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Gold Rate in Mumbai (2nd December 2020)

Dec 2, 2020
4,763 /Gram(22ct) 71

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.

Today 22 Carat Gold Price Per Gram in Mumbai (INR)

Gram 22 Carat Gold
22 Carat Gold
Daily Price Change
1 gram 4,763 4,692 71
8 gram 38,104 37,536 568
10 gram 47,630 46,920 710
100 gram 4,76,300 4,69,200 7,100

Today 24 Carat Gold Rate Per Gram in Mumbai (INR)

Gram 24 Carat Gold
24 Carat Gold
Daily Price Change
1 gram 4,863 4,792 71
8 gram 38,904 38,336 568
10 gram 48,630 47,920 710
100 gram 4,86,300 4,79,200 7,100

Gold Rate in Mumbai for Last 10 Days (10 g)

Date 22 Carat 24 Carat
Dec 2, 2020 47,630 710 48,630 710
Dec 1, 2020 46,920 -320 47,920 -320
Nov 30, 2020 47,240 -10 48,240 -10
Nov 29, 2020 47,250 10 48,250 10
Nov 28, 2020 47,240 -420 48,240 -420
Nov 27, 2020 47,660 -190 48,660 -190
Nov 26, 2020 47,850 -1900 48,850 -1900
Nov 25, 2020 49,750 -50 50,750 -50
Nov 24, 2020 49,800 -150 50,800 -150
Nov 23, 2020 49,950 50 50,950 50

Weekly & Monthly Graph of Gold Price in Mumbai

Historical Price of Gold Rate in Mumbai

  • Gold Price Movement in Mumbai, November 2020
  • Gold Rates 22 Carat 24 Carat
    1 st November rate Rs.49,960 Rs.50,960
    30th November rate Rs.47,240 Rs.48,240
    Highest rate in November Rs.51,190 on November 9 Rs.52,230 on November 9
    Lowest rate in November Rs.47,240 on November 28 Rs.48,240 on November 28
    Over all performance Falling Falling
    % Change -5.44% -5.34%
  • Gold Price Movement in Mumbai, October 2020
  • Gold Price Movement in Mumbai, September 2020
  • Gold Price Movement in Mumbai, August 2020
  • Gold Price Movement in Mumbai, July 2020
  • Gold Price Movement in Mumbai, June 2020
  • Gold Price Movement in Mumbai, May 2020

Gold rates Mumbai 22 karats: How do prices change?

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.

Gold Rate in Mumbai, 22 & 24 Carat Gold Price Today

Gold and hallmarking centres in Mumbai

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.

Since the network of hallmarking centres is an adequate you may have to travel a bit, before you reach a hallmarking centre. It is always advisable to go for hallmarked gold, because of its distinctive properties. Yes, it would be a little tedious to get the gold hallmarked because of the distance and the time travelled, to get the hallmarking done, but, it would still be worth it considering the fact that you are kind of guaranteed on purity.

Top Jewellers in the city of Mumbai

Mumbai is a city that is adorned through its length and breadth with jewellers in the city. However, there are many jewellers that are very popular in the city. Among these are Popley and Sons, Tribhoovandas Bhimji Zaveri, P M Shah, Tara Jewels and popular chains like P C Jewellers and Tanishq. We wish to state that Mumbai is one city where you find a host of jewellers and it is easy, but, there are some that are always so popular and have been in existence since the decades. Most people in the city of Mumbai, wish to buy gold from the jewellery shops that have been in existence since the last many years. Every family has a family doctor and it is the same for buying jewellery. Ultimately every family has their own jeweller from where they buy their gold. So, there is no question of individuals generally trying and experimenting with new jewellers in the city. We suggest that you stick to your old jeweller, because it not only a question of purity, but, also a question of the old traditions that matter much for the young population of Mumbai. Today, jewellers in the city of Mumbai offer the best possible rates, which is a big postive.

Supply pressures may push prices of gold in Mumbai higher

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. For example, if the mining activity deteriorates, it is highly likely that we may see some supply constraints which could push gold prices lower. So, watch out for some of these supply pressures, which could push gold prices in Mumbai lower. However, as we have new discoveries of gold coming through we may see some positive momentum in gold prices, which should now play on them. However, how much of new gold discoveries would happen is the big question these days. Broadly speaking, much would depend on the mining that takes place in the important towns and cities of the country. There are various other aspects that could result in gold prices going higher or lower. The addition and melting of gold, could push gold prices lower, as supply continues to rise. Supply pressures can also impact other things like the prices of the metal in Mumbai. However, much would depend on international mining that takes place, since we do not mine gold ourselves. That is unlikely to happen anytime soon, which is why you should not worry about the demand and supply.

