Gold Rate in Mumbai Today

Today's gold rate in Mumbai:

  • 10g of 24K gold is 41,370 Indian Rupee
  • 10g of 22K gold is 39,400 Indian Rupee
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  • Today's Gold Rate in Mumbai ( 29 Jan 2020 )
    ₹ 3,960
    Today's Gold Rate (22K) per gram
    Compare Gold Rate In Mumbai (Today & Yesterday)
    Today
    (29 Jan 2020)
    Yesterday
    (28 Jan 2020)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,960 ₹ 3,940 ₹ 20 ↑
    Standard Gold (22 K) ( 8 grams ) ₹ 31,680 ₹ 31,520 ₹ 160 ↑
    Pure Gold (24 K) ( 1 gram ) ₹ 4,158 ₹ 4,137 ₹ 21 ↑
    Pure Gold (24 K) ( 8 grams ) ₹ 33,264 ₹ 33,096 ₹ 168 ↑
    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    29 Jan 2020 ₹ 3,960 ₹ 31,680 ₹ 4,158 ₹ 33,264
    28 Jan 2020 ₹ 3,940 ₹ 31,520 ₹ 4,137 ₹ 33,096
    27 Jan 2020 ₹ 3,940 ₹ 31,520 ₹ 4,137 ₹ 33,096
    26 Jan 2020 ₹ 3,940 ₹ 31,520 ₹ 4,137 ₹ 33,096
    25 Jan 2020 ₹ 3,895 ₹ 31,160 ₹ 4,090 ₹ 32,720
    24 Jan 2020 ₹ 3,895 ₹ 31,160 ₹ 4,090 ₹ 32,720
    23 Jan 2020 ₹ 3,895 ₹ 31,160 ₹ 4,090 ₹ 32,720
    22 Jan 2020 ₹ 3,920 ₹ 31,360 ₹ 4,116 ₹ 32,928
    21 Jan 2020 ₹ 3,900 ₹ 31,200 ₹ 4,095 ₹ 32,760
    20 Jan 2020 ₹ 3,870 ₹ 30,960 ₹ 4,064 ₹ 32,512

    Weekly & Monthly Graph of Gold Rate in Mumbai

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    *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.

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

    Parameters Gold price (24 karat)
    January 1 Rate Rs.3,985 per gram
    January 19 Rate Rs.4,064 per gram
    Highest Rate in January Rs.4,216 on 9 January
    Lowest Rate in January Rs.3,985 on 1 January
    Overall Performance Decline

    January 2019 - Week 1 (01 - 05):

    • In Mumbai, gold prices opened the new year and decade at Rs.3,985 per gram with no chance compared to December’s closing price. The price of metal showed an upward trend due to various global factors which including the fall of the dollar and rise in political tensions.
    • The price of the metal increased to Rs.4,011 per gram on 2 January and was steady till 3 January 2020. This was majorly due to a fall in the value of the dollar in the global market as the first phase of the trade deal was being finalised.
    • On 4 January, gold prices shot up to Rs.4,064 per gram after President Trump’s remarks about Iran sparked escalated tensions in the Middle East. This was when a drone strike by the United States of America resulted in the killing of the Commander of Iran’s elite Quds Force.
    • Gold prices increased further to be priced at Rs.4,095 per gram and closed the first week of the year and month almost hitting the highest price of the metal in 7 years. This was mainly due to the Iran-U.S. tensions which resulted in investors shifting to the bullion as safe-haven.

    January 2019 - Week 2 (06 - 12):

    • In Mumbai, the price of gold was Rs.4,095 per gram on 6 January marking the beginning of the second week of January. Compared to the closing price of the previous week, the metal’s prices had increased marginally by Rs.31 per gram. In the second week, gold prices fluctuated to a great extent amidst tensions between the United States of America and Iran.
    • On 7 January, the price of the metal increased to Rs.4,169 per gram and hit the highest price in the month at Rs.4,216 per gram on 9 January. The sudden rise in prices was due to the investors awaiting developments on the response of the United States of America on the attack by Iran.
    • However, in the second half of the week, gold saw a major dip in prices. As United States President Donald Trump decided not to retaliate, the risk appetite amongst investors increased. The traders shifted their investments to the stock market, resulting in gold prices closing the week at a low price of Rs.4,095 per gram.

