Gold Rate Today in Mumbai - 22 Carat and 24 Karat Gold Price in Mumbai (23rd April 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 ₹6843 while for 24 Carat Gold Rate in Mumbai is ₹7185.

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

Historical Gold Rate in Mumbai 

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. 

 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? 

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.