Where and how to store your gold in Mumbai?

 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.

There are many places that you can store your gold. If you remember in the good old days, you would want to store the precious metal in all places, including your office and other secret places, for fear of theft or robbery. That is no longer required these days, as you can store your things in the bank lockers. Interestingly, today there are also private lockers where you can store your gold and other precious ornaments. If you are looking to store the same, the best and the most ideal place would be a bank that is close to your house. This is because gold has to be accessible all of the time, especially if there is a sudden function or party that is happening around. It is not advised to have large amounts of physical gold, as it would serve very little purpose and would only push you to hiring a bank locker. On the other hand, if you have small amounts of gold, it would be better to store the same at home, as this would not allow you to rush to the bank every time you need to withdraw the gold jewellery. Also, it is very important for you to compare the bank locker charges, before blindly paying the charges. Another thing that is worth mentioning is that in case you have very limited quantity of gold, you could store him safely in your locker at home. At all times, it is important to ask yourself whether the amount of gold, you have is worth storing in the locker. Today, a small sized locker can cost you as much as Rs 5,000, per year, as rentals have now hit the roof. However, if you have to take and need the same, then you might as well, hire  bank locker to store your precious gold ornaments. for Mumbaikars there are a plethora of choices to store their gold and they can choose the ones that are nost appropriate for them. In the end ask youself whether there is a need for a locker, if you do not hve large amounts of gold.

Is it Better to Invest in Gold or an Immovable Asset in Mumbai?

Investing in gold or some immovable asset is a good option but before that we need to consider a few things such as market condition, scope, etc.

First of all, we need to see the market situation as we need to check the gold rates in Mumbai and also the immovable asset price as well. If gold prices in Mumbai is up and real estate is down then you can go for the real estate if your plan is for a long term plan. If your plan is limited and you want to sell the asset or gold in a fixed period, it is highly recommended to go for gold. The chances of increase in real estate value will be very less when compared to gold. When it comes for gold, Gold rates in Mumbai will always be fluctuating as the gold rates in Mumbai moves depending upon a lot of reasons. You can see a good up as well as down in the short term.

There are few other things which we should consider about gold. It is a universal asset. You can buy and sell gold anywhere and any place you will get the price, though you may not get the same price like the gold price in Mumbai, you will get a good price.

What is a Sovereign Gold Bond?

Sovereign Gold Bond means a scheme issued by the Reserve Bank of India. These plans offer all the benefits which you can get from the physical gold. Though, Reserve Bank of India issues these schemes, actually, RBI issues these bonds on behalf of Government of India. The value of the gold bond will increase and decrease with the change in the gold rates in Mumbai. These gold bonds are for investors and individuals who buy physical gold as an investment can go for the gold bonds instead. As in the physical gold, there will be few charges which investor should bear though he likes it or not. But if he goes for a Sovereign Gold Bond he will not need to pay those costs.

These gold bonds were introduced to reduce the demand for physical gold in the market. If investors go for the gold bonds than going for physical gold, they will earn some interest as well. This interest rate will be fixed by the RBI and will be given once every six months. You can buy or sell Sovereign Gold Bonds in the stock markets, and if you follow the gold rates in Mumbai, then you can buy or sell gold bonds quickly.

Taxation of gold and gold ETFs in Mumbai

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. We wish to state that in the present context, gold ETFs, would be the best bet for the city of Mumbai. As we mentioned the negligible storage charges and other ancillary benefits are the big positive for the city. However, do not forget to compare rates, even in this form of investment. Even if there are some distinct charges, the possibility of making returns would be possible only if you invest for the long term and are patient. How long you would have to wait is a big question mark. However, in the past gold has shown that it has the ability to rally in the short to long term. How long that would take is anybody's guess. If you are not able to understand, it is better to consult an expert who understands how taxation on gold happens in India. Now even the recently launched Sovereign Gold Bonds attract an interest rate of 2.75 per cent, which means the interest earned on these bonds would be fully taxed in the hands of the investors. So, if you are in the highest tax bracket, you would end-up paying taxes on the same for interest income earned on the Sovereign Gold Bonds.

Is Gold investment safe In Mumbai?

Primary care for anyone with money is how to keep it safe. Investors think maximum to keep their wealth safe. But nowadays they have many options available. It is tough to think where they should keep their money effectively. Now investors can happily store their money in bullion if they want good returns and safety.

