Gold is the most prized metal in India. It has a significant cultural value, and people, both men and women, hold it in high regard. In every country, including India, the price of gold keeps changing on a daily basis. This change is reflected across all cities in India. Many factors influence the gold price in Mumbai, global trends being the number one variable. Besides its cultural value, gold is part of a good investment portfolio. It is why people want to purchase it. This is the case with Mumbai as well. Today, trading in physical gold as a commodity and in gold-based derivatives via exchanges has also started.
In this blog, we’ll explore the current and most updated gold prices in Mumbai and their future outlook.
The Current Gold Price in Mumbai
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Latest price of gold rate in Mumbai today
| Gold Price In Mumbai | Today |
|---|---|
| Standard Gold (22 K) 1 gram | ₹ 6,763 |
| Standard Gold (22 K) 10 gram | ₹ 67,630 |
| Pure Gold (24 K) 1 gram | ₹ 7,101 |
| Pure Gold (24 K) 10 gram | ₹ 71,010 |
| Date | 22K Gold Price in Mumbai (1 gram) | 24K Gold Price in Mumbai (1 gram) |
| May 14, 2024 | ₹ 6,763 | ₹ 7,101 |
| May 13, 2024 | ₹ 6,803 | ₹ 7,143 |
| May 12, 2024 | ₹ 6,813 ₹ 0 | ₹ 7,154 |
| May 11, 2024 | ₹ 6,813 ₹ 25 | ₹ 7,154 |
| May 10, 2024 | ₹ 6,788 ₹ 0 | ₹ 7,127 |
| May 09, 2024 | ₹ 6,788 ₹ 75 | ₹ 7,127 |
| May 08, 2024 | ₹ 6,713 ₹ 10 | ₹ 7,049 |
As of May 14, 2024, the price of 22k gold in Mumbai is INR ₹ 67,630 per 10 grams. Whereas the price of 24k gold in Mumbai is ₹ 71,010 per 10 gram. This figure is based on the most updated data from reliable sources in Mumbai’s bullion markets. It is crucial to be aware of the latest prices. Their impact can be seen in the jewellery, investment, and international trade sectors.
What Factors Affect Gold Prices
Several factors affect the rate of gold. Understanding them will help you make sound decisions regarding your gold investments. Factors both globally and locally impact gold prices. These include state taxes, geopolitical tensions, transportation charges, economic indicators, inflation levels, changes in currency value, octroi changes, and demand-supply fluctuations. In Mumbai specifically, the demand for gold is higher than in other cities. So, gold sellers purchase the metal in bulk. They then sell it at lower prices. Other factors that influence the price fluctuations include festivals and weddings in the city.
Future Outlook on Gold Prices
It is not easy to forecast gold prices. However, knowing about the most recent market trends and global events can give crucial insights into the prices of the metal. Gold functions as a safe choice even during economic uncertainties and geopolitical tensions. Beginning from April 2024, there has been a spike in gold prices. It can be linked to the rising tensions in the Middle East fuelling concerns about geopolitical instability. Besides, the ongoing inflation has minimized the purchasing power of paper money. Investors are now attracted to gold and find it to be a trustworthy and valuable source.
Conclusion
Investors, jewellery makers, or those interested in the precious metal market should monitor gold prices in Mumbai. Factors like market dynamics and worldwide trends influence prices significantly. So you must stay updated about them. The knowledge of these factors will enable you to make the best decisions about purchasing or selling gold in Mumbai.
We offer daily updates on gold prices. Keep coming here to find insights and the most accurate information on gold prices.