There are shops that are as much as 300 years old and have passed on from generation to generation, who offer you best gold rates. Do check todays gold rate in Mumbai before you buy gold.
|Gram||22 Carat Gold
|22 Carat Gold
|Daily Price Change|
|1 gram||₹ 2,900||₹ 2,894.20||₹ 5.80|
|8 gram||₹ 23,200||₹ 23,153.60||₹ 46.40|
|10 gram||₹ 29,000||₹ 28,942||₹ 58|
|100 gram||₹ 2,90,000||₹ 2,89,420||₹ 580|
|Gram||24 Carat Gold
|24 Carat Gold
|Daily Price Change|
|1 gram||₹ 3,101.60||₹ 3,095.20||₹ 6.40|
|8 gram||₹ 24,812.80||₹ 24,761.60||₹ 51.20|
|10 gram||₹ 31,016||₹ 30,952||₹ 64|
|100 gram||₹ 3,10,160||₹ 3,09,520||₹ 640|
|Date||22 Carat||24 Carat|
|Feb 19, 2017||₹ 29,000||₹ 31,016|
|Feb 18, 2017||₹ 28,942||₹ 30,952|
|Feb 17, 2017||₹ 28,652||₹ 30,642|
|Feb 16, 2017||₹ 28,706||₹ 30,708|
|Feb 15, 2017||₹ 28,762||₹ 30,777|
|Feb 14, 2017||₹ 28,768||₹ 30,773|
|Feb 13, 2017||₹ 28,118||₹ 29,973|
|Feb 11, 2017||₹ 28,958||₹ 30,970|
|Feb 10, 2017||₹ 28,958||₹ 30,975|
|Feb 9, 2017||₹ 28,968||₹ 30,985|
|Gold Rates||22 Carat||24 Carat|
|1 st January rate||Rs.26,937||Rs.28,833|
|31st January rate||Rs.27,798||Rs.29,648|
|Highest rate in January||Rs.28,318 on January 18||Rs.30,233 on January 18|
|Lowest rate in January||Rs.26,937 on January 2||Rs.28,833 on January 2|
|Over all performance||Rising||Rising|
|Gold Rates||22 Carat||24 Carat|
|1 st December rate||Rs.28,366||Rs.30,335|
|31st December rate||Rs.27,005||Rs.28,888|
|Highest rate in December||Rs.28,366 on December 1||Rs.30,335 on December 1|
|Lowest rate in December||Rs.26,439 on December 24||Rs.28,334 on December 24|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st November rate||Rs.29,010||Rs.31,060|
|30th November rate||Rs.28,455||Rs.30,433|
|Highest rate in November||Rs.30,870 on November 10||Rs.33,200 on November 10|
|Lowest rate in November||Rs.28,200 on November 26||Rs.29,490 on November 26|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st October rate||Rs.30,700||Rs.32,830|
|31st October rate||Rs.30,720||Rs.32,790|
|Highest rate in October||Rs.30,720 on October 3||Rs.32,830 on October 3|
|Lowest rate in October||Rs.28,570 on October 18||Rs.31,320 on October 18|
|Over all performance||Rising||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st September rate||Rs.30,650||Rs.32,780|
|30th September rate||Rs.30,620||Rs.32,750|
|Highest rate in September||Rs.30,970 on September 26||Rs.33,120 on September 26|
|Lowest rate in September||Rs.29,500 on September 13||Rs.31,550 on September 13|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st August rate||Rs.30,980||Rs.33,130|
|31st August rate||Rs.30,650||Rs.32,780|
|Highest rate in August||Rs.31,960 on August 23||Rs.34,180 on August 23|
|Lowest rate in August||Rs.29,380 on August 9||Rs.31,450 on August 9|
|Over all performance||Falling||Falling|
Gold rates in Mumbai today are influenced by a number of factors. Leaving that aside let us understand at the local level who influences the prices. In fact, the one biggest factor is the international factors. Locally in Mumbai gold prices are determined as follows:
a) Fixed by the Indian Bullion Jewellers Association:
The Indian Bullion Jewelers Association fixes the prices based on a number of things that are as follows:
1) The rates that are fixed by some of the biggest dealers in the city.
2) The local import duty is added to the import items in the country.
3) Some dealers arrive at the price based on some formula that is arrived by in the futures market of the MCX. The MCX is the largest commodity exchange in the country and gold futures are traded on this exchange. This is how the price changes of gold in Mumbai and the manner in which it is fixed. It is extremely important to check the prices of gold before buying them in India. This would ensure that you have got the right prices at which to import gold in India. One can also watch for international cues before buying gold in any o the cities, towns or villages of India. Check with your local jeweller before buying the precious metal. There is no good or bad time to buy gold, it is just that the price has to be right.
The government is trying to add to the number of hallmarking centres in the country and Mumbai has many hallmarking centres itself. According to the Bureau of International Standards, there are a total of 63 hallmarking centres in Maharashtra itself. This is not good enough and the Bureau of Indian Standards has to strive to improve this count dramatically. Unless we see an improved count, there is no way that quality gold can be ensured to investors and users in the city of Mumbai. Another matter that has been of constant concern is the fact that there have been requests to ensure that the hallmarking centres across the country adhere to strict quality norms, or else the purpose of such hallmarked gold which ensures purity itself is defeated. In Mumbai there are many hallmarking centres that includes names like Leo Analytics Labs in Borivli, Varsha Bullion Hallmarking Centre at Mumbadevi, Variety Hallmarking at Mahakali Caves etc.
in fact, the western region of India has as many 114 hallmarking centres with 63 in Maharahstra, 50 in Gujarat and 1 in Goa. It is sad that the Western parts of India, including Mumbai have so low hallmarking centres. The government needs to do more and add to the hallmarking centres in the country. Along with it the credibility and reliability of such centres has to be improved so that investors and individuals have full faith in such hallmarking centres. If you are a buyer look at the various symbols of the gold hallmarking that you would see in the country.
Gold rates in Mumbai today depend on a host of factors that are largely internationally dependent. For example, one classic reason for gold prices going higher recently is the supply constraints. Over the last few years, we have seen that production has seen some serious decline. In fact, some estimates put the decline in the production at more than 40 per cent. Whether these numbers are true of exaggerated is difficult to ascertain. What can be said with some certainty is that it could lead to prices moving higher in most cities of the world, including Mumbai. Apart from supply there are other reasons why gold prices tend to go higher. One of the biggest of these is the huge risks that we have seen in the global markets particularly with regards to worries over a financial crisis. Ever since the Lehman Brothers crisis erupted investors have got jittery and have taken long positions in gold This year, they now positioned themselves on worries over the likely policy decisions of new US President Donald Trump. If his policies continue to remain volatile. we could see an ongoing dip in the prices of gold in the coming future.