 Gold has proved to be a shelter to many investors from many years now. Investors believe that which asset that can perform well when the global market is down will get a pereference. In India, investment in gold is a sentiment because its usage is large in jewelry. According to reports, the total amount of gold in India is approximately about 22,000 tonnes, and it is increasing at a steady rate year to year. So many investors like to invest in gold because it recovers quickly and the performance is also good in difficult situations. Gold is a real metal it does not get destroyed or damage like other metals. Gold has a long life, and it can be made as both currency and jewelry. And it is in short supply, so it has a demand in the market. When the global markets come down, people start to move money to gold because it is a method to protect the investors from financial loss.

The hazards of buying gemstones on Jewellery

If you are buying jewellery in Mumbai, you must stay away from gemstones or precious stones, as you might want to call them. One of the biggest reasons for that is you do not know, how to value them. Valuations can range from the absurd to the ridiculous. When buying your goldsmith might sell it to you as the rarest bit on planet earth. However, when you find the true value, you would consider the same as ridiculous. This is why it is such a better proposition to buy just gold jewellery more than anything else. This way you are sure what you are buying.

So, it is very important to be selective when you are buying gold, because you do not want to spend your hard earned money on things that would not fetch you value in the next few years. So, it is a good idea to buy and sell gold jewellery where you are certain on the prices of the precious metal.

Mumbai gold prices: heading for strong resistance

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 do not have technical expertise to understand gold price movement in Mumbai today you should seek professional advise, which will hold you in good stead.  Also, you can study 100 and 200 day moving averages, which can help you get a rough idea on where prices are headed in the short to medium term.  

Gold prices in Mumbai take into account various factors. At the moment we are witnessing tensions betweem the US and North Korea, which has pushed gold rates in Mumbai higher and could also keep them at elevated levels. Hence, it is important to keep an eye on geo political tensions.

Buying gold in the futures market 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. However, it would be important to seek professional help, when taking or considering buying gold jewellery. Also, go for a depth in variety like gold bonds, gold ETFs, and other variety of gold. Make sure that you hold and maintain a long term view before you planning to sell the same. In the long term, the chances of making money is far greater than anytime else. So, make sure that you are well prepared for the same. It is a good idea to buy and take physical delivery then invest in the futures market in India. In any case what we suggest is that you contact your broker, as he would inform you on the finer aspects of buying and selling gold in Mumbai. Above all do not forget to monitor the live gold rates in Mumbai. It is always a better idea to seek expert opinion, especially when one considers the futures markets, because of the huge risks that are involved with buying in these kinds of markets.

How is Gold used in Electronics in Mumbai?

Of all the metals that are mined from the Earth, gold is more useful and most precious metal. The metal has various unique properties, and hence it is used in different manufacturing sectors across the world. Gold is a perfect conductor of electricity. It can tarnish resistance; it can be drawn into wires, hammered into thin sheets, it is easy to work with, it can be alloyed with other metals for various purposes, it can be molded into different shapes, it has an excellent luster and has a beautiful color.

Gold is used in electronics industry across the globe. The solid-state electronic devices apply low voltage and currents which can be quickly interrupted by corrosion at the point of contact. Gold being a good conductor can easily carry low voltage currents and will remain free of corrosion. Any kind of electronic devices made of gold is highly reliable, and the durability is excellent. Gold is used in switches, soldered joints, connectors, relay contacts, connecting wires. A small portion of gold is used in electronic devices like global positioning system (GPS), calculators, cell phones, television. Gold also finds usage in Computers for the accurate and rapid transmission of digital information.

 Which one is better a personal loan or a Gold Loan?

There are few things which you should consider before taking a loan and depending upon those aspects you can decide which loan will be suitable for you. The main thing that one must understand is for personal loan one will not need to give any collateral for securing the loan. When it comes to the gold loan, you will be getting a loan against the gold. For a personal loan, you will be getting amount depending upon your banking history or credit history whereas for the gold you will be getting a loan depending upon the gold rate in Mumbai on that day and few other factors.

For a gold loan, the interest rate will be a little low when compared with a personal loan. The interest rates are not fixed for either of the loans it varies from bank to bank. When it comes to repayment, if you have any plans of closing your loan in advance for the gold loans there will be no extra charges for it. When it comes to personal loans, there will be few charges which you should be paying. You will not need to worry about the gold price change in Mumbai as your loan repayment amount will not increase or decrease with the increase or decrease in the gold price in Mumbai. So, check gold rates before striking a deal with your gold loan company.

