Rs.3,246 on July 9th and remained stable till the end of the week.
July'16 - Week 3 (11th to 17th)
- Gold prices were stable for most of the week, with a slight rise at the end of the week thanks to renewed interest in gold in the domestic market.
- Prices were recorded at Rs.3,226 per gram on the first day of the week and Rs.3,234 per gram on the last day of the week.
- Prices remained stable for most of the week before rising at the end, with the difference in prices between first and last days being Rs.8.
July '16 - Week 4 (18th to 24th)
- Gold rates in Mumbai slipped slowly through the week.
- On 18th July, gold traded at Rs.3,234 after which it dropped off Rs.10 trading at Rs.3,224 till 21st July.
- Strong U.S. non-farm payroll data has led to a stronger dollar, resulting in gold prices falling.
- Expectations of a U.S. Federal Reserve hike, weak global trends and negligible demand in the domestic market have all contributed to easing gold prices.
July‘16 - Week 5 (25th to 31st)
- Prices remained constant at Rs.3,223 between the 25th and 30th of July.
- An increase of Rs.26 drove prices up to Rs.3,249 per gram, which was the price of the precious metal at the close of the month.
|1st June rate||Rs.3,038|
|30th June rate||Rs.3,112|
|Highest rate in June||Rs.3,192 on 27th of June|
|Lowest rate in June||Rs.3,015 on 3rd of June|
Jun'16 - Week 1 (1st to 5th)
- Gold rates in Mumbai were relatively stable at the beginning of June.
- Rates climbed on 5th June as the U.S. dollar weakened owing to data reports from the Labor Department noting the lowest number of job creations in five and a half years.
- Gold traded at Rs. 3,038 on 1st June and Rs. 3,063 on 5th June.
Jun'16 - Week 2 (6th to 12th)
- Gold traded at Rs. 3,063 per gram. on the 6th and 7th of June.
- Prices increased further as gold traded at Rs. 3,078 per gram on the 9th of June.
- Gold hit the highest for the week on the11th and 12th of June at Rs. 3,123 per gram.
Jun'16 - Week 3 (13th to 19th)
- Gold traded at Rs. 3,123 per gram on the 13th of June.
- There was no change in the gold rate for the whole week as gold price remained the same at Rs. 3,123 per gram from the 13th of June to the 19th of June.
Jun'16 - Week 4 (20th to 26th)
- Although there were minor fluctuations seen throughout the month of June, the rate of gold was completely stable during the course of the week.
- The rate of gold was the same at Rs. 3,075 per gram and was the same throughout the month.
- Due to increased demand, reducing expectations of U.S. Federal rate hike, price of gold saw a steady increase.
Jun'16 - Week 5 (27th to 30th)
- Gold rates fluctuated during the week but the changes were marginal thanks to strong local and international trends in addition to strong demand.
- Prices were Rs.3,192 on the 27th of June and Rs.3,112 on the 30th of June.
- The overall decline in prices between the start and the end of the week was just Rs.80.
|1st May rate||Rs. 3,154 per gram|
|31st May rate||Rs. 3,018 per gram|
|Highest rate in May||Rs. 3,154 per gram on May 1|
|Lowest rate in May||Rs. 3,018 per gram on May 31|
May'16 - Week 1 (1st to 7th)
- Gold rates were stable during the week as no significant changes were recorded.
- Prices were Rs.3,154 on the 1st of May and Rs.3,123 on the 7th of May.
- Prices were mostly constant as there were no major events to influence the change of prices.
May ‘16 - Week 2 (8th to 14th)
- Gold rates were stable during the week as no significant changes were recorded.
- Prices were Rs.3,155 on the 8th of May and Rs.3,112 on the 14th of May.
- Prices remained the same for the first four days of the week before recording a small decline after which they remained at the same level until the end of the week.
May ‘16 - Week 3 (15th to 21st)
- Gold rates remained stable for most parts of the week as there were no international or domestic events to affect prices.
