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Mumbai, the commercial capital of India, has been the crucial centre for all commercial activities, with gold being no exception. The city has stood the test of time for being the starting point of gold trade (bullion) and a hub for most investors.


Today, the city is packed with gold sellers and dealers. The gold rate in Mumbai follows the same trend as that of the international gold price.


So, buyers looking to purchase gold in Mumbai can expect prices to vary, depending on various factors that include:

  • Purity of gold

  • Availability and supply in the market

  • Value of the rupee vs the dollar

  • Global prices

  • Commodity indices


However, the gold rate in Mumbai has been relatively stable this year. To know more about the gold rate today in Mumbai and factors affecting the 24-carat gold rate in Mumbai, read on.

Gold Price Per Gram in Mumbai

Even though gold rates never fall as low as other commodities, it is essential to know their fluctuating market rates to assess your investment. You can choose whether you want to buy or sell gold depending on the rates in the market today.


The table can help you understand the gold price today in Mumbai.


24 Carat Gold Rate Today

24 Carat Gold Rate Yesterday Daily Price

1 Gram

₹ 7,260 

₹ 7,260 

 ₹ 0

10 Gram

₹ 72,600

₹ 72,600

 ₹ 0

100 Gram

₹ 7,26,000

₹ 7,26,000

 ₹ 0

Disclaimer: The 24-carat gold rate in Mumbai is approximate and does not include the GST. Contact your jeweller to know the exact rate.

22 & 24 Carat Gold Rate in Mumbai for the Last 10 Days

While gold rates in Mumbai have been increasing continuously, this month is comparatively stable. Considering the precious metal’s popularity and the yield, investing in gold is one of the safest options.


Though gold transactions saw a significant decline in 2020, there were clear signs of a recovery by the first quarter of 2021.


This upward trend has not seen a decline in 2023 and is clear from today’s gold rate in Mumbai for 24 carats and 22 carats.


Check the table to get an idea of the gold rate in Mumbai for the last 10 days.




1 Gram

10 Gram

1 Gram

10 Gram

Apr 30,2024

 ₹ 6,655.00

  ₹ 66,550.00

 ₹ 7,260.00

₹ 72,600.00

Apr 29,2024

 ₹ 6,655.00

  ₹ 66,550.00

 ₹ 7,260.00

₹ 72,600.00

Apr 28,2024

 ₹ 6,685.00

  ₹ 66,850.00

 ₹ 7,293.00

₹ 72,930.00

Apr 27,2024

 ₹ 6,685.00

  ₹ 66,850.00

 ₹ 7,293.00

₹ 72,930.00

Apr 26,2024

 ₹ 6,665.00

  ₹ 66,650.00

 ₹ 7,271.00

₹ 72,710.00

Apr 25,2024

 ₹ 6,625.00

  ₹ 66,250.00

 ₹ 7,227.00

₹ 72,270.00

Apr 24,2024

 ₹ 6,660.00

  ₹ 66,600.00

 ₹ 7,265.00

₹ 72,650.00

Apr 23,2024

 ₹ 6,615.00

  ₹ 66,150.00

 ₹ 7,216.00

₹ 72,160.00

Apr 22,2024

 ₹ 6,755.00

  ₹ 67,550.00

 ₹ 7,369.00

₹ 73,690.00

Apr 21,2024

 ₹ 6,805.00

  ₹ 68,050.00

 ₹ 7,424.00

₹ 74,240.00

Gold Rate Calculator

A gold rate calculator helps you quickly estimate the 18-carat gold rate in Mumbai or the prices for 22 and 24-carats. This online tool calculates the rates based on gold units such as ounce, kilo, tola or gram.


Here are a few crucial elements a gold rate calculator uses to check rates:

  • Purity of the gold expressed in carat

  • Hallmark symbol present in the gold

  • Gold rates in the international market


All you have to do is enter the weight of the gold in the calculator and select the number of carats. Then, choose the currency, and you are good to go! You get the gold rate within seconds on your screen.

Gold Investment in Mumbai

The commercial capital of India has always been about wealth creation and living life to the fullest. Nothing speaks more to this celebration of wealth and materialism than gold.

What’s more, gold trading and investing have become much easier and cheaper. This is great news for long-term investors and short-term traders looking for more opportunities and greater diversification.


Gold has been the best-performing primary asset class over the last five years, returning more than 200 percent on an unleveraged basis. Seeing the gold price in Mumbai today for 22 carats and 24 carats, this trend may continue for the next five years.


Investors in Mumbai are primarily looking for a favourable return while minimising the risk potential. Gold manages to meet both these investment goals that you may, as an investor, prefer.


If you are an investor in Mumbai, here is why you should consider diversifying your portfolio to include gold:

  • Mumbai investors looking for a decent return on income may be surprised by the overall gold rate trends

  • Gold is an inflation-beating investment with long-term gain

  • The trend seen in the last 5 years proves that the value of gold has kept pace with inflation

  • Stock market investment and investment in gold go hand-in-hand in the opposite direction


For instance, when gold performs well on the stock exchange, the markets almost start crashing. As a result, including gold in your investment portfolio may provide a backup when your equity investments turn unfavourable.

Read More

Points to Remember When Buying Gold in Mumbai

Now that you know the gold rate for today in Mumbai and gold prices for the last 10 days, purchasing gold can be a significant investment decision. However, you need to consider these five points before investing in gold.

  • Check the Purity of Gold

When buying gold in Mumbai, it is critical to acquire only hallmarked gold. This is because the chances of being misled when purchasing gold are significant.


The Bureau of Indian Standards, or BIS, is in charge of hallmarking gold in India. So, before you buy hallmarked gold in Mumbai, keep an eye out for a few items, including the BIS insignia.