Understanding KDM gold in Mumbai

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. However, KDM is not the only choice that you can look foward to and today we also have choices like Hallmarked jewellery that is easily available in a city like Mumbai. However, there are some concerns that the centres that sell hallmarked gold, should be expanded rather quickly. As mentioned before there is not much of demand left in a larger variety of gold. So, you better buy the hallmarked variety as opposed to any other variety. This should hold you in good stead in the coming days. In place of buying KDM gold jewellery it would be good to buy hallmarked gold in Mumbai.

Easy to buy and sell

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. In the last three years for example, we are seeing movement that is very narrow. Returns on an average have been just about 3-5 per cent every year. Of course, while everybody was earlier offering cash, today nobody might be offering the same, because of the demonetization impact. However, even if there are others forms of remittance that you are getting for your gold sale in Mumbai it is still worth it.

Watch out for these things when buying gold in Mumbai?

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. So, make sure that you carry your PAN each time you need to buy from the jeweller. Apart from this you should also wait for the prices to decline and avail all the possibilities of the highest quality of metal when buying. This will ensure that when you want to sell the same, you get the best prices for the metal. A good way would be to buy into the metal at declines, when you are already at around the Rs 27,800 levels for gold. At this rate technical analysts suggest that there could be some buying that could emerge. If you are a regulat buyer it makes sense to adopt a buy on decline strategy. We do not anticipate a big dip for the metal in the coming days. So, there is unlikely to be selling pressure beyond Rs 27,000 for gold in Mumbai, so any opportunity to buy around these levels would be superb consideration.

A very old and rich trade in Mumbai

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. These days online is another option that you could consider for investing in gold. However, you need to know that there are certain safety rules that you should adhere to before you invest in the same. You cannot check the quality of gold online, so you woud have to go to some company that provides the best online and is known for its reputation. For example, it would not be a bad idea to buy from Tanishq, which is a Tata Enterprise. In all cases you have to be ensured that the gold is pure and is also of good quality. For that we have mentioned elsewhere that you need to check for quality and purity.  You have an option of alsso buying gold online in which case you cannot and should not buy from any place that is less reputed.

 Where to buy gold in Mumbai?

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. These days it is a question of prestige, reputation and reliability and in this case it is always a better idea to go to your trusted jeweller, whom you have been buying since the last many years. This is better for your own satisfaction on the quality of gold that you are going to buy.

 How gold prices in Mumbai may move in 2018

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 believe that gold rates are going to move downwards. However, it is always difficult to predict the movement of gold and hence you might want to seek expert opinion before buying.

Will gold rates in Mumbai fall?

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. It is a far complicated thing to rightly predict movement of gold rates in Mumbai and hence you should ask people who have the knowledge on where gold prices are headed in the city.

Few factors affecting gold price

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.

A look at the gold jewellery schemes in Mumbai

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.

Is gold consumption in Mumbai declining?

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.

What does an ounce mean?

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.

History of gold trade in Mumbai

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.

Taking gold loan from gold loan companies

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.

Where to sell gold in Mumbai?

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.

916 gold rates in Mumbai today: How are they determined?

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.

Buying gold in Mumbai through gold schemes

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.

 Should you now be buying gold?

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.

 Various options for buying gold in Mumbai?

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.

916 Gold rates in Mumbai

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.

A visit to the gold market in Mumbai

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.

What makes gold prices in Mumbai tick?

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.

Demand for Gold In Mumbai?

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.

How Is Gold In Mumbai Taxed?

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.

How is this tax in gold calculated? 

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.

Buying into gold coins?

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 as an investment

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.

How much gold holdings does the world have?

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.

Gold bars/coins vs ETFs

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.

The rate of returns

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.

Different ways to invest in gold

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.

Understanding the concept of 916 hallmarked gold in Mumbai

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.

Should you buy gold online in Mumbai?

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.

Outlook for Mumbai gold in 2018

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.

How to import gold in into India?

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. 

Why invest in gold?

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.

How to check for hallmarked gold in Mumbai?

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 Trends in Mumbai in 2017

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.

Always remember to pay your taxes on gold

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 surging across the globe

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.

 Gold as an excellent diversification strategy

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.

 How gold prices in Mumbai are determined?

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.

Taking a gold receipt in Mumbai from your jeweller

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.