- Prices were Rs.3,140 on the 15th of May and Rs.3,094 on the 21st of May.
- Prices remained the same for the first two days of the week after which they declined marginally and remained constant until the last day of the week when they rose by Rs.76.
May ‘16 - Week 4 (22nd to 28th)
- Gold rates were stable at the beginning of the week but started to fall quickly.
- Gold prices were Rs. 3,094 on the 22nd of May and Rs. 3,025 on the 28th of May.
- Due to the decline in rates globally, Mumbai was also affected with the rates steadily dropping through the week.
May ‘16 - Week 5 (29th to 31st)
- There were minor changes in the price of gold as the month of May progressed.
- On the last day of the month, gold closed at Rs. 3,018 per gram.
- The highest price at which gold traded was on 7th of may at Rs. 3,155 per gram.
|1st April rate||Rs 2,989|
|30th April rate||Rs 3,154|
|Highest rate in April||Rs 3,154 on 30th|
|Lowest rate in April||Rs 2,989 from 1st to 11th|
|% Change||+ 5.52%|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Gold prices were stable at Rs.2,989 over the first ten days of April as bullion traders continued their strike over implementation of excise duty on gold jewellery sales
- On the global front, prices appreciated as the Fed looked set to postpone rate hikes while weak economic data from the US central bank and weak dollar reinforced gold as safe investment.
Apr ‘16 - Week 3 (11th to 17th)
- Gold rates were constant at Rs.3,038 over the course of the third week as trading remained suspended for the most part.
Apr ‘16 - Week 4 (18th to 24th)
- Gold lost marginal value in this week.
- Prices were stable at Rs.3,038 till 23rd before losing Rs.5 on 24th to settle at Rs.3,033.
Apr ‘16 - Week 5 (25th to 30th)
- Gold rates remained constant at Rs 3,033 from 25th to 28th.
- An increase of over Rs 80 was seen on 29th, with prices hitting Rs 3,120.
- The week ended with gold trading at Rs 3,154, the highest for the month.
1st March rate
31st March rate
Highest rate in March
Rs 3,093 from 12th to 17th
Lowest rate in March
Rs 2,989 from 22nd to 31st
Mar'16 - Week 1 (1st to 6th)
- Gold trading remained suspended in Mumbai as jewellers and traders called for an indefinite strike against the proposal made in Budget 2016-17 that levied an additional 1% excise duty on jewellery sales.
- Gold rates were constant at last week’s closing rate of Rs.3,068.
Mar'16 - Week 2 (7th to 13th)
- Jewellers and associations continued their agitation for the second straight week as deadlock continued over imposition of 1% excise duty on non-silver jewellery purchases and PAN card detail disclosures on jewellery transactions over Rs.2 lakh.
- Gold rates were constant at last week’s closing rate of Rs.3,068 till 11th before settling at Rs.3,093 for the rest of the week.
Mar ‘16 - Week 3 (14th to 20th)
- Markets were once again closed over the week as protests continued.
- Gold was selling at Rs.3,093 till 17th and Rs.3,033 from thereon.
Mar ‘16 - Week 4 (21st to 27th)
- Gold saw another week of muted trade as traders brought the protests into the fourth week though jewellers were open for business in most parts of the city.
- There was no major movement of rates as prices were stable at Rs.2,989 all through the week.
Mar ‘16 - Week 5 (28th to 31st)
- Market performance exceeded expectations, nearing record quarterly numbers.
- Strong international performance of gold resulted in better local rates.
- Gold prices in the city stayed constant at Rs 2,989 throughout the week.
1st February rate
29th February rate
Highest rate in February
Rs.3,068 on 27th, 28th and 29th
Lowest rate in February
Rs.2,714 on 1st
Feb'16 - Week 1 (1st to 7th)
- Gold had a profitable 1st week in February, rising by an overall amount of Rs.168 and touching a 9-month high of Rs2,882.
