Gold Rate In Mumbai Today
Like all other metropolitan cities of Mumbai, the number of gold buyers in Mumbai is also significantly large. From buying gold ornaments to investing in different gold schemes, people in Mumbai invest in gold in different ways, and in light of this high demand, the price of gold also keeps changing. So, this article is all about to discuss the gold rates in Mumbai.
Today Gold Price in Major Indian Cities
|City||22 Carat Gold Price Today||24 Carat Gold Price Today|
Today 22 Carat Gold Rate in Mumbai
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Today 24 Carat Gold Rate in Mumbai
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Best Places To Buy Gold In Mumbai
India’s financial capital city, Mumbai, houses some of the biggest and most well-known places to buy gold. In Mumbai, where people buy gold both in digital and physical forms, the number of places to buy gold is incredibly long. So, we have jotted some of the best places to buy gold in Mumbai:
- NBFCs: People not only buy gold jewellery but also invest in gold bonds, gold schemes, gold ETFs and other digital forms. You can get these digital forms of gold from NBFCs such as Muthoot Finance, IIFL, ICICI Bank, and more.
- Malabar Gold and Diamonds: One of the most reputed brands when it comes to buying gold in Mumbai is Malabar Gold and Diamonds. You can find a vast variety of gold ornaments as well as gold coins, gold bars, and more at the Malabar Gold and Diamonds in Mumbai.
- Chintamani Jewellers: The Chintamani Jewellers is another popular name when it comes to buying gold in Mumbai. You will be assisted by a dedicated team who will help you out in buying the best gold jewellery for yourself or your loved ones.
- Zoya: At Zoya, you can find a display of excellent craftsmanship as the gold jewellery sold here is truly exceptional. So, make sure you check this store while buying gold in Mumbai.
Gold Rate / 10g in Mumbai for Last 10 Days
|Date||22 Carat Gold Price Today||24 Carat Gold Price Today|
Historical Gold Rates in Mumbai
|Months||Lowest Price (24 Carat) Gold rate/ 10gram||Highest Price (24 Carat) Gold rate/ 10gram|
Gold As An Investment
Unlike in the traditional way, where people would buy gold ornaments and pass them down from generation to generation, people today also buy gold ETFs, sovereign gold bonds, and even trade in gold. This is because gold is one of the safest investment options and thus people without any hesitation invest in gold. Some of the benefits of investing in gold are listed below:
- Safeguards Against Inflation: During inflation, different currencies tend to lose their value. However, this is not the case with gold as it has a hedge against inflation and holds its value even during inflation. This is why people prefer investing in gold as the risk involved is comparably low. Even during global events or economic crises, the value of gold only appreciates, unlike other commodities.
- Easy To Sell: In times of financial crisis, gold is easily sold no matter where you bought it since it has high liquidity. Moreover, in case you do not want to sell, then you can even get a loan against your gold and enjoy immediate financial help.
- For Wealth Creation: One of the primary reasons why people invest in gold is because it offers great returns in the long run. Gold's return is so good that gold ornaments are passed down from generation to generation, not only as a symbol of lineage but also as a way to maximise returns.
Things To Remember While Buying Gold In Mumbai
Both beginners, as well as experts in buying gold, are prone to making mistakes while buying gold. So, to prevent you from making mistakes while gold in Mumbai, we have listed down some of the most important things to keep in mind while buying gold:
- Bank Locker: When it comes to buying gold jewellery, the first thing that pops into our mind is to keep it safe in a bank locker. Right? So, before you head out to buy gold, make sure you already have a bank locker so that there is no chance of your gold ornaments getting stolen.
- Check The Buy-back Policy: Many jewellery shops in Mumbai now have a pay-back policy which means that during the time of reselling the gold, you can get a 100% return. This also means that you should sell back the gold ornaments to the same jewellery shop you bought them from.
- Check The Gold Rate Of Your City: The gold price varies from city to city as the transportation charges and other expenses are different for each city. So, it is always advisable that you check the gold rate of your city, here in Mumbai, before you head out to buy it.
- Purchase Gold During Off-season: One important thing to remember while buying gold is the time of the year when you are buying the gold. During the festive and wedding season, the demand for gold is high and thus the prices are also considerably high. So, try to buy gold during the off-season so that you can buy gold at a lower price.
Factors Which Affect The Price Of Gold In Mumbai
If you have decided to invest your hard-earned money in gold, then it is better that you are already aware of the factors which affect the price of gold in Mumbai. So, go through the list that tells all about the factors which affect the price of gold in Mumbai:
- Price Of Silver: After gold, silver is the second most sought-after metal in Mumbai and other Indian cities. This is why there is a direct relationship between the price of gold and silver. Generally, when the price of one metal increases, the price of the other is sure to also increase and vice versa.
- Indian Jewellery Market: The current situation in the Indian Jewellery Market heavily affects the gold rates. This is because the moment the jewellery market faces an unexpected rise in the demand for gold consumption, then the gold price also increases.
- Gold Reserves: The central bank of different countries and the Reserve Bank of India holds huge reserves of gold. So, when these financial institutions start holding larger amounts of gold, then the price of gold surges accordingly. In other words, the government's gold reserves have an impact on the gold price in Indian cities such as Mumbai.
- Bank Interest Rates: The bank interest rates have an inverse relationship with the gold price. This simply means that when the bank interest rates witness a dip, then the gold price goes up and vice versa.
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How to check for the hallmarked 916 22 karats gold in Mumbai?
You can find the hallmark symbol on the back side of the gold jewellery.
Do I need to pay tax on bringing gold into Mumbai from abroad?
Yes, you have to pay taxes of 10% for bringing gold into Mumbai from abroad.
How to check the purity of gold in Mumbai?
The purity of gold is measured in karats, while 24 karats of gold indicate 99.9% purity, 22 karat gold on the other hand is 92% pure.
What is the difference between 22 karats and 24 karat gold?
The difference between 22 karat and 24 karat gold is in terms of purity. 22 karat is 92% pure and 24 karat gold is 99.9% pure.
How do you double-check your BIS hallmark in Mumbai?
The HUID number is used to double-check the BIS Hallmark in Mumbai and elsewhere.