    January 2019 - Week 3(13 - 19):

    • In Mumbai, the price of gold opened at Rs.4,095 per gram on 12 January. The metal showed a declining trend in the city due to various geopolitical factors. As the trade deal between China and the United States of America had been finalised, the price of the metal dipped due to increased risk appetite amongst investors. On 14 January, the price of the metal had marginally dipped to Rs.4,074 per gram.
    • On 15 January, as the interim Phase 1 deal was signed between the two countries, the price of the metal remained steady at Rs.4,074 per gram. This was mainly due to steady demand and a firm trend overseas due to renewed speculations on the trade deal by investors in the unresolved issues. The price of the metal remained steady until 18 January.
    • While global demand had increased for the yellow metal, Mumbai saw a marginal decline in prices to Rs.4,064 per gram. Even amidst geopolitical tensions escalating in the Middle East with the drone strike on Yemeni soldiers, the traders shifted to the bullion for its safe-haven appeal. However, the rise in demand didn’t affect its prices in Mumbai. Gold closed the week at Rs.4,064 per gram.

    Trend of Gold Rate in Mumbai for December 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    December 1 Rate Rs.3,917 per gram
    December 29 Rate Rs.3,875 per gram
    Highest Rate in December Rs.3,948 per gram on 5 and 6 December
    Lowest Rate in December Rs.3,854 per gram on 12, 13 and 14 December
    Overall Performance Decline

    December 2019 – Week 1 (1 – 8):

    • The price of gold in Mumbai witnessed a declining trend in the final week of November. Gold opened the week at Rs.3,906 per gram. Compared to the previous week’s closing price, the rates didn’t see any change.
    • The rates remained constant for the next few days as traders decided to wait for further developments regarding the US-China trade deal.
    • However, with no clear signs of there being a trade deal and China warning the United States of firm counter measures if they backed the anti-government protests in Hong Kong, the rates slipped to their lowest for the month on 29 November with every gram costing Rs.3,885 before closing the week at the same price.

    December 2019 – Week 2 (9 – 15):

    • Gold price in Mumbai stood at Rs.3,896 per gram on December 9. Compared to the previous week’s closing price, the rates of the yellow metal didn’t see any change.
    • The rates of gold dropped considering over the next few days as investors preferred to adopt a wait and watch approach regarding new US tariffs on Chinese products and the US Federal Reserve’s monetary policy statement.
    • Gold rates in Mumbai climbed on the final day of the week as gold’s safe-haven appeal increased due to political tensions in the world’s biggest economy. The yellow metal closed the week at Rs.3,875 per gram with the overall performance trending downwards.

    December 2019 - Week 3 (16 - 22):

    • Gold price in Mumbai opened the third week of the month at Rs.3,875 per gram on 16 December. The yellow metal didn’t see any change compared to the previous week’s closing price.
    • The price of the metal increased marginally to Rs.3,890 per gram on 18 November as investors awaited trade deal developments. Gold did dip marginally as well due to the rise in the value of the dollar in the market along with United States Federal Reserve not cutting interest rates anytime soon.
    • By the end of the week, gold prices had crossed the Rs.3,900 per gram mark as investors shifted to the bullion as safe-haven due to the impeachment of United States President, Donald Trump. The metal closed the week at Rs.3,901 per gram on 22 December.

    December 2019 - Week 4 (23 - 29):

    • Gold price in Mumbai opened the third week of the month at Rs.3,875 per gram on 16 December. The yellow metal didn’t see any change compared to the previous week’s closing price.
    • The price of the metal increased marginally to Rs.3,890 per gram on 18 November as investors awaited trade deal developments. Gold did dip marginally as well due to the rise in the value of the dollar in the market along with United States Federal Reserve not cutting interest rates anytime soon.
    • By the end of the week, gold prices had crossed the Rs.3,900 per gram mark as investors shifted to the bullion as safe-haven due to the impeachment of United States President, Donald Trump. The metal closed the week at Rs.3,901 per gram on 22 December.