- Prices were Rs.2,714 on 1st and Rs.2,882 on 7th.
- Gold gained value on all days of the week on the back of wedding season demand from domestic jewellers as well as positive global cues.
- Gold breached the 2,800-mark for the first time this year on 4th to settle at Rs.2,832.
- Prices continued going upwards and ended the week at a high of Rs.2,882.
Feb '16 - Week 2 (8th to 14th)
- Gold prices appreciated again during the 2nd week, breaching the Rs.3,000-mark for the first time in almost 2 years.
- Prices were Rs.2,875 on 8th and Rs.2,944 on 14th.
- Prices rose on the back of a weaker rupee, strong global cues and ongoing buying from jewellers and retailers to meet the wedding season demand.
- Prices breached the 2,900-mark on 9th for the first time this year and settled at Rs.2,942 for 9th and 10th.
- Gold declined to Rs.2,833 on 11th before rising by Rs.208 in a single day to breach the 3,000-mark and settle at Rs.3,045.
- Prices slid to Rs.2,944 on 13th and remained stable there on 14th to end the week on a positive note.
Feb '16 - Week 3 (15th to 21st)
- Gold prices appreciated again in the third week, as global cues remained strong and the domestic demand was at healthy levels.
- Prices were Rs.2,994 on 15th and Rs.3,028 on 21st.
- Gold dropped at the start of the week to Rs.2,952 as demand was muted on that day while global cues were also weak, however prices started appreciating from 17th onwards.
- Gold breached the Rs.3,000-mark once again this month as it settled at Rs.3,028 from 19th to 21st to end the week on a high note.
Feb '16 - Week 4 (22nd to 29th)
- Gold continued its gainful streak toward the end of February, rising on the back of strong global cues and scattered domestic demand.
- Prices were Rs.3,005 on 22nd and Rs.3,068 on 29th.
- Gold had consecutive positive sessions which saw overall gains in the month touching 4-year highs.
- Prices were stable at Rs.3,005 till 23rd before rising substantially by Rs.59 on 25th to touch Rs.3,064.
- Gold gained marginally on 27th to rise to Rs.3,068 and remained stable at that level for the rest of the week.
|4th January rate||Rs.2,621|
|31st January rate||Rs.2,775|
|Highest rate in January||Rs.2,789 on 27th, 28th and 29th|
|Lowest rate in January||Rs.2,541 on 5th|
Jan'16 - Week 1 (4th to 10th)
- Gold rates were marginally up in the 1st week of trading in 2016.
- Prices were Rs.2,621 on 4th and Rs.2,630 on 10th.
- There was a drop of Rs.66 on 5th when prices fell to Rs.2,583.
- Gold rebounded from the low on 5th to appreciate continuously from 6th to 9th by an overall margin of Rs.81 to take prices to Rs.2,630. Prices were stable on 10th on account of it being a Sunday.
Jan '16 - Week 2 (11th to 17th)
- Gold lost value in the 2nd week of trading in January.
- Prices were Rs.2,636 on 11th and Rs.2,598 on 17th.
- Gold remained stable for the first three days, selling at Rs.2,634 by 13th.
- Prices dropped by Rs.36 on 14th to settle at Rs.2,598, amid reduced demand for spot gold by jewellers.
- Gold rates were stable at Rs.2,598 for the rest of the week
Jan '16 - Week 3 (18th to 24th)
- Gold prices appreciated substantially during the 3rd week.
- Prices were Rs.2,654 on 18th and Rs.2,729 on 24th.
- Gold dropped to Rs.2,644 on 19th before rallying over the next 3 days to breach Rs.2,700-mark and settle at Rs.2,736 by 22nd.
- Prices dropped by Rs.75 on 23rd to fall to Rs.2,661 but rallied on 24th by Rs.68 to cover the losses and end the week at Rs.2,729.