Aside from the BIS mark, the jeweller's name or logo would be displayed along with the gold's manufacturing date.

  • Check Prices Online and Offline

Gold pricing is determined based on the purity of gold. So, investing in tiny amounts of gold is ideal if you plan to buy gold in Mumbai. This is because it would help you understand the average prevailing gold rates.

Consider an example to help you understand this.


Assume you want to buy ₹2 Lakhs worth of gold. Buying in smaller amounts makes sense, as you can save money if the price drops.


Naturally, if gold prices rise, you will lose money. So, purchasing 10 grams of gold at a time may be the best option here.

  • Negotiate Making Charges

Making jewellery requires proper skills. Before any piece is made, proper designing and additional craftsmanship are necessary. Moreover, if you want a customised design, the jeweller may not bear the forging cost and other charges.


Hence, you have to pay a specific percentage of the cost, known as making charges, depending on the jewellery type. This way, the amount you need to pay can vary, depending on the gold cost.

  • Steer Clear of Studded Jewellery

Many jewellery makers add precious stones like emeralds and diamonds to gold jewellery, making it heavier. As a result, you may pay for many add-ons that do not add any value to the gold.


So, when buying gold jewellery as a long-term investment option, avoid stone-embedded pieces, as the price of studded stones may not give you any returns.

  • Check Retail Locations

In addition to online and offline retailers, it is also important to check with different retail locations around Mumbai. For example, gold retailers in Zaveri Bazaar, Kalbadevi may give you a better overall deal than large retailers in downtown areas like Charni Road or Colaba.


Additionally, rates fluctuate from one city to another. For instance, if the gold rate of 24K gold in New Delhi is ₹42,864, the gold rate of 24K gold in Mumbai may be ₹41,676. So, when buying gold, the location of the retailer is an important factor to consider.

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Factors that Affect Gold Prices in Mumbai

Having prior knowledge of gold is important before investing your hard-earned money. In addition, you must have a clear understanding when transacting with this precious commodity, whether online or offline.


As your investment is significant, do due diligence and research when investing in gold.


Purity is the first thing that comes to mind. For instance, 22-carat gold jewellery is the most sold jewellery in Mumbai. So, the first thing you have to consider is what the gold rate in Mumbai is on that particular day.


As gold rates in Mumbai fluctuate daily, it is ideal to trust websites like Bajaj Markets, which provides reliable gold rates in Mumbai.


The next critical factor to look for is the BIS hallmark on any gold you buy. If you are buying gold jewellery for the first time, be aware that the Government of India issues the BIS hallmark.


The BIs hallmark is crucial to check as it certifies that the gold is as pure as the carats stated on it. Furthermore, as mentioned earlier, you have to consider the manufacturing or wastage costs when purchasing gold jewellery.


Note that every jeweller can charge you for this. So, it is preferable to enquire about the charges from the jeweller or check it on the bill.


The manufacturing or wastage charges are the same for any jewellery. So, make sure you know how much the jeweller has charged you before making the final payment.

How is the Purity of Gold Evaluated in Mumbai?

When planning to take the traditional route and buy gold in the form of Jewellery, here are a few things to keep in mind. First, understand that jewellery retailers tend to charge excess over and above the price of the original gold.

Prices are generally determined by several varying factors, such as:

  • Prevailing gold rates

  • Making charges

  • Weight

  • Applicable GST (Goods and Services Tax)

Here is the formula to calculate jewellery rates:


Gold Rate x Weight of Gold (g) + Making Charges + GST (Jewellery Price + Making Charges) = Final Price for Gold Jewellery


To understand this formula a bit better, take a look at an example:


Aggarwal Jewellers quotes ₹38,500 for 15g of gold. Now if you want to buy a gold necklace which weighs 12.5g, the price is calculated as follows:


  • Price of 1 gram of gold = Rs. 38,500/10 = Rs 3,850

  • Price of 12.50g gold necklace = Rs. 3,850*12.50 grams = ₹48,125

  • Making Charges = 16% of (₹48,125) = ₹7,700

  • Total = ₹48,125 + ₹7,700 = ₹55,825

GST = 3% of Rs. 55,825 = ₹1,675.7

So, the final purchase price of the necklace is ₹57,500.5

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GST Impact on Gold Rate in Mumbai

The Goods and Service Tax impacts several commodities, including gold. Note that GST on gold is applicable while manufacturing and selling. So, before you purchase gold, you have to understand the gold GST rates.


After implementing GST on gold, there is a net increase of approximately 0.75% in gold rates in Mumbai. Simply put, when you purchase jewellery, GST is levied on the making charges.


However, you may avoid this if you purchase new gold jewellery in exchange for old items. To help you understand the GST impact on gold rates in a simplified manner, check out the table below:


Before GST implementation

After GST implementation



Not applicable

Sales tax


Not applicable

Making charges of gold

Not applicable


Import duty



GST rate

Not applicable


From the table above, it is clear that approximately 5% of GST is levied on making charges. So, after the implementation of GST on gold, the cost of the metal has increased. As a result, the demand for gold has decreased.

FAQs on Gold Rate in Mumbai

How is the gold rate in Mumbai determined?

The main factors affecting the gold rate are inflation, gold interest rates and gold tariffs as per Government policies. 

How to determine the purity of gold in Mumbai?

The gold certification is a symbol of its purity. Various certifications, such as 916 and Hallmark BIS, are marked on gold, which helps you understand its purity.

What factors do I need to check for when buying gold in Mumbai?

Make sure to buy gold from trusted vendors and check the current gold rate in Mumbai. Another pointer is to collect the purchase invoice and check for the gold certification when buying gold.

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