When we say taxation on gold and gold ETFs in Mumbai, we are basically talking of the capital gains tax that is applicable for those who buy and sell the precious metal. Of course, the capital gains tax would be applicable on the profits made on gold. The capital gains tax payable on the precious metal is applicable to all other cities as well. So, how does a person profiteering from the sale of the metal pay taxes. If you buy and sell gold at a profit before 36 months, you pay taxes as per your tax slab. On the other hand, if you buy and sell gold after 36 months, you pay a capital gains tax on the same of 20 per cent, but take into account the indexation benefit that is likely to accrue. So, in short, your returns on buying and selling gold is likely to reduce, whether it is the short term or the long term you end-up paying taxes, unlike real estate where there is a possibility of saving on taxes, if you invest in select instruments. Now coming to taxes, you pay them while filing your tax returns in Mumbai. So, if you are a big investor in Mumbai do not forget these aspects of the trade. There is no planning on gold that you can do to save taxes unlike income tax. You have to pay taxes on the same, period. Also, there is a wealth tax that has to be paid, which we have dealt separately.
Gold rates in Mumbai are heading for strong resistance levels, as technical factors are just not conducive for the precious metal at the moment. Let us give an example. At Rs 28,000, gold prices in Mumbai have breached their key resistance levels. So, there is a scope for a downside. In fact, the prices of the metal are also above their 100 day moving averages, which makes sense to sell it over the Rs 28,000 levels. There is a scope for further downside, if investors continue to sell into the metal. In any case to make money in gold, you need to buy cheap and sell at higher rates. This is true for every asset class that one deals with. We suggest that you buy gold in Mumbai at around the Rs 27,000 levels, if you want to make some serious money in the precious metal. Otherwise you can just hold onto what you have already bought. It is extremely difficult to time the markets. So what you need to do when buying gold in Mumbai is to keep buying at those lower levels and average your cost. That is easier said then done though. So, the best way would be to keep buying at higher levels and sell at lower levels. The one interesting aspect about gold that every Mumbaikar needs to know is that there could be various factors that influence gold rates and this is the best part about gold. Over a period of time, this would help and assist in taking an informed decision with regards to the gold rates in Mumbai.
If you are looking to buy gold in Mumbai, the one option that you have is to buy in the futures market. However, the problem in doing so is that you cannot hold the same for many years, as per your plan. What it means is in the futures market, it is very much necessary to square a transaction after the expiry of a contract. Let us give an example. Say you purchased gold petal in the futures market for Feb delivery and the expiry is in March, because you purchased a march contract. In such a case you have to square the purchases by selling the product by March. When you purchase gold in the normal parlance you do not have to worry about squaring-off as you can buy and hold. This does not happen with gold futures. You need to square off before the expiry of the contract. But, the advantage of buying gold through the gold futures market in India is that you can buy larger quantities as the broker charges you a margin, which is one big advantage of buying gold in the futures market. If you have never tried there is no harm in venturing that way.
This has largely to do more with history then anything else. KDM signifies that the gold was melted with Cadmium. Today, this gold no longer exists and we do not fund jewelers selling KDM jewellery anymore in Mumbai. This is also largely because KDM has a very low melting point, which was one reason that it was used. The reason why KDM has been discontinued because of its fumes. It is believed that the fumes of KDM are toxic. So, it is known to cause skin ailments more then anything else. Today, individuals look more at hallmarked jewellery in Mumbai more than anything else. So, if you are looking to buy do not think beyond the usual hallmarked gold. This would not give you sleepless nights as you are assured on the purity. This is especially true because you are going to pay a lot of money for gold and what is the point if you are not going to get pure gold in turn. If you are paying so much money for your gold, you deserve to have pure gold at the very least. So, the next time you visit the city of Mumbai, make sure that you come back with pure hallmarked gold.
Gold is one form of investment that is so easy to buy and sell. This has helped create a special niche for the precious metal, which had gained over the last few years. Just imagine like shares, you do not have to worry over opening a demat account and you do not even have to worry of waiting for the amounts to come after two days. Gold is very instantly cashable, which is why it is so much preferred as a commodity. It is easy to buy in small quantities as well, which is another advantage. Of course, while it is simple to buy and sell, there are other worries associated with the precious metal. These include the taxation element, which is today a part of most of the investments that we see. The other of course is that due to the buy and sell differential it is not very easy to make money from gold. Returns in the last few years have generally been very dismal.
If you are planning to buy gold in Mumbai, there are certain things that you should do. First, you should check the gold prices in Mumbai today. Apart from this many individuals walk into a shop and fail to ask the making charges of gold jewellery. In fact, these can form a very significant cost of your total cost and should not be ignored under any circumstances. One thing that we forgot to tell investors is that we need to make sure that you take the receipt for your gold purchases. This is because when you want to sell the gold at a later stage, it can be of immense value. There are very few people who would buy gold without a receipt. In any case, you have to also show your permanent account number if you want to buy gold in Mumbai. This is because as per norms a PAN card is necessary if the purchases are over Rs 50,000.
Gold trading in Mumbai is one of the oldest in the city. In fact, the Bullion Association there was established way back in 1919. You can also get your daily rates as well as the monthly gold rates in the city. Apart from the bullion association, you can approach the old traders for a know how and whether you should be buying gold at the current levels. There are a host of analysts also in the city who have an expert knowledge of the movement of gold rates in the city. If you are looking to buy gold in the city, you can approach the many jewellers who are also located at the famous Charni Road or more popularly called the Zaveri Bazaar in the city. Overall, it is a good place to buy and bargain for the precious metal. The designs and the amount of patterns that you get of gold jewellery is absolutely amazing.
There are a number of places where you can shop for gold in Mumbaii. One is the famous Zaveri Bazaar, where you find several gold jewellery shops lined-up. The renowned names for shops in Mumbai include Tribhoovandas Bhimji Zaveri and Tanishq among others. There is also a diamond market, which Mumbai is famous for. There are a host of other places, where you can buy gold from including the local shops around.
While gold rates in Mumbai barely differ from shop to shop, you should watch for the making charges. Sometimes if the value of the gold is large, a slight difference in the making charges could mean a lot. However, gold rates are unlikely to defer from jeweler to jeweler given the fact that gold rates are determined by the local association in the cities.