Jan '16 - Week 4 (24th to 31st)
- Gold rates appreciated towards the end of January as Fed rate speculations softened dollar while domestic demand from jewellers was also high.
- Prices were Rs.2,729 on 25th and Rs.2,775 on 31st.
- Gold rallied by Rs.60 till 27th to settle at Rs.2,789, where it remained till 29th.
- Prices dropped drastically on 30th by Rs.89 to touch Rs.2,700 before covering the losses on the last day of the month to end at Rs.2,775.
1st December rate
31st December rate
Highest rate in December
Rs.2,665 on 5th and 6th
Lowest rate in December
Rs.2,550 on 1st
Dec'15 - Week 1 (1st to 7th)
- Gold prices in Mumbai appreciated in the 1st week of December.
- Rates were Rs.2,550 on 1st and Rs.2,596 on 7th.
- Gold was volatile over the week as prices went on a see-saw ride.
- There was a gain of Rs.80 on 2nd when prices breached the Rs.2,600 mark to rest at Rs.2,630.
- Prices declined by Rs.63 on the next day to fall to Rs.2,567 on 3rd.
- Gold depreciated on 4th but picked up on 5th to settle at Rs.2,665 for 5th and 6th.
- Prices dropped on 7th by Rs.69 to end the week at Rs.2,596.
Dec'15 - Week 2 (8th to 14th)
- Gold rates were volatile in the 2nd week.
- Prices were Rs.2,593 on 8th and Rs.2,597 on 14th.
- Gold dropped by Rs.23 on 9th to fall to Rs.2,571 and was priced Rs.2,579 on 10th and Rs.2,575 on 11th.
- Prices dropped to Rs.2,565 on 12th before rallying by Rs.99 to Rs.2,664 on 13th.
- Gold declined by Rs.67 on 14th to settle at Rs.2,597 for the week.
Dec'15 - Week 3 (15th to 21st)
- Gold rates depreciated in the 3rd week.
- Prices were Rs.2,576 on 15th and Rs.2,552 on 21st.
- Gold dropped by Rs.13 on 16th to fall to Rs.2,561 before losing another Rs.3 over the next 2 days to settle at Rs.2,560 on 18th.
- Gold rallied by a substantial Rs.54 on 19th to cross Rs.2,600 mark and rest at Rs.2,614.
- Prices were stable on 20th and fell steeply on 21st by Rs.62 to rest at Rs.2,552 for the week.
Dec'15 - Week 4 (22nd to 28th)
- Gold rates were volatile in the 4th week.
- Prices were Rs.2,562 on 22nd and Rs.2,558 on 28th.
- Gold appreciated steeply to Rs.75 on 23rd to breach 2,600-mark for the first time in the week.
- Gold dropped from Rs.2,637 on 23rd to Rs.2,558 on 24th, a drop of Rs.79.
- Prices again picked up on 25th by Rs.69 to settle at Rs.2,627.
- Gold remained stable at Rs.2,627 till 27th before dropping substantially by Rs.69 on 28th to end at Rs.2,558.
Dec'15 - Week 5 (29th to 31st)
- Gold rates were mostly stable in the final days of the month.
- Prices were Rs.2,562 on 29th and Rs.2,558 on 31st.
- Gold was priced at Rs.2,563 on 30th before dropping to RS.2,558 on 31st.
1st November rate
30th November rate
Highest rate in November
Rs.2,686.50 on 1st
Lowest rate in November
Rs.2,550 on 21st, 22nd and 25th
- Gold rates dropped in the first week of November.
- Gold was priced at Rs.2,686.50 on 1st and Rs.2,590 on 7th.
- There was marginal gain in rates on 3rd when prices rose to Rs.2,680 from Rs.2,674 on the previous day.
- Gold lost Rs.90 in value over the next four days.
- Gold traded in the red on 4th, 5th, 6th and 7th.
Nov '15 - Week 2 (8th to 14th)
- Gold had a turbulent 2nd week in Mumbai.