    Trend of Gold Rate in Mumbai for November 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    November 1 Rate Rs.3,938 per gram
    November 30 Rate Rs.3,885 per gram
    Highest Rate in November Rs.3,980 per gram on 4 - 8 November
    Lowest Rate in November Rs.3,885 per gram on 29 and 30 November
    Overall Performance Decline

    November 2019 – Week 1 (01-03):

    • On 1 November, gold prices in Mumbai opened at Rs.3,938 per gram and were keeping steady at the same price on 2 November as investors awaited on the outcome of the trade talks between the United States of America and China.
    • Apart from the trade talks, positive job data from China as well as the United States of America strengthened the market, resulting in investors shifting away from the bullion.
    • However, the price of gold increased in Mumbai to hit the weekly high at Rs.3,890 due to increased local demand in the city.

    November 2019 – Week 2 (04-08)

    • Gold prices in Mumbai saw a steady incline opening the month at Rs.3,938 per gram and keeping steady as investors awaited updates on the trade deal between the United States of America and China.
    • On 4 November, the price of the precious metal increased to Rs.3,980 per gram amidst weak global trends, due to steady local demand. In the global markets, the price of gold saw a declining trend due to trade deal optimism which increased risk appetite amongst investors.
    • However, on increasing to Rs.3,980 per gram on 4 November, the price of gold held steady until the end of the week on 8 November due to fluctuating prices and declining global trends.

    November 2019 – Week 3 (09-17):

    • Gold rates opened the third week of November at Rs.3,948 per gram in Mumbai. A fluctuating trend was seen over the week when it came to the prices of the precious metal.
    • The rates plummeted to Rs.3,901 per gram on 12 November due to positive developments regarding a trade deal between the United States and China and investors shifting to the stock market.
    • The prices of the precious metal recovered slightly in the last few days of the week as investors shifted to the bullion after there was no clear signs of a trade pact between the countries. Gold closed the week in Mumbai at Rs.3,927 per gram.

    November 2019 – Week 4 (18 - 24):

    • In Mumbai, the price of gold saw a declining trend due to trade tensions increasing in the fourth week of November. Opening the week at Rs.3,927 per gram, gold prices held steady until 23 November.
    • As the impeachment inquiry was underway on United States President Donald Trump, investors awaited on the developments in the trade talks between China and the United States of America. China invited officials from the United States of America for a face-to-face meeting to discuss negotiations on the trade deal.
    • However, on 24 November, the price of the metal dipped to reach near the one month low at Rs.3,906 per gram as investors shifted back to the stock market on a strong trend in U.S. jobs data which increased the value of the dollar. The metal closed the week at Rs.3,906 per gram.

    November 2019 – Week 5 (25 - 30):

    • The price of gold in Mumbai witnessed a declining trend in the final week of November. Gold opened the week at Rs.3,906 per gram. Compared to the previous week’s closing price, the rates didn’t see any change.
    • The rates remained constant for the next few days as traders decided to wait for further developments regarding the US-China trade deal.
    • However, with no clear signs of there being a trade deal and China warning the United States of firm counter measures if they backed the anti-government protests in Hong Kong, the rates slipped to their lowest for the month on 29 November with every gram costing Rs.3,885 before closing the week at the same price.

    Trend of Gold Rate in Mumbai for October 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    Rate on 1st October Rs.3,864 per gram
    Rate on 31st October Rs.3,969 per gram
    Highest Rate in October Rs.3,969 per gram on 28 October - 31 October
    Lowest Rate in October Rs.3,806 per gram on 2 and 3 October
    Overall Performance Incline

    October 2019- Week 1 (1-6):

    • The month began with gold rate in Mumbai trading at a static Rs.3,864 per gram and prices dropped to Rs.3,806 per gram on 2 October on sluggish retail offtake.
    • Conflicting overseas cues and the high import cost of gold also dented demand, before a steep fall in equities pushed gold price in Mumbai to Rs.3,864 per gram on 4 October.
    • An increase in jeweller demand and rising overseas interest in bullion raised prices sharply, as the metal ended the week at Rs.3,917 per gram.

    October 2019- Week 2 (7-13):

    • Gold price in Mumbai opened the month at Rs.3,864 per gram and increased to a great extent in the second week of the month. Gold hit its weekly high on 10 and 11 October at Rs.3,948 per gram amidst an increase in local demand and positive global trends.
    • Ahead of the Federal Reserve’s decision of interest rate cuts, the price of gold increased slightly as Turkey launched a military operation in Syria increasing tensions in the Middle East.
    • However, soon after hitting the weekly highs, gold rate in Mumbai slipped due to renewed trade optimism and increased risk appetite for the investors. Gold closed the week, priced at Rs.3,917 per gram.