If international price of gold fall, prices in Mumbai are likely to fall. Hence, it is imperative to first predict the price of gold in the international markets. These of course depend on a host of factors like how bond yields are faring. When bond yields rise, it ensures that gold prices in the international markets fall and hence gold rates in Mumbai. We believe that gold prices in Mumbai are not going to rise in a hurry. There are a number of factors for this belief. Among these include the fact that as interest rates in the US rise, it would lead to bond yields rising and when that happens, it could lead to a gold prices falling. Hence, if you are looking to buy gold now in Mumbai, we suggest that you wait for sometime, as we beleive that gold rates are going to move downwards.
Gold rates are largely determined by demand and supply in the international markets. So, if the international prices of gold fall, the prices of gold in Mumbai would also react. The international prices of gold depend a whole lot on geo-political worries and various other factors like economic development etc.
In India it must be remembered that we import a lot of our gold. So, if the rupee falls against the dollar, gold prices for us would automatically go up. This is one of the other reasons why gold rates in Mumbai either go up or down.
Gold prices rally or fall in Mumbai also depends on how the currency is behaving on a particular day. For example, a weak currency always tends to make gold prices dearer. However, a strong currency tends to reduce the prices of gold in a particular city. So track currency as well before you buy gold.
All over the world, gold is used to decide the value of currencies and the cost of gold can change with the economic situation. If you are interested in putting your money in gold you need to know some influential situations by which price of gold fluctuates: Here are a few:
1. U.S. Dollar Influence
Strength of the US Dollar is inversely proportional to the gold rates, as dollar goes up gold price will be down and vice versa. Change in strength of other countries will also have a little impact which isn't considerable.
2. Reserve bank Instability
Bank disappointments and unpredictable monetary strategies such as demonetization make purchasing gold appear like a place of safe refuge. By and large, individuals run to gold when the present paper cash framework encounters vulnerability.
3. Financing costs
Gold does not pay you dividends or interest like treasury securities or investment accounts, however, current gold costs regularly reflect increments and decreases in loan fees. As loan fees increment, gold costs may mellow as individuals offer gold to free up assets for other venture openings. As loan fees diminish, the gold cost may increase again on the grounds that there is a lower opportunity cost to holding gold when contrasted with different speculations. Low loan costs liken with more prominent appreciation for gold.
4. Production of gold
Just around 2,500 metric huge amounts of gold get created every year, contrasted with an expected 165,000 metric tons in the whole world's gold supply, which also affects the price of gold.
These schemes are just like recurring deposits, where you get an interest for depositing sums every month. So, you invest in a systematic way every month and then you can buy gold jewellery at the end of the month. For example, in Mumbai Tanishq has the largest number of showrooms and you can start a scheme with this popular jeweller. The company runs the Golden Harvest scheme. Under it you need to pay an amount every month for 10 months. Now what happens after the tenth month is that you would be eligible for a discount. It is important to note that this discount varies. At the moment it is from 55% to 75% of the fixed instalment. It is important to note that these schemes have a limited tenure and cannot be run endlessly. For example, Tanishq closes its schemes after 382 days. How do you benefit is the obvious question. Well, to compensate you for the loss in paying the monthly deposit, you get a discount, which is what is your gains.
There has been some serious declining trend in gold consumption across India, which means that gold consumption in Mumbai is also fast declining. Of course, there are plenty of reasons for the same. The government of India has itself been discouraging gold consumption considering the huge amounts that are already in the country. When gold consumption rises, it paves the way for a lot of US dollars to leave the country and this puts pressure on the rupee against the UD dollar. Remember, gold accounts for the second highest imports after crude oil and we have to pay for gold imports through our valuable foreign exchange reserves and mostly in dollars. So, the government's measures to reduce consumption of the precious metal has also led to a declining trend of demand being noticed in India.
An ounce is not used very often in India. In fact, it never is. An ounce is approximately 28.3495231 grams. In India earlier tola was more in vogue and now we use grams as a measure to describe buying and purchasing of gold. Ounce is rather popularly used in trading in the US market. For example we say that spot gold in the US markets were trading at $1166 an ounce. So, this measurement is used to trade in the futures and the spot market just like in India we trade in grams. So, tola, grams and ounce are all used to measure when buying and selling gold.
The history of gold trading in Mumbai can be traced to many centuries back. In fact, when the Britishers ruled India, gold came through ships and docked at the Gateway of India. Even silver followed the same route. In fact, the city of Mumbai, which was then known as Bombay was one of the major trading centres for gold in India. Today, trading in Mumbai in gold still continues and it maintains its stature as a great place to trade in the precious metal. Places like Charni Road have a lot of jewelry shops and are now the place to shop for precious ornaments in the country. The city of Mumbai has maintained its charm not only as a gold trading destination, but, it also has the diamond market for trading diamonds. Silver also contiues to remain an important commodity shipped from the city.
There are numerous ways to raise money from gold. Among them is the popular gold loan companies. There are two of these: though most banks also fund you as loans from gold. The popular gold loan companies that you can approach is the Muthoot Finance and Mannapuram Finance. Both offer you good interest rates, but, you must compare the same with bank gold loans, before you avail a loan. There maybe a marginal variation in interest rates and it is difficult to say at the moment, which would be better. Compare the processing charges as well on these loans. In case of gold loan companies the process is very simple and if you have your documents in place you can get a loan very easily. Normally, the entire process can be completed in a few hours and the amounts released. Individuals in Mumbai prefer gold loans because they are the quickest in time of emergency.
It is always so easy to make purchases of gold. However, when you want to sell gold in Mumbai, it can always be very challenging. It is not because the precious metal will not sell. It is only because you have to get the right price of the metal. Cities like Bangalore and Kolkata have very specialized places where you can sell gold. However, we have not found any specialist gold jewelry buying centre in Mumbai. So, what you can actually do is approach some of the gold jewelry shops in Mumbai and see if they are buying back the gold. Some places where you have purchased the gold from maybe happy to buy the gold from. What you also need to do is check with what rates they are buying the gold back, which is perhaps the most important thing. Sometimes, there can be a huge differential, which is not good for prices of the metal. Also, make sure that there is a karat machine, which is normally used to check purity.
Gold rates in Mumbai today per 10 grams are determined in a number of ways. Firstly, what you can do is take the international prices of gold, which the major importers like State Bank of India and the Mineral and Metal Trading Corporation and other banks and private agencies import into the country. To this you add their margin and the applicable value added tax at present. After this you take the currency rate and arrive at the imported landed price of gold in Mumbai.
