Gold Rate in Mumbai

Gold Rate in Mumbai

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The commercial capital of India (Mumbai), has been at the crossroads of all commercial activities with gold being no exception. The city has stood the test of time as being the starting point for gold trade (bullion) and a hum for most investors. Today, the city is packed with Gold sellers and dealers. Gold prices in Mumbai follow the same trend as that of international Gold price. Buyers looking to purchase Gold in Mumbai can expect prices to vary dependent on various factors such as purity of gold, availability and supply in the market, the value of the rupee vs the dollar, global prices and commodity indices. This particular year, Gold rates have been relatively stable in Mumbai.

Gold Rate Today in Mumbai

Even though gold rates never fall as low as other commodities, it is important 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. Read on to know current gold rate in Mumbai.


24 Carat Gold Rate Today

24 Carat Gold Rate Yesterday

Daily Price Change

1 Gram ₹5,298 ₹5,298 ₹ 0
8 Gram ₹ 42,384 ₹ 42,384 ₹ 0
10 Gram ₹ 52,980 ₹ 52,980 ₹ 0
100 Gram ₹ 5,29,800 ₹ 5,29,800 ₹ 0

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

Gold prices have been on the rise in Mumbai for the year 2021. Given the favourable yield this precious metal serves as a safe-haven for investors. The demand for gold is ever increasing and so is its price. Gold transactions saw a significant decline in the year 2020, but by the first quarter of 2021 there were clear signs of a recovery. This upwards trend has not seen a decline till date.




1 Gram

10 Gram

1 Gram

10 Gram

Nov 28, 2022 ₹ 4,856.00 ₹ 48,560.00 ₹ 5,298.00 ₹ 52,980.00
Nov 27, 2022 ₹ 4,856.00 ₹ 48,560.00 ₹ 5,298.00 ₹ 52,980.00
Nov 26, 2022 ₹ 4,855.00 ₹ 48,550.00 ₹ 5,297.00 ₹ 52,970.00
Nov 25, 2022 ₹ 4,855.00 ₹ 48,550.00 ₹ 5,297.00 ₹ 52,970.00
Nov 24, 2022 ₹ 4,855.00 ₹ 48,550.00 ₹ 5,297.00 ₹ 52,970.00
Nov 23, 2022 ₹ 4,825.00 ₹ 48,250.00 ₹ 5,264.00 ₹ 52,640.00
Nov 22, 2022 ₹ 4,835.00 ₹ 48,350.00 ₹ 5,275.00 ₹ 52,750.00
Nov 21, 2022 ₹ 4,850.00 ₹ 48,500.00 ₹ 5,292.00 ₹ 52,920.00
Nov 20, 2022 ₹ 4,860.00 ₹ 48,600.00 ₹ 5,302.00 ₹ 53,020.00
Nov 19, 2022 ₹ 4,860.00 ₹ 48,600.00 ₹ 5,302.00 ₹ 53,020.00

What Makes Gold One Of The Best Investment Options In Mumbai?

The commercial capital of India (Mumbai), 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 has become much easier and cheaper. This is great news for long-term investors and short-terms traders who are looking for more opportunities and greater diversification. Gold has been the best performing major asset class over the last five years, returning more that 200 percent on an unleveraged basi. That trend seems likely to continue for the next five years. 

Investors in Mumbai are primarily looking for a favorable return while minimizing risk potential. Gold manages to meet both of the investment goals that investors are generally on the lookout for. If you are an investor in Mumbai, here is why you should consider diversifying your portfolio to include gold:

  • Investors in Mumbai who are looking for a decent return in income will be pleasantly surprised by the overall trends observed by gold. This popular commodity has proven to be an inflation-beating investment with long-term gain. Looking at trends over the last five years will tell you 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, on days when gold does well on the stock exchange, the markets almost uncanningly begin to fall. As a result, keeping gold as part of your investment portfolio will provide a backup incase your equity investments turn unfavorable. .

How is gold rate in calculated in Mumbai?

  • This is a frequently asked question and the answer is not an easy one. One aspect of gold rates is the international trends, which have a significant bearing on gold rates in Mumbai. Interest rate changes and currency fluctuations of the US dollar against other currencies are also factors that must be taken into consideration when calculating rates.