    October 2019- Week 3 (14-20):

    • Gold prices in Mumbai opened the week at a low of Rs.3,917 per gram due to renewed optimism of the Brexit talks along with ease in trade talk tensions.
    • However, the price of the metal increased through the rest of the week as the U.S. government’s stance on Hong Kong could have a chance in hampering the trade negotiations. Due to this, gold prices increased to Rs.3,938 per gram.
    • On hitting the weekly high of Rs.3,938 per gram on 19 and 20 October, gold prices closed on a higher note due to investor concerns on global growth, uncertainty on the Brexit deal, and increased local demand as well.

    October 2019- Week 4 (21-27):

    • The price of gold in Mumbai was Rs.3,938 per gram on 21 October and held steady due to speculations of investors about the trade talks between the United States of America and the Brexit deal between the European Union and Great Britain.
    • On 25 October, the price of gold was holding steady at Rs.3,938 per gram due to stagnant local demand and investors awaiting clarity on the Brexit Deal. However, soon after, gold prices hit near 2-week highs due to local demand increased ahead of the festive season.
    • The price of the precious metal increased to Rs.3,969 per gram on 26 October and 27 October due to weak U.S. economic data hinted on another rate cut by the Federal Reserve making it the best week in more than 1 month. Uncertainty around the Brexit deal also lifted gold prices.

    October 2019- Week 5 (28-31):

    • The price of gold in Mumbai opened the last week of the month at Rs.3,969 per gram and held steady throughout as the local demand was stagnant and due to positive cues on the trade talks between China and the United States of America.
    • Gold prices remained the same on 29 October and 30 October amidst a trade delay between the two economic superpowers. In the meantime, traders and investors kept a lookout for the rate cuts by the United States Federal Reserve.
    • On 31 October, the precious metal closed the week and month at Rs.3,969 per gram even though the United States dollar weakened in the economy and due to steady local demand.

    Trend of Gold Rate in Mumbai for September 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,953 per gram
    September 30 Rate Rs.3,864 per gram
    Highest Rate in September Rs.4,011 per gram on 6 September
    Lowest Rate in September Rs.3,833 per gram on 15,16 and from 20-23 September
    Overall Performance Decline
    Percentage Change -2.25%

    September 2019- Week 1 (1-8):

    • Gold price in Mumbai opened the month at Rs.3,953 per gram on steady jeweller demand and positive global cues, remaining constant for a few days.
    • Increased turbulence and falling equities buoyed demand for bullion as gold rate in Mumbai rose to Rs.3,980 per gram on 4 September, though retail demand remained sluggish due to rising import costs.
    • The gold price jumped to Rs.4,011 per gram on 6 September on news of an economic stimulus, but prices dropped to Rs.3,938 per gram on 8 September as equities gained.

    September 2019- Week 2 (9-15):

    • Despite the ongoing festive season, there was a drop in gold rate in Mumbai after the metal opened unchanged at Rs.3,938 per gram.
    • Weak overseas cues and a rally in equities increased risk appetite, which dented bullion demand as gold dropped to Rs.3,917 per gram on 10 September.
    • Prices remained unchanged for a few days but a possible resolution to the Sino-U.S. trade dispute saw the old price in Mumbai dip further to Rs.3,833 per gram on 15 September.

    September 2019- Week 3 (16-22):

    • Despite the ongoing festive season, there was a drop in gold rate in Mumbai after the metal opened unchanged at Rs.3,833 per gram.
    • Weak overseas cues and a rally in equities increased risk appetite, which dented bullion demand as gold price in Mumbai dropped to Rs.3,864 per gram on 19 September.
    • Prices remained unchanged for a few days but a possible resolution to the Sino-U.S. trade dispute saw the precious metal dip further to Rs.3,833 per gram on 22 September.

    September 2019- Week 4 (23-30):

    • Gold rate in Mumbai opened at a static Rs.3,833 per gram on 23 September as weak overseas trends and a steady dollar dented local bullion offtake.
    • Prices surged to Rs.3,875 per gram on 24 September.
    • Despite a weak rupee, gold prices in Mumbai opened unchanged at Rs.3,948 per gram before surging to Rs.4,010 per gram on 27 September on rising investor interest and jeweller orders.
    • The gold price in Mumbai settled at Rs.3,953 per gram on 28 September as markets regularised on news of U.S.-China trade negotiations, which kept prices stable.
    • There was no change in price for the rest of the week as a strong dollar rate dented retail demand, though steady overseas cues capped losses as the metal recorded a 10.06% rise in value during the month.

