Last 7 days Gold Rates (22 Carat & 24 Carat)

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Gold Rate Today in Mumbai - 22 Carat and 24 Karat Gold Price in Mumbai (23rd December 2024)

Gold holds an important place in Indian families since it is both used in social gatherings as well as used as an investment. This is true all over the country, especially in Mumbai. Regardless of the economic situation, gold usage never stops and is therefore critical to be educated regarding the changing Gold Rate in Mumbai

Todays Gold Rate in Mumbai

The Rate of Gold in Mumbai is subject to different factors like inflation, supply and demand of Gold, rupee-dollar rate or international relations. The per gram price of the 22 Carat Gold Rate in Mumbai is ₹0 while for 24 Carat Gold Rate in Mumbai is ₹0.

Indians have a long and solid history of investing and trading in Gold. Gold is a valuable product and a wise investment choice for buyers, especially in the long term. Gold costs vary frequently, based on several factors like demand in the country, the current strength of the US Dollar and so on. 

What is Carat? 

Carat is a unit of weight used to measure the size of a gemstone like a precious stone.

What is Karat? 

Karat is an estimation demonstrating the extent of Gold in an alloy.

Gold Rate in Mumbai Today for Last 10 Days

Date

10 Gram (22 K)

10 Gram (24 K)

23 December 2024

₹ 0

₹ 0

22 December 2024

₹ 0

₹ 0

21 December 2024

₹ 0

₹ 0

20 December 2024

₹ 0

₹ 0

19 December 2024

₹ 0

₹ 0

18 December 2024

₹ 0

₹ 0

17 December 2024

₹ 0

₹ 0

16 December 2024

₹ 0

₹ 0

15 December 2024

₹ 0

₹ 0

14 December 2024

₹ 0

₹ 0

13 December 2024

₹ 0

₹ 0

Historical Gold Rate in Mumbai 

Months

Lowest Price 24 Carat Gold Rs. Per 10 Grams

Highest Price 24 Carat Gold Rs. Per 10 Grams

July 2023

57,920

59,990

June 2023

57,700

60,080

May 2023

59,200

61,720

Gold as an Investment in Mumbai 

You can benefit from the Gold rate in Mumbai and invest in different forms like bullion, ornaments, coins, jewellery and so on. Gold can likewise be traded as a product in the international and national market. You trade Gold on exchanges like the Multi Commodity Exchange (MCX), National Spot Exchange (NSEL) and National Commodity and Derivatives Exchange (NCDEX).

Also Read: Steps to Calculate the Gold Price for Jewellery

Gold vs. FD: Which is Better for Investment 

Here are different factors to help you decide on Gold or FD as an investment. 

Factors

Gold vs. FD

 

Rate of return

Regardless of the invested sum, the returns are fixed for FD, while the Gold investment consistently guarantees a sensible rate of return.

 

Liquidity

For FDs, the liquidity will depend upon the financial institution, and there are usually some procedures to follow. Whereas for gold you can easily sell or take a loan by keeping it as security. 

 

Market nature and safety

The returns on fixed deposits are not directly related to the market, while  Gold is a secure commodity and the market is generally stable without wild fluctuations.

 Is Gold a Consistent Form of Investment? 

Investing in Gold is a good choice. However, one should think about the current state of the market, the extent of return etc. before investment. The same advice goes for Gold in Mumbai. However, you should be prepared. For example, if you notice that the Gold rate in Mumbai is higher yet the cost of land is going down, at that point picking land is a smart thought. Then again, on the off chance that you wish to invest in gold for a period or you need to have an asset, you can quickly convert to money then go for gold.

The Gold rate in Mumbai has been changing continually, depending upon a couple of factors. You will see ups and downs frequently. You can buy or sell it at the relevant rate. Therefore, it won’t be the same always and you need to plan your transactions. 

GST Impact on Gold Rate in Mumbai 

After the introduction of Goods & Service Tax, 3% GST is currently charged on Gold. When compared with the previous rate, it is somewhat higher. For the people who are interested in buying Gold ornaments, Goods & Service Tax has slightly increased the prices. Previously, the making charges were tax-exempt, yet with Goods & Service Tax, a 5% charge applies to the making charges. This had influenced the Gold Rate in Mumbai at first, but now it is steady. 

Also Read: What is Gold Standard and How Does it Work?

Investment in Digital Gold 

You can invest in gold in multiple ways, here’s how: 

1. Purchasing Jewellery: The well-established traditional strategy for putting investment into Gold is ornaments or jewellery. However, people also buy alternatives like coins, bars or Demat forms (Gold ETFs or Gold Sovereign Bonds) if they need to save money on making charges.

2. Gold Coins and Bars: When compared with jewellery, Gold bars and coins are better as you can save money on any making charges. You buy Gold coins and bars from goldsmiths, Jewellery stores or banks.

3. Gold ETF: Gold Exchange Traded Fund is a sort of Mutual Fund which trades in gold. When you buy a unit or units, they buy gold and hold it physically against the units.

Trading of Digital Gold 

You can visit any of the platforms, like Khatabook which offer to trade in digital gold. The following steps should be kept in mind while trading: 

  1. Enter an amount in rupees or grams.
  2. Pick your payment option.
  3. Gold to be store in a secured locker.
  4. Sell whenever you need.
  5. Physical delivery of the gold should be taken. 

Understanding 916 Hallmarked Gold in Mumbai 

916 Hallmarked Gold is 22 Carats Gold and not the 24 Carats Gold. BIS does the Hallmarking of Gold in India. BIS or Bureau of Indian Standards Hallmarked jewellery is of good quality. Presently when you purchase Hallmarked Gold, there are a few things that you need to keep in mind apart from the Gold rate in Mumbai. First and foremost, search for the Bureau of Indian Standards logo on the Gold. Next, check for purity. If 916 is marked, its purity is 22 Carats. 