Remember that the 916 gold rates in Mumbai are very different for different cities in India. So, the rates for Chennai would be different from the ones that we are seeing for Delhi and similarly Delhi would be different then what we are seeing for Mumbai. All in all it is a culmination of various factors that lead to a decline in rates for gold in the various cities of India. Also, it is important to remember that there is a difference in the gold prices of 22 karats and 24 karats in India. Some prefer 22 karats, while yet others prefer 24 karats. So, the only difference is the purity and of course the rates in the different cities of India.
You can also buy gold in Mumbai through the various government schemes that have been announced from time to time. For example, the sovereign gold scheme announced recently by the Government of India offers you an interest rate of 2.75 per cent. However, you need to deposit a minimum of 30 grammes and not below that. The objective of the Sovereign gold scheme was to prevent investors from buying physical gold. It must be noted that if the gold so deposited is above Rs 50,000, there would be a need to submit your PAN Card. The scheme does not serve any purpose as investors would tend to lose money on the scheme by way melting the gold. Investors in Mumbai can also look to invest in the gold coins of Ashoka Chakra. Here again the proposition is not attractive because you end-up paying VAT and taxes, which would be difficult to recover.
It is difficult to say how gold prices would move in the short to medium term. But, it is always a good idea to buy gold, given that it is a hedge against inflation. Also, let us say, if there is a turmoil across the globe economic or otherwise, it would help if you have gold as an investment. This is because gold tends to rally in times of distress.
In India the government has been trying to discourage the use of gold. This is because gold consumption largely leads to forex outflow from the country, which is not good.
The government has recently come up with gold bonds, to reduce the consumption of gold. The measure has not been very effective, given that people not only buy gold as an investment, but, also to adorn themsleves.
There are various options for buying gold in Mumbai. These include the tried and tested gold coins and gold bars. Interestingly, there is another good option, that is buying gold ETFs. This is an excellent option, as gold ETFs would mean there is no worries of theft and storage issues. Gold rates in Mumbai tend to track international prices and so do gold ETFs. However, you can sell gold ETFs more easily as compared to physical gold. One thing is liquidity, while the other important thing to note is that gold ETFs cannot be stolen, which is a big advantage. Some gold ETFs can also be converted to physical gold, though doing that would not be very sensible. Gold ETfs are increasingly finding favour with large funds including the domestic mutual funds. If you wish to buy gold ETFs there are a number of such ETFs including SBI Gold ETFS, UT Gold ETF etc. These funds can generate returns more in the long term.
If you are looking to buy 916 gold , then there is no better city then Mumbai that could offer you very competitive rates. At the moment you can track live gold rates in Mumbai through the futures market. You need to talk to your broker and ask him to guide you to open a commodity trading account, after which you can monitor the live prices of gold in Mumbai for 916 gold. Gold futures is one way of taking exposure to the markets. If you are looking at other ways to buy gold, then we suggest that you go for the gold exchange traded funds as well. However, at all times you must check gold rates before taking a decision on buying gold. Those who are new to investing must seek professional advise on investing. The prices tend to vary from city to city and are generally higher in the city as compared to a place like Kolkata, where the prices are slightly lower. However, it does make sense to be buying gold travelling to another city.
Readers often ask the question: where to buy gold in Mumbai? And, for Mumbaikars this is probably the most simple answer to give. Yes, visit Charni Road in Mumbai which is probably the biggest gold market in India. You have several hundreds of shops lined-up very close to each other, where you can buy the best and the latest stuff. In fact, this is also popularly called Zaveri Bazaar in Mumbai. There are easily thousands of patterns that one can choose from. Most individuals in the city of Mumbai visit the place for buying gold. Mostly, each person has his or her own traditional shop from where he buys the precious metal. These shops have over the years become more plush then they used to be once upon a time. Gold prices in Mumbai's Zaveri bazaar is unlikely to change and what may actually differ is the making charges of the precious ornaments. You can also get access to the diamond market which is also rather popular in the city. It is not too far way from the Zaveri Bazaar gold market of Mumbai. You can get all diamond studded ornaments here.
Gold prices in Mumbai gain momentum on a host of factors. If one recalls gold prices in Mumbai were once just about Rs 80 in the early part of 1960s. The important thing that we wish to note is that gold is something that does not get worn and continues to exit. Why then does gold price not decline, based on the fact that old gold does not wear down and new gold continues to come into the market. The answer is simple: Gold demand never has become less and factors like inflation come into the picture that keeps gold prices at elevated levels. This is what has resulted in gold prices moving from levels of Rs 63 to the present levels of Rs 26,000 and more. The one important thing that we must observe here that it has gained despite all odds. What this means is that even if you were to buy on declines you would have made money from the precious metal. So, buying gold in Mumbai is always a lucrative proposition if you are buying at lower levels.
Mumbai is one of the largest metropolitan cities in the country. Hence, gold demand is likely to be the highest in the city of Mumbai, like any other large city for example, Delhi. We beleive that gold rates in the city of Mumbai would continue to grow, though a double digit growth in demand from the city is ruled out.
In fact, across the country we have seen a sharp slide in the demand for gold by almost 50 per cent. As the government continues to lay an emphasis on moving away people from gold by encouraging gold bonds, physical demand for the precious metal would be poor. However, we believe that demand for gold In Mumbai would continue to remain steady. We do not think that there would be some serious investment demand in the city, given that the de-monetization has reduced demand for the precious metal.
Gold rates in Mumbai city have rallied by almost 30 per cent in the last 1 year. So, those who have bought and sold gold, have obviously made a profit.
Whenever you sell gold, you have to pay the applicable taxes, if you have made gains. Let us now give an example. Let us say that you bought gold when the gold prices in Mumbai were Rs 26,000 and now you have sold the same for Rs 30,000. You have to pay tax on the profits. The tax is calculated based on the profit of Rs 4,000. However, you have to also shell out by way of wealth tax on gold.
There are two ways of calculating the capital gains tax on gold. The first is the long term capital gains tax, which becomes applicable after 3 years. The other is short term, if you have bought and sold gold before 3 years.
The short term capital gains tax on gold is payable as per your tax slab. On the other hand, long term capital gains on gold is payable at 20 per cent, apart from indexation.
Remember, there is also wealth tax that you need to pay on gold. So, if all your gold value is over Rs 30 lakhs, you need to pay 1 per cent of this as wealth tax on gold. Many individuals are not aware and many do not bother.