  • 916 gold rates are also known as 22 karat gold in India. They are frequently decided by a variety of criteria, including import tariff rates, and others. When import duties are raised, gold rates rise, and vice versa. As a result, when the government lowers import tariffs, gold prices in Mumbai tend to drop. In general, it is important for investors to remember that when gold prices fall, it is a good time to purchase, and when they rise, it is a good time to sell.

  • Before purchasing Gold in Mumbai, it's important to first do a little research. Gold rates in the city vary from one jeweller to another.  The only way to profit from the precious metal is to buy during falls. In short, today's 916 gold rates in Mumbai are influenced by a variety of factors, and no single element has a significant impact on pricing. 

What type of gold should I buy in Mumbai?

  • You can invest in gold in a variety of ways, including actual physical gold, ETFs, and gold bonds. If you genuinely want to buy gold, it is  advisable to buy gold ETFs, which are traded on the various stock exchanges in India. 

  • Apart from storage concerns, there are a lot of reasons why you should invest in Gold ETFs. Gold ETFs are held in demat form, you don't have to worry about your gold being stolen. In fact, gold ETFs are now the most popular way to invest in gold.

  • Another feature of this gold instrument is that it is extremely liquid. So, if you want to sell, you won't have a lot of trouble. There is only one rate, so you don't have to go looking for the best goldsmith to get the best gold prices.

  • Another benefit is that you can give away the gold as per wish and in any location, which is a huge win for you. So, if you're looking to buy gold in Mumbai, your best bet is to purchase gold ETFs. 

What Should I Know While Buying Gold Jewelry in Mumbai for the First Time?

  • It is preferable to have prior knowledge of gold before investing your hard earned money. Investors must have a very clear understanding while transacting with this precious commodity, whether online or offline. Because your investment will undoubtedly be on the significant side, make sure to do due diligence and research.

  • The purity is the first thing that comes to mind. 22 carat gold jewellery is the most often sold jewellery in Mumbai. So the first thing you should consider is what the gold rate is in Mumbai on that particular day. Because gold rates in Mumbai change every day, it's best to trust on a website like Finserv MARKETS, which provides reliable gold rates in Mumbai.

  • It's critical to look for the BIS hallmark on any Gold you buy. If you're buying gold jewellery for the first time, you should be aware that the government of India issues the BIS hallmark, which certifies that the gold is as pure as the karats stated on it.

  • For gold jewellery, there is something called manufacture and wastage costs. Every jeweller will charge you for this. It is preferable to inquire of the jeweller, albeit you can check it on the bill. The charges for creating or wastage will be the same for any jewellery. Please make sure you know how much the jeweller has charged you before making the payment.

  • Because you are making an expensive purchase, you should make certain that the gold jewellery you are purchasing is one-of-a-kind and timeless.

How Gold Jewellery Is Calculated?

If you are looking to take the traditional route and buy gold in the form of Jewellery, there are a few things to keep in mind. Jewellery retailers tend to charge extra over and above the price of the original gold. Prices are generally determined on a number of varying factors such as prevailing gold rates, making charges, weight and GST (Goods and Services Tax). The formula to calculate jewellery rates is as follows:


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

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

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

  • Price of 1 gram of gold = Rs. 38,500/10 = Rs 3,850
  • Price of 12.50 g gold necklace = Rs. 3,850*12.50 grams = Rs. 48,125
  • Making Charges = 16% of (Rs. 48,125) = Rs. 7,700
  • GST = 3% of Rs. 55,825 = Rs. 1,675.7
  • The final purchase price of the necklace will be Rs. 57,500.5

Things to Remember When Buying Gold Jewellery in Mumbai

Considering that investing in gold can be a major investment decision, there are a few checks you need to make before investing. Here are five points to keep in mind.

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 as it is more often known, 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 jeweler's name or logo would be displayed. You would also have the gold's manufacturing date. 

Check Prices Online and Offline

Gold pricing is determined based on the purity of gold. We recommend investing in tiny amounts of gold if you are wanting to buy gold in Mumbai. This is because it would aid in the averaging of gold prices. Let's look at an example. Let's say you want to buy 2 lakhs worth of gold. Buying in modest amounts makes sense since you can save money if the price drops. Naturally, if gold prices rise, you will lose money. Purchasing 10 grammes of gold at a time would be great. 