916 Gold Rate Today in Mumbai: How it is Determined? 

Different factors determine the rate of Gold in Mumbai today

  1. International Gold prices are a major factor. 
  2. Different Banks and private organisations import gold in India. 
  3. Further, their making charges and profit margins are considered to arrive at the selling price
  4. Taxes also play an important role in determining the rate. 
  5. Also being an imported item, currency fluctuations, the strength of the rupee to the dollar are other factors. 

Recall that the 916 Gold Rate in Mumbai is slightly different from the other cities in India. Thus, the rate of Gold in Chennai would differ from the rate of Gold in Delhi and Mumbai. 

The impact of local, national, international and other factors determine the final price of gold at a place. Additionally, the prices for 24 Carats and 22 Carats are different. 

Difference Between Hallmarked Gold and KDM Gold in Mumbai 

Cadmium-soldered is traditionally used for making Gold ornaments in light of its low melting point and was known as KDM Gold. However, KDM is now restricted because of its harmful impacts on health and accordingly, has been replaced by Hallmark Gold. 

Hallmark Gold is very well-known in Mumbai too. It is the purity certificate of Gold jewellery. Hallmark has five sections which include the year of making, jewellery mark, Hallmarking Centre, fineness/purity of gold, and the BIS mark. Therefore, wherever you purchase Gold in Mumbai, search for the Hallmark.

Also Read: What are the Smartest Ways to Invest in Digital Gold?

Is a Gold Loan or a Personal Loan Better? 

Taking a loan against Gold is very simple. A gold loan is better than a personal loan. 

Banks consider Gold ornaments as a good security choice. In case of non-repayment of the loan, the Bank can hold onto the gold and sell it to recover the loan amount. Also, a Bank offers a gold loan quickly, you don't have to name a surety while taking a Gold loan. However, it is important to check the Gold rate in Mumbai before taking a Gold loan. 

You can take a personal loan with a repayment period of 1 to 3 years and the rate of interest varies from 16 to 22 % depending on your credit score. The Bank needs an income verification, a surety, and gets your credit score checked before approving your loan. The documentation and approval would take 3 days to half a month. Also, there are prepayment charges of 2 to 3 %. 

Gold is the better option in comparison to personal loans. You can use gold loans to raise funds to meet your future obligations. 

What is the Checklist for Purchasing Gold in Mumbai? 

  1. Collect bill
  2. Ensure certification
  3. Check the gold price per gram
  4. Be aware of the buy-back terms
  5. Know about different purity levels 

Where to Buy Gold In Mumbai? 

Store 

Location

Tanishq

Airport, Mulund, Thane, Andheri, Khar, Borivali, Malad, Goregaon, Ghatkopar, Kurla, Churchgate

Kalyan Jewellers

Thane, Ghatkopar, Borivali

Joyalukkas

Mulund, Bandra

Malabar Gold and Diamonds

Andheri West

Waman Hari Pethe Jewellers

Dadar (East), Thane, Dombivli, Ghatkopar, Kalyan, Bhandup, Ghodbunder Road

Conclusion 

Mumbai is home to both small and large gold sellers. Buying from either one has its advantages and disadvantages, so you need to be careful in making your choice. Numerous factors like international and national market trends affect the Gold rates in Mumbai. Individuals for the most part buy gold as ornaments, jewellery, bullions and coins or in Demat form.

FAQs

Q: What is the Price of 24 Carat Gold Rate Today in Mumbai?

Ans:

The price of 24 Carat Gold rate today in Mumbai is ₹58880 per 10 Grams.

Q: Would I Be Able to Invest in Gold Without Getting it in Physical Form?

Ans:

Yes, you can contribute through Jeweller Schemes, Gold ETF, Derivatives, and Gold Bonds.

Q: When is the Ideal Opportunity to Purchase Gold in Mumbai?

Ans:

To realise the ideal opportunity to purchase Gold in Mumbai, you can search for the Gold rate in Mumbai either in the day-by-day papers or online portals. Understanding the various factors that affect the decrease in the gold rates in Mumbai can help you. This, in turn, can help to buy gold at lower than normal rates.

Q: What Is the Price of the 22k Gold Rate in Mumbai for 1 Gram?

Ans:

The Price of the 22k Gold Rate in Mumbai for 1 Gram is ₹5608.

Q: How Much Time Does it Require to Check the Purity of Gold?

Ans:

It simply takes a limit of 15 minutes to check the purity of Gold

Q: For What Reason Wouldn't We Be Able to Make Jewellery in 24K Gold?

Ans:

24K Gold is too soft to even think about making any jewellery. So, jewellers use 18K or 22K Gold for jewellery that can withstand everyday use.

Q: When is the Ideal Opportunity to Sell Gold in Mumbai?

Ans:

If you are hoping to sell Gold in Mumbai, it is ideal to do it when prices are higher than normal. To know which days are ideal, you should consider the Gold rate in Mumbai. You can look this up online. An understanding of the factors that lead to an increase in the gold rate in Mumbai can help you sell your Gold when the time is perfect.

Q: What are the measurements of Gold for purity?

Ans:

Following is the scale which is used while categorising the purity of Gold: 

  1. 18 K = 75% Pure
  2. 22 K = 91.6% Pure
  3. 24 K = 99.9% Pure

Q: What are the Factors Affecting Gold Rate in Mumbai?

Ans:

Numerous factors influence the costs of Gold, both internationally and locally. Here are a few:

  1. Inflation
  2. Government Gold Reserves
  3. Exchange Price of Indian Currency
  4. Jewellery Market
  5. US Dollar

Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.
Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.