Among the various ways to buy gold is buying them through gold coins. This is one form of investing. You can buy them at some of the banks and gold shops. Banks offer you some Swiss quality coins and they come in tamper proof. However, when you want to sell these coins, banks do not take back the sold coins. You would have to approach some of the local jewelers for the purpose. if you are looking to buy them you should make sure that you buy them from banks. It must be noted that gold can be bought as small coins, which makes them very convenient as compared to bars, which are much larger in size. However, one must remember that the biggest drawback of investing in gold coins is that you need to worry about storage. This would cost you money to hire a bank locker and there is always a concern over theft. If you have some older gold coins, they can be more valuable then the normal gold coins that we have.
Gold has been more of a consuming proposition. Investors rarely tend to invest in gold. You do not see large scale buying on gold bars and biscuits. Bulk of the buying that we see of gold in the city of Mumbai has largely to do with personal consumption. That too the government is now discouraging, owing to the fact that gold imports is on the rise.
The government has come up with various schemes largely to discourage gold investment. Among these include the soverign bonds and the gold monetization scheme. This is because we need to curb the consumption of gold, since it leads to some serious foreign exchange outflow.
Gold reserves are very important, not only for individuals , but, also for countries. Do you know which country has the highest gold reserves in the world? The United States has the highest gold reserves in the world totalling 8135 tonnes, as at the end of November 2016. This totals almost 75.6 per cent of its total external reserves. The United States is followed by Germany with 3377 tonnes, which is not even half of the gold reserves that the United States has. These two countries are followed by the IMF and Italy. Interestingly, India's gold reserves stand at 554 tonnes, which places the country in the 11 th position in terms of gold reserves. France, Russia, China and Switzerland are other countries that have a higher gold reserves then India. Gold reserves are much needed for every country, especially during a crisis. India had to pledge its gold reserves in the early 1990s for loan at a time when he had a financial crisis.
One way of investing in gold would be through the lucrative proposition of gold ETFs. These are traded on the exchanges and track gold prices. So, what they do is offer similar returns. However, they offer several advantages like you would not have to bother about safety, since these are traded in the electronic form.
We strongly advocate buying and selling of Gold ETFs, which is a much better proposition.
Gold ETF investment in Mumbai is very easy and you need to talk to your broker. They can be bought and sold, just like shares. You need to open a demat account, since these are held in the demat format, which any broker would help you with.
Guess what: If you had bought gold a few decades in Mumbai, you would have been significantly rich today. Can you believe that in 1990, gold prices in Mumbai were trading at near the 3,000 levels. So, in 20 years, you had the opportunity to make returns of just about 10 times. That is stupendous returns from gold. Today, you can double your money in safe bank deposits after almost 8-10 years. So, gold as an asset class has yielded tremendous returns for people in the city of Mumbai. Having said that does it mean that you can always make money? Not really so. For example, in the last 5 years or so, gold prices have gone nowhere. If you had to buy prior to that you would have been a happy person. The scenario in the last few years in terms of returns has been very poor. So, it is not as if that you can always make money from gold all of the time. You need to be patient and also time the market, to make significant returns.
There are different ways in which you can invest in gold in Mumbai. The most preferred way of course if gold coins and bars. Jewelry as an investment is not a good proposition because you cannot recover the making charges when you sell this precious metal. The other ways as we mentioned is gold ETFs. You can also invest in gold sovereign bonds and gold exchange traded funds. However, if you invest in these scheme you cannot pledge your gold for a gold loan. For a loan you would need physical gold, which can be pledged and then a loan can be availed. You cannot surrender an ETF or a sovereign gold bond for the purpose. If you are looking to buy gold, the best would teh e type investments and only later you can consider gold coins and bars. Jewelry as we mentioned is not a good idea, but, if you need it for consumption, then it is fine.
Explaining 916 hallmarked gold is very simple. It is just your 22 karats gold and not your 24 karats gold. Hallmarking of gold in Mumbai or any other city is done by the Bureau of Indian Standards. So, what a BIS Hallmarked gold jewelery does is that it ensures that the gold which you buy is of very high quality. Now when you buy hallmarked gold, there are a host of things that you must look at. The first is that you take a look at the BIS logo that would be there on the gold. The second is the year of making and the purity. If 916 is mentioned you must know that what you are buying is of 22 karats purity. Apart from this there is also the essaying centre's logo. Eassying centres are BIS centre's that are authorized to hallmark the gold. Also, look for the year of manufacturing on the gold items that you are buying.
Among the various options, you can also buy gold online in Mumbai. However, instead of that we strongly suggest that you look at buying gold exchange traded funds. You can open a demat account with a broker and than look to buy gold etfs. These are very simple to buy and they track gold prices. The beauty of this is that you need not pay charges like the ones you would normally pay to store gold.
However, many investors are normally chary of buying gold through this mechanism. However, it is also risk free, though many investors prefer the traditional methods of investment.
International gold prices have given returns of clsoe to 9 per cent in 2016. We believe that gold can give returns of a good 8 to 10 per cent in 2017, depending on the period when you are selling. For example, last year gold gave good returns of almosy 20 per cent by October. So, prices of gold in Mumbai city peaked sometime in the month of October. Hence, if you are looking to buy gold, you should sell at the right time, to profit from the same. If you had to wait till December, the prices dipped all over again. We believe that gold in 2017, has the potential to give good returns. However, much would depend on the policies that are initiated and implemented by US President Donald Trump. For example, if they are inflationary, they may result in interest rates in the US rising and gold prices falling. Also, interest rates would be a big factor in determining the direction of gold price movement in India. In any case, if you are a long term investor, the ability to make money from the precious metal is always going to be high.
You cannot freely import a lot of gold into India. When importing gold into Mumbai, the one thing you should note is that there is a limit of Rs 50,000. That limit of course for male passengers. For female passengers, the government has been more liberal and you can import as much as Rs 1 lakh.
Beyond that there is a duty of slightly more than 10 per cent. So, if you are entering into Mumbai with imported gold, you need to know the norms.
One important thing that we also need to mention is that if you are carrying gold away from Mumbai, you need to take an export certificate. What would then happen is that you would not be questioned by the authorities on your way back into Mumbai with gold.
The term used to get a certificate is called an export certificate. You can take that certificate and show it on your way back, so that the custom officials know about it.
What we also suggest that as far as is possible avoid importing gold. This is because today India boasts some of the finest patterns in Gold and the best quality. So, you need not hassle yourself too much on that count.