    Also Check Gold Price in Metro Cities

    Gold as Investment in Mumbai

    Gold also doubles up as investment portfolios for a large number of Indians. This is because gold has a reputation of offering stable and assured returns to consumers in both the short and long terms. This has instigated consumer to opt for gold instead of savings accounts or even equity markets, as the volatility of the equity markets is looked upon with caution by consumers in Mumbai. Major avenues of investment in gold in the city include:

    Jewelry: As with most of the country, consumers in Mumbai are also obsessed with gold jewelry and ornaments. Gold jewelries form an integral part of the Indian society and are used in festivals, occasions such as marriages and also as a savings investments.

    Coins: Gold coins are primarily available from various banks in and around the city. The rate of gold coins in the city is slightly above the gold traded rates. Gold coins are available in different purities. Several private dealers also provide marked gold coins.

    Bullions: Gold bullions are available from several dealers in Mumbai. While buying pure gold in the form of bars or ingots, it is advisable to go for the largest or well-established dealers only as these are typically very pricey buys and some sort of guarantee on the product becomes a necessity.

    How do Gold prices change in Mumbai?

    Like every other city and state in the world, gold prices in Mumbai change due to a number of factors, all of which contribute to either bring the rates up and down. Here are some of the key aspects that determine prices of gold in Mumbai:

    • Rates set by the Indian Bullion Jewellers Association (IBJA):

    IBJA, as the name suggests, is the association of all the gold jewellers in and around the country. This organisation is the one responsible to set gold rates in each city. When setting the rates, the company takes into account the following information:

    • The rates set by some of the largest gold dealers in a particular city.
    • Import duty, which is often different to each city.
    • Rates in the Multi Commodity Exchange (MCX) index. MCX is basically a exchange facility where goods and precious metals are bought and sold. Gold price changes are primarily decided based on the performance of this market.

    Hallmarking centres in Mumbai

    As per the data made available by the Bureau of International Standards (BIS), there are over 63 hallmarking centres in Maharashtra. Hallmarking centres are basically certified organisations which test metals for authenticity against various standardised variables. In Mumbai, there are centres like Leo Analytics Lab (Borivali), Variety Hallmarking (Mahakali Caves), and Varsha Bullion Hallmarking Centre (Mumbadevi), etc. However, the government is not satisfied with the number of centres in the city and is considering opening several more so as to maintain the exact standards of gold available for purchase.

    The issue of tax on Gold and Gold ETFs in Mumbai

    People who tend to buy and sell precious metal like gold are required to pay a capital gains tax, which is based on the overall profit they make. If you are making a profit on your gold within 36 months of acquiring it, you are required to pay taxes based on the tax slab you fall under. On the other hand, if your profit comes after 36 months, you will have to pay a tax of 20%.

    Also Check Gold Price in NearBy Cities of Mumbai

    Storing Gold in Mumbai

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

    Also Check Petrol Price and Diesel Price in Mumbai

    Read more on Gold

    News About Mumbai Gold Rate

    • Demand for gold takes a hit

      As per local jewellers, the demand for gold has taken a hit at record prices. This comes despite the fact that it is peak marriage season in various parts of the country. The reason for it being most buyers are using old gold to exchange for new.  On Wednesday, gold rates gained Rs.500 for every 10 grams in futures hitting Rs.41,200 for every 10 grams for MCX February contract while CME gold futures hit a record $1604.2 an ounce. The jump in the prices was accounted to the retaliatory action taken by Iran for last week’s US airstrike.

      As per the director of India Bullion and Jewellers Association (IBJA), slowing physical demand at persistently higher prices will impact the country’s gold imports. In 2019, the imports stood at 800 – 830 tonnes.

      Slowing physical demand at persistently higher prices is set to impact India's gold imports. The imports for the 2019 stood at 800-830 tonnes. This was the lowest in the last three years and is expected to decline further this year.

