Today Gold Rate in Mumbai

Mumbai is the city of dreams and one of the biggest dealers in gold. There is a heavy demand for the yellow metal that fuels the gold price in Mumbai. The procurement of the gold jewellery is the most appreciated investment and is dealt in Indian currency (INR). The purchasing power of Mumbaikars gets reflected in the gold rates in Mumbai. The purchase of gold attracts a GST of 3% and additional import duty taxes.

60,800

Today MCX gold price in rupees per 10 grams.
(10 grams = 1 tola gold)

  • 22 Carat Gold
  • 60,800(10 gram)
  • 24 Carat Gold
  • 66,330(10 gram)

22 Carat & 24 Carat Compare Gold Rate In Mumbai (Today & Yesterday)

Gold Rate 22 Carat Gold Rate 24 Carat
Yesterday60,38065,870
Today60,800  66,330  

Today 24 Carat Gold Price per gram in Mumbai (INR)

GramGold Rate Yesterday 24k Gold Rate Today 24k Daily Price Change
1 Gram Gold Rate6,5876,63346
8 Gram Gold Rate52,69653,064368
10 Gram Gold Rate65,87066,330460
100 Gram Gold Rate6,58,7006,63,3004,600

Today 22 Carat Gold Price per gram in Mumbai (INR)

GramGold Rate Yesterday 22k Gold Rate Today 22k Daily Price Change
1 Gram Gold Rate6,0386,08042
8 Gram Gold Rate48,30448,640336
10 Gram Gold Rate60,38060,800420
100 Gram Gold Rate6,03,8006,08,0004,200

Today Gold Rate of Metro Cities in India

CityGold Rate 22k Gold Rate 24k
60,80066,330
61,35066,930
60,95066,480
60,80066,330
60,80066,330
60,80066,330

Today Gold Rate in Mumbai - An Overview

In India, gold is the safest liquefiable asset against inflation and economic contingencies. Like all other cities, Mumbai has various gold investment options, including coins, bars, ingots, and ever-popular gold ornaments. The gold price today Mumbai is a direct reflection of the purchasing power of precious metal buyers in India's commercial capital. It is rising in tandem with the city's rising demand.

This guide gives its readers an insight into the gold rate in Mumbai. The readers better understand the determination of gold’s purity and investments.

How is the Purity of Gold Determined?

There are certain methods to determine the purity of gold. The yellow metal’s purity influences the current gold price in Mumbai. The methods have been explained below:

Hallmark

Any BIS-hallmarked gold jewellery will bear the BIS logo, indicating that its purity has been verified in one of its licensed laboratories. According to the BIS website, it is the only government-approved agency in India for hallmarking gold articles of any kind to ensure their purity. One must check this to receive their hallmark gold rate today in Mumbai.

Caratage

The term 'caratage' refers to the purity of gold alloyed with other metals. 24-carat gold is pure gold that contains no other metals. Lower caratages contain less gold; 18-carat gold contains 75% gold and 25% other metals, most commonly copper or silver. The minimum caratage required for an item to be referred to as gold varies by country.

Fineness

Fineness, which represents purity in parts per thousand, is another way of expressing the precious metal content of gold jewellery. When this is stamped on the jewellery, it is usually done without the decimal point.

Laboratory

The laboratory where your gold jewellery is tested for purity is also required to stamp the jewellery with its logo. Only BIS-licensed laboratories can test the purity of gold. One can determine whether BIS licenses a hallmarking centre on its website.

X-Ray Fluorescence

X-Ray Fluorescence (XRF) testing is a non-destructive method for determining the purity of gold. It measures the gold content of an item using X-rays without damaging it.

How You Can Make Gold as an Investment in Mumbai

Numerous precious metals exist, but gold is highly valued as an investment. Gold is one of the most popular investments in India due to factors such as high liquidity and inflation-beating capacity. Gold investment can take many forms, including purchasing jewellery, coins, bars, exchange-traded funds, etc. Some of these are given below. One must check the gold rate today Mumbai before making an investment.

Bullions

Any form of pure, or nearly pure, gold certified for weight and purity is referred to as gold bullion. This includes any size coin, bar, or other forms of gold. A serial number is frequently attached to gold bars for security reasons.

Digital Gold

Digital gold is a digital investment in pure gold. In this case, the seller stores an equivalent amount of physical gold in a secure vault, reflected in the investor's digital gold account. The investor can also obtain physical gold delivery.

Gold ETFs

Gold ETF investments can be made online at very low fees through the broker platform. These ETFs invest in physical gold as well as SGBs, gold companies, and gold funds.

Sovereign Gold Bonds

The RBI issues Sovereign Gold bonds (SGBs) in tranches. These bonds are offered in grams at the current gold rate and have a fixed rate of interest. The investor receives the value of gold at the maturity rate. SGBs can be purchased through banks, post offices, or stock exchanges. This is a long-term investment with tax-free redemption at maturity.

Gold Jewellery

Another popular way to invest in gold in Mumbai is to purchase gold jewellery. Gold jewellery is available in a variety of designs and sizes and can be purchased in both physical stores and online. One can keep a track record of the live gold rate Mumbai to get their jewellery at the best rates.