The precious metal has not diminished in value over a period of time. For example, over a period of time, value of the currency has plunged. Let us give an example. Say the value of a 100 rupee note, is no longer the same, as it was a few years ago. But, gold prices keep increasing, making them a perfect hedge against inflation. For example, until a few years ago, gold was trading at Rs 8800 before the Lehman Brothers crisis. Since then it has rallied almost 3 fold, which is a superb feet. It is likely that with the passage of time, we may continue to good value for the precious metal. This is one reason many investors continue to stay invested in gold. The precious metal is also seeing increased demand from investors. For example, individuals trusts and gold ETFs, which are flush with funds are earmarking more and more money to gold.
It is always the best bet to buy hallmarked gold in India. There are a number of shops that sell hallmarked gold. Hallmarking of gold in India, is controlled by the Bureau of Indian standards. They have a variety of testing and eassaying centres, where you can check for gold purity. When consumers are buying they need to check a few things. First look for the logo of the centre where the gold is checked and essayed. The gold jewelery that you buy should clearly indicate the logo. There is a letter which indicates the year of marking. For example, B denotes the 2011, C denotes 2003 and so on and so forth. Apart from this there is the Jewellers identification mark as well.
Gold rates in the city of Mumbai has seen a fantastic rally since the start of the year. This has largely to do with the stellar rates we have seen in the global markets since the start of the year. Global markets are flush with liquidity, as central banks ease. This liquidity has found its way into all asset classes, including gold.
However, analysts warn that gold prices have gone up significantly and they advise caution, before buying into gold. We too would suggest that some degree of discretion would now be necessary before buying into gold.
It is fine, if you are a long term player in gold, but, short term players, should not expect too much price movement from the precious metal.
There are many individuals who believe that you buy gold and sit tight. However, it does not work that way. What you need to know is that there are taxes that are applicable on gold. For example, if you have gold whose value exceeds Rs 30 lakh, you are liable to pay wealth tax on the same. It is highly possible that you would have accumulated gold over a period of time, but, remember that you have to pay wealth tax and the number of years count for nothing. Apart from this, each time you make a profit on buying and selling gold, you need to pay capital gains tax. What is important to observe is that it does not matter, whether the gold is in physical form or through gold ETFs, you need to pay the applicable taxes.
Gold demand has been surging across the globe, according to the World Gold Council (WGC). The counil sys that in the second quarter of 2016, gold demand surged to 2,335 tonnes, which was a growth of 15 per cent. In fact, gold prices rose by the highest levels in 25 years, in the first half of 2016, the council noted.
Record investments also went into the precious metal.
Investment demand for gold surged to 1,063.9 tonnes and was 16 per cent higher than the previous first half high of 2009. The high demand for gold in cities across the world, including Mumbai may continue.
What happened after the Lehman Brothers crisis is well known. Those who invested in shares lost money in 2008, while those who invested in gold gained. In fact, gold prices have tripled in the last few years and have given stupendous returns to investors.
Hence, it is a great idea to always park at least some of your money in gold. This would provide a perfect hedge in case equities fall or debt yields drop. Today, you have various options to invest in gold, which are also very liquid nad have very little holding cost involved.
In fact, if you cannnot invest a lumpsum in gold in Mumbai, you can do it through a systematic investment plans in gold exchange traded funds, also popularly called gold etfs. You have a number of Gold ETFs includig those issued by Axis, Gold Man Sachs and SBI gold etf, where you can park your money. You can also invest periodically through the various schemes that many jewellers in the country run.
Gold prices in Mumbai are generally fixed by the gold association there. Prices are taken from the MCX Futures and local levies and duties are determined and added to that prices. Gold Futures prices generally reflect the internatioanl rates and move in tandem with them.
Local levies and duties and transportation costs, alter the price of gold from city to city. Generally, gold rates in the city of Mumbai are much cheaper than some of the other cities in India like Delhi. If you are in a particular city where it is cheaper, you can buy gold from there. However, travelling to a city to buy gold, because it is cheaper there, makes no sense at all.
Whenever you buy gold and gold jewellery in Mumbai, it is important that you take a receipt. This is important because when you want to sell the gold jewellery, it would be helpful. Also, if you want to sell the items to another third party that might insist on the receipt for the gold.
Also, when you visit to buy gold, it is better to buy gold coins, as an investment rather than gold jewellery. This is because when you sell the latter, you would lose on the making charges of the jewellery. Also, check the prices with various shops before buying.
Purity of gold can be of 22 karats or 24 karats. Gold is a metal that is brittle. So, allows are added to the precious metal to make it more durable. The difference between 22 karats and 24 karats gold to explain it simply is that 22 karats is about 75 per cent pure gold, while 24 karats is the purest for of gold, which is 100 per cent gold. You get gold as 22 karats and as 24 karats and often jewellers give you rates for both. But, gold and gold jewelery is generally sold as 22 karats, which is not the purest form of gold. Jewelery has to be mixed with alloys to give it strength, otherwise the purest form of gold is very brittle. Karat is the unit of mass for gold. We often tlak of Karat and Carat, but it is important to remember that both of these are not really the same.
For people living in Mumbai, gold serves as a great investment tool, for diversification of assets. You cannot spend all your investment in one asset class. Though many would advocate financial assets as the best investment it also pays to diversify your assets. This is when a gold comes in handy. It is not that gold has given phenomenal returns in the last few years, but, it has given returns nontheless.
It always pays to diversify your portfolio, because it helps during adversity. At least 5 per cent of your investment can be parked in gold and gold instruments like gold sovereign bonds and gold etfs. We do not suggest buying physical gold, because you lose money conversion.
The Indian Bullion and Jewelers Association provides a host of benefits to jewelers in the city of Mumbai. The Association facilitates deals in commodities, like gold as also testing and eassying of gold. it also coordinates with the government to provide relief and other benefits to its members. It also makes representation to the government on behalf of the jewelers in the country. If you are looking to get the latest gold rates in Mumbai today, they also provide you with the same. It is very easy to check the updated prices of the metal here. Normally, gold prices in the city are updated every twice a day. This generally reflects gold prices, which are traded in the international markets.
In the 1970s, South Africa dominated gold mining and the country was the undisputed leader in gold mining. Today, China mines gold that is way ahead of any other country. According to data available, China has mined a whoppig 390 tonnes of gold during 2015, which way higher than what Australia mined at 300 metric tonnes. Russia was the third biggest miner of gold. A country like Peru was the sixth largest, which is an interesting statistic to have. One interesting aspect that many analysts are trying to study is whether mining of gold ultimately improves the socio-economic prospects of the country. There is nothing to prove that it does. Some countries that mine large gold, may still remain under developed, though all the top miners are pretty much developed countries.
