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Gold Rate Mumbai

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Gold Rate Today in Mumbai
gold rate in Mumbai

24K Gold/ 10gm
22K Gold/ 10gm

Last updated on: 2nd Jun 2023 01:40 PM

Mumbai, also known as the "city of dreams," is one of India's largest metropolitan cities and an important destination for gold business. It boasts a dedicated space - known as "Zaveri Bazaar" - to trade gold, gems, and other precious metals. It is a hub for buyers and sellers to trade high-quality gold jewellery, coins and bullion.
Gold rates in Mumbai have been stable over the past few months; however, they may fluctuate due to inflation, changes in government policies, changes in currency conversion rates, and international gold rates. People from all walks of life have been investing in different types of gold-related investment schemes and physical gold. The demand for gold has always been high, but it peaks especially during auspicious occasions and festive seasons. Let us have a look at the gold prices in the city.
Let us have a look at the gold prices in the city.

Gold Rate Comparison - 22K vs 24K

How Does GST Impact Gold Rates in Mumbai?
The implementation of the Goods and Services Tax (GST) raised the prices of gold in Mumbai.
Before the introduction of GST, buyers had to pay a 10% import duty, 1% customs duty, and 1.2% value-added tax (VAT) on the price of gold. In the GST regime, you need to pay a 10% import duty and 3% GST on the price of gold. Since the GST rate is higher than the customs duty and VAT put together, the implementation of GST has increased the price of gold across the nation.
Additional making charges of 5% need to be paid on the price of gold if you purchase gold in the form of jewellery. Making charges refer to the cost of moulding raw gold into jewellery.

Today's 22K & 24K Gold Rates Per Gram in Mumbai

1 gram
4.00 (0.07%)
-3.00 (-0.05%)
8 grams
32.00 (0.07%)
-24.00 (-0.05%)
10 grams
40.00 (0.07%)
-30.00 (-0.05%)
100 grams
400.00 (0.07%)
-300.00 (-0.05%)
Investment Options for Gold in Mumbai
Since Mumbai is a major commercial hub of India, it provides enormous opportunities for investments. In many communities along the coastline, wearing gold ornaments is considered auspicious, especially during wedding ceremonies and festive occasions. A lot of people buy gold jewellery for these events. Furthermore, they buy coins and bullion as an investment to beat inflation and cope with unexpected economic downturns.
The people of Mumbai invest in other forms of gold along with physical gold. There are various options for investment in gold, such as gold exchange-traded funds (ETFs), digital gold, and gold-saving funds.

Historical Gold Rate in Mumbai for Last 10 Days

10 grams
Day24K Gold22K Gold
02 Jun 2023
-30.00 (-0.05%)
-27.50 (-0.04%)
01 Jun 2023
40.00 (0.07%)
36.67 (0.06%)
31 May 2023
30.00 (0.05%)
27.50 (0.04%)
30 May 2023
500.00 (0.83%)
458.35 (0.70%)
29 May 2023
70.00 (0.12%)
64.17 (0.10%)
26 May 2023
-100.00 (-0.17%)
-91.67 (-0.14%)
25 May 2023
-450.00 (-0.75%)
-412.51 (-0.63%)
24 May 2023
-270.00 (-0.45%)
-247.51 (-0.38%)
23 May 2023
-120.00 (-0.20%)
-110.00 (-0.17%)
22 May 2023
0.00 (0.00%)
0.00 (0.00%)
Understanding 916 Hallmarked Gold Prices in Mumbai
The gold rates vary depending on the purity of the gold. According to the World Gold Council, 24-karat gold is 99.9% pure, while 22-karat gold is 91.6% pure. 22K gold is commonly referred to as 916 hallmarked gold.
The Bureau of Indian Standards (BIS) carries out the hallmarking of gold jewellery. Before buying gold, ensure the presence of this hallmark as it assures the finest quality of gold.
There are four things you should check while buying 916 hallmarked gold in Mumbai - - BIS Logo - Year of Making - Identification Mark or Number of the Jeweller - 916 Hallmarking

Factors Affecting the Gold Prices in Mumbai

- With rising inflation, people are more inclined to buy gold, as investments in gold have yielded inflation-beating returns in the past. The surge in demand consequently increases the gold rates in Mumbai. - The variations in the value of the Indian Rupee compared to the U.S. Dollar impact gold rates in the city. If the value of the Indian Rupee plummets, the gold rates rise. - If the rate of gold increases in international markets, the rate of gold rises in Mumbai too. - Government policy changes like taxation and import regulations are important factors impacting gold rates in Mumbai. - The Indian government maintains gold reserves and purchases and sells gold through the Reserve Bank of India. As a result, when the Reserve Bank Of India purchases more gold, the price of gold rises.

FAQs of Gold Rate in Mumbai

Which is better for me - a gold loan or a personal loan?
It is better to take a gold loan than a personal loan. For a personal loan, you need to provide income proof, ensure a guarantor, and undergo a background check, all of which can be time-consuming. On the other hand, for a gold loan, you can keep gold as collateral. Gold acts as a security tool for banks as they can seize the gold if you are unable to repay the loan. This helps you save time and avail a loan within just a few hours.
Which are the top gold jewellers in Mumbai?
How many grams of gold is one tola?
Which one should I prefer - 22K or 24K gold?
What are alternative ways to invest in gold besides physical gold?

Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.