      8 January 2020

    • Gold prices jump by Rs.71 to cost Rs.38,564 for every 10 grams

      The price of the yellow metal rose by Rs.71 on Thursday to cost Rs.38,564 for every 10 gram in the national capital. The rise in the prices was accounted to overnight gains in international prices. On Wednesday, every 10 gram of gold cost Rs.38,493.

      Gold prices in the global market were trading at $1,473 per ounce. International spot gold prices traded near $1,495 after US Federal Reserve kept interest rates unchanged. It must be noted here that the Reserve had on Wednesday kept key interest rates unchanged with accommodative stance until 2020.

      Silver prices also jumped on Thursday. The rates saw an increase of Rs.359 to cost Rs.44,984 per kg. In the global market, the precious metal was quoting $16.84 an ounce.

      As per HDFC Securities, the risk premium in gold prices will be high as the deadline of US tariffs on Chinese goods is getting near.

      12 December 2019

    • Gold gains Rs.286 to Rs.38,365 per 10 gram

      Prices of Gold rose Rs.286 to Rs.38,365 per 10 gram due to weaker Rupee and Donald Trump’s comment that the trade deal between US and China may take place only after the presidential election 2020 gets over.

      Gold imports in India were down 16% in November despite jumping to 71 tons from 40 tons.

      Prices of Silver also rose Rs.360 to Rs.44,560 per kg.

      In international markets, gold prices touched an intraday high of Rs.38,162 and an intraday low of Rs.37,825 on MCX.

      Gold futures for February rose Rs.133, or 0.35% on the MCX trading at Rs 38,082 per 10 gram.

      5 December 2019

    • Prices of gold hit three month low on 8 November 2019

      On 8 November 2019, prices of gold hit a three-month low in the international market. Prices of spot gold hit $1,455.80 for an ounce. The prices are the lowest since 5 August 2019.

      Gold faced pressure as there was an optimism that the interim trade deal between China and the US would be signed shortly. According to Yes Securities, prices of gold fell as there were positive signals on the trade front between China and the US. According to a spokeswoman from the White House, in case the trade agreement is reached between the US and China, there could be a lift in tariffs. However, there was still an uncertainty in the trade talks after the US President Donald Trump said that no agreement was made to bring down the tariffs on China. One of the main factors that affect bullion is the trade war between China and the US. The prices of gold have increased by 14% this year. In India, prices of gold increased by 0.28% on 8 November 2019 and hit Rs.37,682 for 10 grams. However, prices of gold have reduced by around Rs.2,300 after hitting record highs in September.

      12 November 2019

    • Subscription for sixth tranche of gold bonds close on Dhanteras

      Government of India has rolled out sixth tranche of gold bonds in order to cash in on the Dhanteras spending spree on 21 October.

      The subscription for the Sovereign Gold Bond will close on 25 October, the day on which Dhanteras will be celebrated all over the country.

      The issue price has been fixed at Rs.3,835 per gram by Reserve Bank of India (RBI) according to the Finance Ministry of India, with the settlement date being 30 October. Investors who are applying for the bond online and making the payment via the digital mode will enjoy a discount of Rs.50 per gram. The price of sovereign gold bonds per gram will be Rs.3,785 per gram if the investor applies for it online.

      The prices of Gold December Futures traded lower by 0.09% or Rs.35 at Rs 38,855 per 10 gm. Global gold prices were down 0.03% at $1,487.70 an ounce.

      The maximum limit of subscription is 20 kg for trusts and similar entities and 4 kg for Hindu Undivided Family (HUF) per fiscal.

      23 October 2019

    • Gold and Palladium prices take a hit as the US dollar increases in value

      The price of palladium and gold took a hit by 5% and 2% respectively which resulted in a decline in the prices due to the increase in the value of the US dollar in international markets. As palladium breached the $1,700 mark recently, the price of the precious metal dipped significantly.

      Silver prices dipped by 3% which was the lowest price of the metal in more than a month. The price of Spot palladium increased by 0.8% to be priced at $1,688.33 an ounce having reached a record high at $1,700.71 an ounce earlier in the month. The metal’s price has increased by 9% in September.

      Palladium which is a metal mainly used in the emissions-reducing catalyst for vehicles. Even though the auto sector is gradually declining, the metal’s demand has seen a steady rise due to tight supply. Investors have also been keeping an eye out on the Monetary Policy of the United States Federal Reserve. The central bank had already cut interest rates twice this year, the second time being in September.