Gold demand in the city of Mumbai has been fast declining, just as we have seen the trend emerging in India. Since the start of the year gold prices have rallied, as investors in Mumbai have been a happy lot. However, as prices have risen, there is a resistance to buy gold at such high prices. Investors are adopting a wait and watch approach and it makes sense rather than buying at any and every price. Demand for gold in Mumbai has been declining as investors are now increasingly looking at other options, including gold etfs and the sovereign gold bonds, that have been announced by the government lately. In fact, sovereign gold bonds also offer you interest rates, which is a big positive since it often perceived that gold can only offer you capital appreciation and nothing beyond that.
Gold prices in Mumbai have begun the year 2017 on a more positive note. The trend is likely to continue, as there has been good buying support for the precious metal. If you are look at some of the global markets, the demand for gold has been very positive. So, it is a good opportunity to buy, given that ultimately money would chase gold. However, in order to make money, one has to be patient, and adopt a strategy of buy on declines. That is the only way one would make money in gold. If you are a long term investor, you can hold, though gold has not been the best bet for a number of reasons. Each time, you buy gold, you also end-up paying taxes, which is one reason, gold has not been the best bet. For example, if you buy a gold coin through credit card, you have to pay various taxes, which ultimately increases the price of the precious metal. Apart from this in India, gold also attracts a capital gains tax, as also wealth tax. So, you need to be careful, as the returns are chopped off because of the taxes and other levies.
One is not sure if there will be some stability in gold prices in Mumbai in 2017. In the year 2016, we cannot say that there was immense volatility in the markets. In fact, what we saw was relative volatility around key events like Brexit and the Donald Trump election.
The one thing that would lead to volatility in gold rates in Mumbai would be the interest rate hikes in the US. It is highly possible that there could be a series of interest rate hikes in the country there, which would then result in gold prices falling. This could have an impact on gold prices in the city of Mumbai. However, if you are largely a long term investor, it could be an excellent buying opportunity. This is because prices have all along been falling since November of last year. Investors of gold in Mumbai could also adopt a more systematic investment, like SIPs and buy in small
Gold and inflation are pretty much related. When gold prices go higher, it will be highly possible that inflation has also rallied. On the other hand when gold prices fall, it could also be on account of inflation, which has gathered steam. The problem with inflation going higher is that when it does, we can see interest rates across the globe going higher, which then also results in gold prices falling. This also tends to have a great deal of influence on gold prices. If you are a long term investor it is good to stay put in gold prices, which can rally in the more long term. The good thing about gold is that it has never diminished in value and over a period of time, its value has only increased. If you are looking at buying probably a level of Rs 26,000 would be a good buy. It is always so difficult to predict movement, though one can buy under systematic investment plans. Gold for 22 karats and 24 karats are both expected to move higher in the days to come.
Investing in the futures gold market in Mumbai
When you invest in the futures market in Mumbai, you are essentially investing in a high risk trade. Let us tell you why this is the case. Firstly, the futures works on the margin basis. So, you buy more quantity by paying a very small sum and vice versa. For example, if you buy 1 gram in the futures market you pay just Rs 300, while you might have to pay Rs 3,000, which is the full price of gold, when you take physical delivery. However, you have to square-off your position in the futures market, but, you need not do the same in the physical market. You buy the gold and it is yours, as simple as that. This is not the case in the futures market, where you have to square-off the position of your gold. This makes your position very tricky just in case you have bought and the prices of the precious metal fall. We suggest that before you engage in such a trade in the city of Mumbai, you just understand the risks associated with the same. It is better to buy and take physical delivery of the precious metal. Also, you might need certain level of expertise before engaging in such a trade. This kind of trade has risks associated with it. So, please understand the same.
If you are going to buy gold jewellery in Mumbai over Rs 2 lakhs, do not do it. There would be a tax deducted at source of 1 per cent, if the gold jewellery crosses the Rs 2 lakhs mark. The earlier limit it maybe recalled was Rs 3 lakhs. This is in a bid to check black money, but for those who are buying the chances of your money getting lower returns from gold becomes even brighter. So, the best thing would be to avoid buying from such high amounts. The government has in the past been quick to impose a series of taxes in a measured way aimed at discouraging large scale consumption of gold in the city of Mumbai. This is rather obvious given the fact that the dollar had gained against the rupee as large scale imports of gold were hitting the trade deficit and hence the current account deficit. In fact, in the past we have even seen jewellers go on strike, following a hike in duties. Mumbai has a very big trade for gold and is one of the biggest for diamonds. Watch for the levels of Rs 28,900 if you want to sell gold in Mumbai. Go for the metal and buy for the long term.20 February 2017
Gold rates in Mumbai were slated to fall marginally in trade as investors digested a great level of data. Gold for 22 karats dipped marginally to Rs 28,100 per 10 grams, while gold for 24 karats scaled higher then the usual Rs 30,100 per 10 grams. Gold in Mumbai has led gains across the various cities as investors continue to focus on the number of interest rates in the US that are likely. According to many analysts there could be as any as 3 rate hikes in the US this year as the country gets back to normalization. This could push gold prices even lower in the coming years. It is a clear case where you should avoid buying gold in Mumbai at very high rates. Whenever you see gold rates very high, it should be a time to sell into the precious metal. There are various ways you can sell. If you have physical gold, you can take it to many of the authorized dealers in the country. While you can also sell it at the MCX if you are dealing in the futures market. If you are looking to buy there could be various other ways of getting into it. If you are a buyer you should be buying into the precious metal on every decline.