- Rates were Rs2,590 on 8th and Rs.2,557 on 14th.
- Prices climbed to Rs.2,612 on 9th before falling by Rs.32 on 10th to rest at Rs.2,580.
- Gold rate dropped again on 11th before rallying on 12th to gain Rs.53.50 and touch Rs.2,627.
- Prices dropped over the next two days by Rs.26 and Rs.44 to rest at Rs.2,557 on 14th.
Nov '15 - Week 3 (15th to 21st)
- Gold had a stable performance as per week beginning and end rates.
- Prices were Rs.2,557 on 15th and Rs.2,550 on 21st.
- Rates appreciated to Rs.2,680 on 16th before losing out the value on the next day to rest at Rs.2,595.
- There were more negative sessions for gold with week end level touching Rs.2,550.
Nov '15 - Week 4 and 5 (22nd to 30th)
- Gold lost value in the last 9 days of the month.
- Prices were Rs.2,617 on 22nd and Rs.2,560 on 30th.
- Gold depreciated by Rs.44 over 23rd and 24th to fall to Rs.2,573 on 24th before regaining the lost value on 25th to once again settle at Rs.2,617.
- Prices feel again on the next day to Rs.2,582 and settled at Rs.2,579 by 29th.
- Gold lost Rs19 on the last day of the month to touch Rs.2,560.
1st October rate
31st October rate
Highest rate in October
Rs.2,728 on 16th
Oct '15 - Week 1 (1st to 7th)
- Gold rate appreciated in the first week of October.
- Prices were Rs.2,641 on 1st and Rs.2,664 on 7th.
- Gold gained significant value on 4th when prices rose to Rs.2,667 from Rs.2,625 at day closing rates.
- Prices were stable in the next two days.
Oct '15 - Week 2 (8th to 14th)
- Gold gained some value in the second week of the month.
- It was priced at Rs.2,672 on 8th and Rs.2,686 on 14th.
- There was a gain in value on 13th when prices rose to Rs.2,698 almost breaching the 2,700 mark.
Oct '15 - Week 3 (15th to 21st)
- Gold rates were stable for the third week of the month.
- Prices were Rs.2,716 on 15th and Rs.2,717 on 21st.
- Prices stayed between Rs.2,710 to Rs.2,730 for this week indicating a stable week for rates.
- Prices peaked on 16th at Rs.2,728, which was the highest gold rate in Mumbai for October.
Oct '15 - Week 4 (22nd to 28th)
- Gold rates appreciated marginally in the fourth week of October.
- Prices were Rs.2,687 on 22nd and Rs.2,707 on 28th.
- Gold gained value on 23rd and 26th.
- Prices were Rs.2,701 and Rs.2,704 on 26th and 27th respectively.
Oct '15 - Week 5 (29th to 31st)
- Gold rate declined considerably in the last 3 days of the month.
- Prices were Rs.2,721 on 29th, which declined to Rs.2,686.50 on 30th and maintained the rate on 31st.
Gold price in Mumbai at the start of the September was Rs.2,701 as on 1st September. Rates declined over the first week and reached a mid-week low of Rs.2,667 on 4th September. Prices stayed at the same level over the next few days, with gold priced at Rs.2,675 by the end of the first week. There was a downward spiral of gold rate in the next week, when prices dropped to Rs.2,630 by 14th September.
Gold rate remained at the Rs.2,630 over the next two days before rallying on 17th and 18th of the month. Prices continued in the upward trend and reached Rs.2,669 on 21st September, the highest gold rate in the 3rd week of the month. 4th week saw prices drop in the first two days to Rs.2,648 by 23rd before climbing steeply in the next couple of days to Rs.2,701 and matching month-start gold rates. Prices went stable till 28th, however there was a drop on 29th when the rate was clocked at Rs.2,652.
Gold rate in the month of September has been volatile but the month start and end rates were largely similar. Gold rates can be expected to remain volatile in the coming days however the approaching festive season will help enhance gold rates in Mumbai.