Gold Mutual Funds

Another popular way to invest in gold in Mumbai is through mutual funds. These mutual funds invest in a wide range of assets, including gold. Professional fund managers actively manage gold mutual funds, selecting the best gold stocks to invest in based on their expertise and knowledge. 

Things to Know Before Buying Gold Jewellery in Mumbai

There are certain things that a buyer must keep in their mind before their buy gold jewellery in Mumbai. These help a buyer to map the upcoming changes in the 1 gm gold price Mumbai. The following points must be studied thoroughly.

Purity

When purchasing gold, it is critical to check the purity of the metal. Your investment will be squandered if it is not pure. Gold purity is always measured in karats. The purest form of gold is 24K, which is 99.9% pure, followed by 22K gold. To avoid fraud, only look for 24k or 22k hallmarked gold when purchasing gold in Mumbai.

Jewellery

When purchasing gold jewellery, the purity ranges from 18K to 22K. Because some metals must be mixed to strengthen the yellow metal, obtaining 100% pure gold jewellery is impossible. While some local jewellers will not provide you with a purity certificate when purchasing gold, branded jewellers will.

Certificate

The best way to buy gold with the highest purity is to look for one with a hallmark stamp. You should also request a BIS certificate, which certifies hallmarked gold jewellery in India. It will undoubtedly cost you a little more, but it is well worth it because it ensures the purity of your investment.

Price

It is yet another important factor to consider when purchasing gold. In some cases, you can obtain gold at market value, while in others, you must also pay for storage. The 25-carat gold rate in Mumbai will differ from the 916 gold rate today in Mumbai.

Locker Price

Everyone wishes to keep his or her gold safe. Getting a locker is the best way to ensure the safety of your gold jewellery, coins, or bars. A bank locker will keep your valuables safe for an annual fee. However, you must have an FD account with the bank to use the locker.

Factors Affecting Gold Price in Mumbai Today

The gold price in Mumbai is affected by a number of reasons. Some of them are explained below:
  • The supply and demand for gold in the market are two of the most important factors influencing gold prices in Mumbai. If demand exceeds supply, the price of gold will rise. Similarly, if the supply exceeds the demand, the price of gold falls.
  • The value of the Indian rupee in relation to other currencies influences the gold price in Mumbai. A weak rupee makes gold more expensive for Mumbai buyers, who must pay more to buy the same amount.
  • The Reserve Bank of India's interest rates has an impact on the price of gold in Mumbai. A higher interest rate makes gold less appealing to investors and reduces demand, causing gold prices to fall.
  • Gold prices on the international market influence the price of gold in Mumbai. If global gold prices rise, the gold price in Mumbai will also increase.

What is the Difference between KDM and Hallmarked Gold in Mumbai

The difference between KDM and hallmarked gold can be understood below:

Hallmarked Gold

The hallmarking process involves the Bureau of Indian Standards (BIS) stamping a certificate of purity and fineness of gold. A hallmark on gold indicates that the gold used to make jewellery meets international purity standards. The Bureau of Indian Standards is the sole agency authorised by the Government of India to operate the gold jewellery hallmarking certification scheme. The hallmarking certification scheme operates in accordance with the BIS Act. All the details are laser engraved in hallmarked gold.

KDM

Soldering is a technique used to create delicate and beautiful gold jewellery. It is a method of joining two or more metals by melting and inserting a filler metal (solder) into the joint. The filler metal used should always have a lower melting point than the gold so that the purity of the gold is preserved when the jewellery is melted. Cadmium is used as the solder, with a ratio of 92% gold and 8% cadmium. This cadmium-soldered gold jewellery was referred to as KDM gold or jewellery. The Bureau of Indian Standards has prohibited the circulation of this gold as it is hazardous to the health of artisans.

Impact of GST on Gold Rate in Mumbai

Following the implementation of the Goods and Services Tax (GST), the Indian government now levies 3% GST on gold. It is slightly higher than the previous rate. GST may appear to be a burden to those who collect gold jewellery. Previously, making charges were exempt from service tax, but with GST, a 5% charge is levied on the craftsmanship. This had an impact on the gold rate in Mumbai at first, but it is now stable.

How can interest rates affect gold prices in Mumbai?

Interest rates have a significant impact on the current gold rate Mumbai. Higher interest rates reduce the incentive to purchase gold because other investments are more appealing. Gold prices tend to rise when interest rates are low due to increased demand. Gold also acts as a hedge against inflation, so when inflation rises, so do gold prices. As a result, when interest rates rise, gold prices in Mumbai tend to rise to keep up with the rising cost of living.

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Frequently Asked Questions (FAQs)

Why should Mumbai investors buy gold?

Investors should buy gold in Mumbai as it makes a good investment option.

What are the different choices in Buying gold in Mumbai?

One can purchase gold in the form of jewellery, antiques, ornaments, etc in Mumbai.

How to track gold rates in Mumbai today?

One can keep track of today’s gold rate in Mumbai by following our guide.

Where to buy Gold in Mumbai?

You can visit your local jeweller to buy gold in Mumbai. Follow our guide to know more.

Will I have to pay GST while buying Gold in Mumbai?

Yes, you are required to pay GST of 3% while buying gold in Mumbai.

Why should I check the daily Gold rates in Mumbai?

Checking the gold rates in Mumbai on a regular basis allows you to be aware of the rate trend of gold.

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