      In the global markets, palladium prices dropped 4.4% at $889.29 whereas silver prices dipped to be priced at $17.03, declining by about 3%. However, both the metals are up by 6% and 11.5% respectively for the quarter.

      1 October 2019

    • Gold prices decrease by Rs.270 because of weak sentiment and a strong rupee

      Gold prices reduced by Rs.270 in the national capital on 19 September 2019 and hit Rs.38,454 for 10 grams. According to HDFC Securities, the main reasons for the reduction in prices were a weak investment sentiment and a strong rupee.

      Prices of silver also reduced by Rs.380 and hit Rs.47,310 for a kg. Silver prices closed at Rs.47,310 for a kg in the previous trade. On 18 September 2019, trading of gold closed at Rs.38,724 for 10 grams. According to Tapan Patel, HDFC Securities Senior Analyst, 24 Karat gold prices in the country saw further losses because of the weak investment sentiment and a strong rupee. He further added that the rupee was trading at 14 paise against the dollar after experiencing losses in the morning. In the global market, trading of gold was flat at $1,497 for an ounce. Trading of silver was at $17.72 for an ounce. According to Hareesh V, the commodity research head of Geojit Financial Services, spot gold prices were below $1,500 for an ounce because investors refused to take fresh bets as no clear picture was given after the policy meeting of US Federal Reserve.

      23 September 2019

    • Gold prices reduce by Rs.300 due to a decrease in demand

      At the bullion market, gold prices hit Rs.39,225 for 10 grams, decreasing by Rs.300 on 9 September 2019. According to HDFC Securities, a stronger rupee and no demand were the main reasons for the decrease in prices.

      Silver prices also reduced by Rs.1,400 to hit Rs.48,500 for a kg. According to a Senior Analyst (Commodities) of HDFC Securities, Tapan Patel, 99.9% pure gold prices in Delhi reduced by Rs.300 due to a strong rupee and lack of physical demand. Tapan Patel further added that due to higher prices, festival demand has not picked up. On 9 September 2019, the rupee appreciated by 14 paise to hit Rs.71.58 against the dollar. In the global market, trading of gold was flat at $1,506 for an ounce. However, trading of silver decreased to $18.05 for an ounce. On 7 September 2019, gold and silver closed at Rs.39,525 and Rs.49,900 for 10 grams and a kg, respectively. According to Tapan Patel, gold prices are expected to trade in a corrective manner in the near future due to the trade talks progress between China and the US and the US Federal Reserve rate.

      10 September 2019

    • Gold Climbs On Trade War Fears

      Gold prices neared the psychological $1,500 per ounce mark as investors ratcheted up bullion offtake due to trade tensions.

      Spot gold rose by 0.9% to $1,487.28 per ounce, settling after reaching $1,490.84 per ounce earlier in the trading day.

      U.S. gold futures also climbed 1% to $1,499.10 per ounce, the highest the precious metal has reached since 2013.

      The continued escalation in trade tensions between the United States and China has seen a cascading effect on the global economy, as Eurozone bond yields also slumped to new lows. A sharp rise in negative-yielding debt has also supported gold prices.

      7 August 2019

    • Gold hits highest price in 3 years in India, Government increases import duty to 12.50%

      As the global benchmark of gold price crossed $1,450 an ounce for the first time in 6 years on 19 July 2019, consumers of the metal in Asian markets continued to sell off physical gold in the week. Some consumers also switched their holdings to silver as a rise in price guaranteed an increased interest from investors, resulting in further gains.

      Demand for the metal has increased, as hitting the highest price in many years has resulted in people selling off their gold to cash in on the profit, mentioned Brian Lee, Managing Director at Singapore dealer GoldSilver Central.

      China gold was sold at a premium of $10-$11 per ounce whereas, in Hong Kong, the yellow metal was being sold at a premium of $0.50 - $1.20 per ounce. Meanwhile, in Singapore, the premium of gold was $0.40-$0.60.

      In India, dealers were forced to offer the highest discounts in 3 years at $33 over the domestic prices. Since the past few weeks, the demand has been weak, and the government has raised the import duty to 12.50% from 10%. Gold Futures hit a record on Friday, being priced at Rs.35,409 per 10 grams.

      23 July 2019

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