Gold also doubles up as investment portfolios for a large number of Indians. This is because gold has a reputation of offering stable and assured returns to consumers in both the short and long terms. This has instigated consumer to opt for gold instead of savings accounts or even equity markets, as the volatility of the equity markets is looked upon with caution by consumers in Mumbai. Major avenues of investment in gold in the city include:
Jewelry: As with most of the country, consumers in Mumbai are also obsessed with gold jewelry and ornaments. Gold jewelries form an integral part of the Indian society and are used in festivals, occasions such as marriages and also as a savings investments.
Coins: Gold coins are primarily available from various banks in and around the city. The rate of gold coins in the city is slightly above the gold traded rates. Gold coins are available in different purities. Several private dealers also provide marked gold coins.
Bullions: Gold bullions are available from several dealers in Mumbai. While buying pure gold in the form of bars or ingots, it is advisable to go for the largest or well-established dealers only as these are typically very pricey buys and some sort of guarantee on the product becomes a necessity.
24 karat gold rates in Mumbai
The year started with 24 karat gold prices in Mumbai at Rs.2,692. Prices peaked at Rs.2,861 on 21st January. This was followed by a general downward movement of prices until they reached a low of Rs.2,615 on 18th March. Since then, prices have seen a general upward shift and reached a high of Rs.2,789 on 18th May, before ending the month at Rs.2,726.
22 karat gold rates in Mumbai
Price per gram of 22 karat gold at the start of the year was Rs.2,518. Prices continued to rise throughout January and peaked on 21st January at Rs.2,674. This is also the highest gold rate in Mumbai this year till now. Prices started sliding after this, and reached a low of Rs.2,436 on 18th March. Prices have since then seen an upward trend and reached Rs2,610 on 18th May.
- Also Check:Gold 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|
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News About Mumbai Gold Rate
Low Demand Leads To Reduction In Gold and Silver Prices
Due to slow demand from jewellers, the prices of gold have fallen down to Rs.30,490 per 10 grams. This trend has effected silver prices also which has been further reduced to Rs.42,850 per kg. Overseas, there is a possibility of Fed to increase the interest rates which led to a reduction in the demand for gold there. This affected the demand from jewellers and retailers in domestic market too.
In delhi, 99.9 % purity gold price have fallen down to Rs.30,490 per ten grams and 99.5 % purity gold prices have been reduced to Rs.30,340 per ten grams. Silver coins also witnessed the reduction in its prices to Rs.73,000 for buying and Rs.74,000 for selling.
7th October 2016
Gold held on to losses on a firmer dollar after positive US data
After a slight drop in the previous session, gold held on to losses against a firmer dollar followed by an optimistic US economic data. Spot gold inched 0.1% below to $1,310.35 an ounce, while the bullion dropped 0.3% to an almost two-week low of $1,309.07. Meanwhile, US gold futures were recorded at $1,313.10 an ounce.
US factories increased its activity in September, indicating that there was resistance to the sluggish global economy. This positive data leads investors to increase their bets on a US interest rate hike, which in turn improve the opportunity cost of holding non-yielding bullion. Meanwhile, gold imports in India dipped ninth month in a row in September, owing to bleak retail demand and higher discounts, which encouraged refineries and banks to slow down overseas purchases of the bullion.
5th October 2016
Gold Prices Steady amid US Rate Hike speculation
Investors regained interest in gold as its prices remained steady after new speculation of a near-term US rate hike evaluated on equities and assets. Spot gold remained at $1,327.92 an ounce, while US gold futures fell 0.3% at $1,330.60 an ounce.