Negotiate Making Charges

Jewellery involves a great deal of skilled labour. There is jeweller design, forging costs and additional craftsmanship that goes into the making of any unique piece. Jewellers will not bear the cost of making a specific jewellery item especially if it's a customized piece. Depending on the type of jewellery, buyers will be liable to pay a percentage of the overall cost as making charges. Hence, depending on the gold cost, the amount you pay as making charge can vary.

Steer Clear of Studded Jewellery

Many jewellery makers add precious stones like emerald and diamond to gold jewellery, making it heavier. As a result, you end up paying for a lot of addons that don't add any value to the gold. If you too are buying gold jewellery with intent of long-term investment, avoid stone-embedded pieces as the price of studded stones is not going to give you any returns.

Check Retail Locations

In addition to online and offline retailers, it’s also important to check with different retail locations around Mumbai. Gold retailers in Zaveri Bazaar, Kalbadevi might give you a better overall deal than large retailers in the downtown area like Charni Road or Colaba. Additionally, rates fluctuate between one city to another. For instance, if the gold rate of 24K gold in New Delhi is Rs. 42,864, the gold rate of 24K gold in Mumbai might be Rs. 41,676. When buying gold, the location of the retailer is an important factor to keep in mind.

Where to Buy Gold in Mumbai?

The “gold-loving” jewellery markets in Mumbai see buyers from the length and breadth of the country. Here are some markets you should head to should you be on the lookout for gold.

  • Zaveri Bazaar: Zaveri Bazar is the largest jewellery market in india and a hub for gold investors. The 150-year old jewellery market is situated in Bhuleshwar, between the Crawford Market and Mumbadevi area. Don't be fooled by the large crows and the noise, this market offers the buys an honest and trustworthy route to buying gold.
  • Borivali West: The headquarters of one of India’s largest retailers, Kalyan Jewellers. Apart from Kalyan Jewellers, there are several other gold retailers in the area, notably Jos Alukkas. There is even a Tanishq outlet in the area.
  • Charni Road: Another south Mumbai marketplace that offers a staggering number of jewellery retailers is Charni Road. A short visit here will provide you a plethora of small shops all dealing in jewellery making, reselling, buying and other artisan crafts. Your best bet is to buy marked gold that has been certified.

What is Making Charges?

When buying physical gold from jewellery retailers in Mumbai, you will often come across the term “making charges”. So what is making charges and how do retailers calculate these additional charges. In addition to the gold prices, the making charges also play an important role in the final price. Making charges are also known as 'wastages' as they are added to the overall cost of gold, however do not increase its value substantially.


To understand how making charges are calculated, let’s take a look at our earlier rate calculator:


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

Aggarwal Jewellers quotes Rs 38,500 for 15g of 22K gold. Now if you want to buy a gold necklace which weighs 12.5g, the price will be calculated as:


  • Price of 1 gram of gold = Rs. 38,500/10 = Rs 3,850
  • Price of 12.50 g gold necklace = Rs 3,850*12.50 grams = Rs. 48,125
  • Making Charges = 16% of (Rs 48,125) = Rs. 7,700
  • GST = 3% of Rs. 55,825 = Rs. 1,675.7

The final purchase price that Aggarwal Jewellers charged for its necklace was Rs. 57,500.5. The price included 17% making charges that amounted to Rs. 7,700. At present, there is no standard invoicing pattern in Mumbai and making charges vary from jeweller to jeweller. It is therefore important to shop around, visiting multiple retailers to find one that fits the bill.

Final Thoughts

The recent trends in gold valuations (both physical and digital) is a clear indication that the value of the gold in Mumbai is set to rise even further. If you are looking to make a long-term investment, gold offers a plethora of innovative investment options that goes beyond traditional gold investments. Over the last few months, gold-based traded funds have outperformed benchmark stock prices, this makes them an attractive investment for all types of individuals. And finally, it is advisable to keep gold investment between 15-20% of the total investment portfolio. This will ensure a healthy investment outline with a stable return on investment.

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