Today’s Gold Rate in Mumbai

Gold holds a special place in Indian households due to the fact that it is both auspicious when it comes to cultural connotations but also holds a great investment portfolio. Thereby it is largely consumed across the country, including Mumbai. No matter what the situation of the economy is, gold consumption never stops and thereby is important to be informed of the changing gold rates in Mumbai. The gold rates in Mumbai are dependent on various factors such as inflation, demand and supply of gold, international relations or rupee-dollar equation. The gold price in Mumbai today is ₹ 47,500 for 22-carat gold, whereas for 24-carat gold it is ₹ 48,500.

24 Carat Gold Price in Mumbai 2020

When buying gold in Mumbai, it is highly recommended to approach certified and established jewellers who sell hallmark jewellery. Some of the old and reputed jewellers in Mumbai for buying gold jewellery are Tansihq Showroom, PN Gadgill and Sons, ORRA Jewellery, Rushabh Jewellers, Gayatri Gold Palace and Siddharth Jewellers. Other large Stores that sell certified and hallmark jewellery in Mumbai are Manoj Ornaments, Bhairav Jewellers and Dhanlaxmi Jewellers.

Customers who own gold jewellery can always approach a bank or a gold loan company to get a loan against jewellery to meet any urgent personal or business expense. Some of the large banks and gold loan NBFCs in Mumbai that provide loan against gold jewellery are:

Mumbai, is considered as the commercial capital of India and also one of the most popular market for gold in the country. Gold rates in Mumbai depends upon the various international factors like global production, strength of currency, prevailing market conditions, prices of other commodities etc. Gold in Mumbai is available in various forms such as physical gold which includes jewellery, ornaments, gold coins and bars etc. Gold in the city can be purchased from a wide range of gold traders dealing in Gold.

✅What is the gold price in Mumbai for 916 hallmark gold?

The gold price in Mumbai for 916 hallmark gold is ₹ 47,500. The 916 KDM gold price is same as 22-carat hallmark gold.

✅What is the price of 1 gram gold in Mumbai today?

The price of 1 gm gold in Mumbai today is ₹ 4,850 for 24 carats of gold and ₹ 47,500 for 22 carats gold. 

✅What is the rate of 23-carat gold in Mumbai?

The rate of hallmark gold of 23-carat in Mumbai is ₹ 48,500.

✅How is today’s gold rate in Mumbai 916 determined?

The gold rates in Mumbai is determined based on various factors such as the interest rates in the developed countries, demand for gold wherein a lower demand for gold leads to low prices and higher demand leads to high prices. Further, the gold price in Mumbai is also affected by Government policies related to tariffs on gold, and the tariffs charged by the Local Governments.

✅What is the important checklist for buying gold in Mumbai?

Checklist for buying gold in Mumbai involves being mindful of the following things:

• Check the gold price per gram: Checking out the gold price per gram is important, as you won’t end up paying more than the actual price. However, check the price from an authentic and reliable source.
• Know about different purity levels: Before buying gold, it is important that the gold buyer is aware of different purity levels in gold, such as 24 carats or 100% gold, and 22 carats or 91.6% gold. Research about the purity level and pre deicide the level you wish to for based on factors like price and usage of gold.
• Ensure certification: Ensuring the certification of gold is the most important aspect to check the quality and purity of gold. Ensure that you buy hallmark gold or the gold with the BIS mark.
• Be aware of the buy-back terms: Lastly, be aware of the lender’s buy-back policy that is the terms on the exchange of gold years later. Know whether the seller will obtain the gold at the same price or whether any cost-cutting is involved.
• Collect bill: Most importantly, after buying the gold, do not forget to collect a bill form the seller. Collecting the bill will allow you to take actions if the gold is impure or lacks in quality as promised by the seller.