16th September 2016
Gold Prices Rises By Rs.48 to Rs.31, 501 per 10 grams
Following a firm trend oversea, gold prices rose in New Delhi by Rs.48 to Rs.31, 501 per 10 grams. In the bullion market, investors believe that the increase in gold prices may be due to the increase in betting and demand from the local spot market. Previously, in the month of October, 2016, gold was traded at Rs.43 to Rs.31, 348 per 10 grams. Meanwhile, In Singapore, gold prices rose by 0.13% to USD.1, 346.80 an ounce.
8th September 2016
Gold gains amid jewellers’ demand
Last week, gold experienced a slight gain as prices rose by Rs.50. Gold was seen trading at Rs.31,250 per 10 grams last Wednesday. The upcoming festive season has brought in an increase in demand from jewellers. Positive global trends have also had an impact on gold prices. Though the first half of 2016 was a slump period for gold, experts are sure that the second half of the year will be brighter for the yellow metal as demand will pick up in light of the festivals and marriage season. For silver, however, a reduction in the offtake by coin makers and industrial units led to a drop in prices. Silver slipped by Rs.325 per kilogram trading at Rs.45,075 per kilogram.
30th August 2016
Gold Rate Falls By Rs 200 to Rs 31,050 per Ten Grams
Following a weak trend overseas and lack of demand from local jewellers, gold prices fell by Rs. 200 to Rs 31,050 per ten grams. As of August, 12, 2016, prices of 99.9% and 99.5% purity gold fell by Rs. 200 to Rs 31,050 and Rs 30,900 per 10 grams, respectively. Meanwhile, in the bullion market, silver prices fell by Rs 775 to Rs 45,200 per kg. The fall in silver prices can be credited to lack of demand from industrial unit and silver coin makers.
24th August 2016
Gold prices fall by 0.34% globally
Following the weak trend for gold internationally, gold prices fell by 0.34 per cent to Rs 31,361 per 10 grams today in futures trade as dealers reduced their transactions. Meanwhile, at the Multi Commodity Exchange, gold for delivery fell by Rs 106 to Rs 31,361 per 10 grams in 263 lots. Likewise, gold was traded at Rs 92 to Rs 31,662 per ten grams in 11 lots in the month of December. In Singapore, gold prices fell 0.15% to USD 1,343.80 an ounce.
18th August 2016
High Prices Reduce Demand for Gold but Festive Season May Provide Respite
Gold sales were relatively low this week as high market prices kept buyers away but due to upcoming festival seasons in China and India, sales are expected to increase. Bullion has seen an increase of almost 1% with the expectation that US Federal Reserve will maintain its cautious stance regarding interest rates due to global concerns.
Gold is perceived as a hedge against financial uncertainties and has risen by almost 28% and may reach its highest annual gain since the year 2010. China’s season for gold kicks off in early October from National Day. Dealers in India are offering high discounts and are expecting demands to increase.
9th August 2016
Gold Prices Fall Further Due to Firmer Dollar Following US Jobs Data
The price of gold declined again on Thursday to extend the losses from the last session. The main reason for the fall in price was attributed to a firmer dollar after US employment data emerged stronger than anticipated. The value of gold fell by around 0.2% to $1,355.60 per ounce and bullion ended Wednesday’s session with a 0.4% decline at $1,357.50. The value of US gold also suffered a 0.2% drop at $1,362.30 per ounce. However, the addition of 179,000 jobs in the month of July was well above the expectations of the economists, leading to the drop in prices.
8th August 2016
Gold Prices Exceed Rs.31,000 for the First Time in 29 Months
The value of gold shot up to Rs.31,340 per 10 grams this week, marking the highest price of the precious metal over the past 29 months. Thanks to a firming overseas trend in addition to an increase in purchases by domestic jewellers, surged Rs.540 in the bullion market during the first week of August.
Silver, on the other hand, was in for contrasting fortunes as demand from coin makers declined, thereby resulting in a decline by Rs.220 to Rs.47,080 per kilogram. Bullion traders revealed that sentiments were stronger following gold gaining overseas owing to the weakening of the dollar and hampered growth of the US economy.
4th August 2016
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