16 February 2017
Gold prices in Mumbai are unlikely to see a great deal of traction in trade today, as international prices remained low. Gold in the international markets were riding a high on political uncertainty surrounding the world, especially the Presidential elections. Nobody is sure which way gold rates will move this year, as the trend has largely been on the upside for the last so many years. Whether that firm trend would continue to stay is a big question mark. One should wait and watch and see if that continues. Otherwise the best way to buy gold in Mumbai would be through the systematic investment plan, where you invest small amounts every month to buy gold. These include through the various popular jewellers in the country or the city where you stay. That is the only way where you can hedge your risks and buy, as the cost of averaging comes into play. Gold rates in the of Mumbai were last seen trading at Rs 28,200 per 10 karats. The city might see gold prices opening at around the same levels. We strongly advocate individuals to refrain from buying at such high levels. Chances of buying and maing money when prices are high is very minimal. So, take your time and buy at lower levels.9 February 2017
Gold rates in Mumbai are likely to exhibit a very steady week for the period Feb 8 to Feb 13. Mumbai has seen a remarkable rally in prices in the last few months and there is a belief that this trend could continue. Gold prices have now surged past the Rs 28,100 levels and is likely to stay in that range for sometime to come. One reason for the phenomenal jump in gold prices is the fact that the world is flush with funds and this is finding its way into gold. When we say the world is flush with funds, what do we mean. By this we mean that there is a lot of quantitative easing that is going on throughout the world. That is the central banks across the world are stimulating their economies through asset purchases. When that happens it leads to a rally in gold prices as fresh money from this stimulus activities finds their way into the precious metal. This is one reason why gold prices in the last few weeks in Mumbai have had a phenomenal run. If you are looking to buy now, it may not be the right time, given the sharp rally in the metal. the Union Budget 2017-18 has also not adopted any favourable policies for the Union Budget, like a cut in excise or tariffs. All in all we believe that gold prices today in Mumbai are going to be the same for sometime to come. Do, there is no point in waiting and watching for prices to decline.6 February 2017
Gold rates in Mumbai on February 3, 2017 are set to gather momentum after the US Federal Reserve left interest rates steady in its policy meet. This has encouraged gold buyers in the international markets, who have bought into the precious metal. The Union Budget 2017-18 also saw very little recommendations for gold. Consumption has dropped and the government has not been encouraged to add to add to many excise and import duty norms for the precious metal. Hence, gold prices today in Mumbai are likely to open higher. In fact, the 22 karats purity has edged past the Rs 28,000 levels with ease. Investors have been buying into it as and when the prices are falling. Technically speaking, we may not yet see too much of upside in gold. This is because some support will emerge around the Rs 28,300 mark and gold prices today in Mumbai are almost near those levels. It is important for investors to understand certain technical levels in case you are buying gold. This is because, otherwise you would end up losing the opportunity of buying into gold at lower levels. So, is it the right time to buy into gold at these levels is the obvious question: with gold you never know which is the right time. Sometimes the precious metal may go higher, while at other times it may end lower. If you are a buyer of gold, you should do it at lower levels. However, it might not be possible to buy high and sell low. At such times you can buy the same at a price that suits you, if there is an emergency requirement like a marriage.
3 February 2017
It is likely to be a very soft opening for gold prices in Mumbai,which are likely to decline, following lower closings across the global markets. Gold has been slightly soft in the last few trading sessions. Investors have not been buying too much of the precious metal as prices have risen rather sharply. In fact, a lot of people in the Mumbai city are only making commitments, but are not buying into the precious metal, as they are waiting to enter to buy at lower levels. At the moment not too many individuals are even considering buying 24 karats, given the sharp rally that we have seen in the last few weeks. Any fall in the price of the metal would be a good opportunity for many investors to buy. At what level would it be an ideal rate is difficult to predict. It is a good idea to compare rates before buying. This way you are ensured that you have taken the right decision. By and large it would be difficult to predict any variation, but, it is highly possible that it could happen. So, the best way to be buying gold is to adopt a wait and watch strategy, which should push gold prices higher in the weeks to come.29 January 2017
Gold rates in Mumbai fell, as international prices dropped after the dollar lost some strength and was exhibiting some weakness against many other currencies. The stupendous gains seen in the dollar has pushed gold prices lower and this has weighed on the precious metal. Gold demand has also been weak as prices have rallied a great deal in trade. Gold for both 22 karats and 24 karats were trading lower. When prices rally there is some kind of subdued demand that is prevalent. This is because investors postpone their buying on hopes of buying into the precious metal at lower levels. However, when would a dip in the precious metal happen is always so hard to predict. Investors ban could be a disillusioned lot if gold prices do not drop. This is when one would be inclined to buy at higher prices, which could lead to a further demand coming in for gold. The problem right now is that we could see increased buying in the days to come, only when there is some decline in the prices of the precious metal. So, be a long term buyer.25 January 2017
Gold prices in Mumbai are set to gain as investors buy into the precious metal on declines. Gold for 22 karats and 24 karats will open higher on January 23, 2017, as the dollar is likely to see some decline after the swearing-in of Donald Trump as the US President. This will ensure that there is some buying interest in the metal as gold tends to gain when the dollar falls. A strength in the dollar on the other hand results in gold prices falling. Gold prices in Mumbai today reflect international prices. The precious metal has seen a good rally in the last few days and has moved higher to cross the Rs 28,000 mark with some ease. It is unlikely that we may see some large scale momentum in gold and every rally should be an opportunity to sell into the precious metal. If you are a buyer at higher levels, the chances of making money are very minimal. It is therefore advised to sell into the precious metal on every rally. A good opportunity to buy would be around the Rs 27,000 levels. However, it is unlikely that we will see gold at such low rates in the near future. Go ahead and buy.22 January 2017
Gold prices in Mumbai are expected to start the day flat to positive on Jan 20, 2017. Gold for 22 karats and 24 karats were seeing a slight uptick in prices. Gold prices were slightly volatile ahead of the swearing in ceremony of US President elect, Donald Trump. Most of the markets are waiting to see if his policies would be favourable. If they are not, we could see a sharp rally in the prices of gold. So, hand on to gold, who knows you may end-up making money.20 January 2017
It was another lacklustre day of trade for gold in the city of Mumbai. Gold for 22 karats was last seen trading at Rs 27,700 per 10 grams, even as there was a lot of buying support seen for the precious metal in Mumbai. Gold would continue to rally say analysts, if US President, Donald Trump's policies turn volatile. However, the only deterrent for gold prices would be the rise in interest rates in the US. This has been a major reason for the sharp fall in the prices of gold in the month of December in the city of Mumbai. If interest rates keep rising in the US, it could lead to a fall in gold prices in the city of Mumbai.
19 January 2017
Disclaimer: The gold rates are sourced from local jewellers in the city. There maybe variance in rates and prices. GoodReturns.in has made every effort to ensure accuracy of information provided; however, Greynium Information Technologies Pvt Ltd, its subsidiaries and associates do not guarantee such accuracy. The rates are for informational purposes only. It is not a solicitation to buy, sell in precious gold. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates do not accept culpability for losses and/or damages arising based on gold information provided.