There are other reasons to be taking a receipt. Just imagine if you get an income tax query for some large purchases of gold made in the past. This may lead to complications if you cannot really prove the date of the purchase, the quantum etc. It is therefore extremely imperative to take a receipt from the jeweller. Some individuals would not take the same in the past to avoid paying value added tax, which is not a good step at all. Also, in the past individuals needed a receipt because of the Wealth tax that was applicable. For example, before Wealth Tax was scrapped, there was a one per cent tax that was applicable on the quantum of gold one had over and above Rs 30 lakhs. That has been scrapped. So, individuals would preserve the receipt to ensure that they were able to prove the gold purchases and the timing for the same. In any case it is always important to preserve the receipt of gold you bought as it might also help you to make a WILL when you are distributing your gold. So, make sure you do that before buying into gold and insist on the same even if the jeweller is reluctant to pass you the receipt.

What does 24 karats gold mean?

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, go

Latest Updates on Mumbai Gold Rates

Gold Prices Jumps in Mumbai

The gold prices jumped in Mumbai despite fall in the bullion rates in the international markets amidst doubts over U.S.

stimulus bill. The gold rates in Mumbai traded at Rs 47,630 for 10 grams of 22 karats and Rs 48,630 for 10 grams of 24 karats.

In the global markets, spot gold traded at $1,832.60 per ounce, U.S. gold futures at $1,811.40 per ounce.

The progress in the development of the coronavirus vaccine has boosted the confidence of the investor community, prompting them to pick up stake in riskier assets over the safe-haven bets. The march in the rally in the stock markets has limited the rise in the gold value off lately.

The outbreak of the pandemic crisis had boosted the precious metal to touch sky-high prices since March 2020.

The delay in the U.S. stimulus package has led to the slip in the value of the precious metal. Mitch McConnell, the top Senate Republican announced that the U.S. Congress should include new stimulus package to the tune of $1.4 trillion amidst ongoing talks between House of Representatives Speaker – Nancy Pelosi and Treasury Secretary – Steve Mnuchin.

A group of House Members and a bipartisan group of senators have proposed a relief measure to the tune of $908 billion.

Meanwhile, the recent news about the vaccine has prompted the U.S. officials to begin with their plan of vaccinating million of its citizens starting from mid – December.

Investors note that the hopes of economic recovery may continue to boost investors to pick up stake in riskier assets and keep them away from the yellow metal.

2 December 2020
Gold Prices Falls in Mumbai

The gold prices fell in Mumbai following cues from the international markets amidst a rampant rise in the virus cases and weak dollar value. The gold rates in Mumbai stood at Rs 46,920 for 10 grams of 22 karats and Rs 47,920 for 10 grams of 24 karats.

In the global scenario, spot gold stood at $1,817.50 per ounce; U.S. gold futures at $1,800.60 per ounce.

The metal-edged up by 1% during today’s trade session in the bullion markets owing to surge in the infection cases globally and weak dollar value. The overshadowing of some of the optimism for a quick vaccine to prevent the coronavirus had fueled economic recovery.

Yesterday, the precious metal slid to witness its worst monthly fall in the last four years. The hopes of a revival of the economy had forced investors to pick up stake in riskier assets and ditch gold as it acts as a safe-haven bet.

Gold, the precious metal had gained around 18% this year owing to the unprecedented stimulus package and lower interest rates amidst the pandemic crisis. Most of the central banks rolled out stimulus measure to cushion the economy since March 2020.

Apart from this physical demand for gold from India and China also supported the bullion to gain strength.

The U.S. Federal Reserve Chairman – Jerome Powell noted that the U.S. is entering a challenging situation in the next few months as the potential discovery of the vaccine poses a difficulty for mass production and distribution to masses before its economic impact becomes clear.

1 December 2020
Gold Prices Slips Marginally in Mumbai

The gold prices slipped marginally in Mumbai despite slump in the bullion markets as vaccine led hopes for economic recovery continues to grow. The gold rates in Mumbai traded at Rs 47,240 for 10 grams of 22 karats and Rs 47,240 for 10 grams of 24 karats.

In the international markets, spot gold stood at $1,779.50 per ounce; U.S. crude futures at $1,773.80 per ounce.

The yellow metal extended its fall to touch five month low today as growing prospects of the vaccine led boost for economic revival has cast shadow over value of safe-haven asset. The situation has set the bullion on course to witness its worst month in past four years.

Gold, the precious metal had hit sky-high prices, since the outbreak of the pandemic crisis. At one point it had managed to hit a record $2,000 per ounce in August 2020.

The lower interest rates and unprecedented stimulus package rolled out by several central global banks had boosted the value of ornamental metal to touch sky-high prices.

Three pharma companies have announced positive trial results and have improved the bets of economic revival leading to the sharp fall in the gold value. The precious metal has declined over $300 per ounce witnessing its worst month in the past four years.

Investors are picking up stake in riskier assets ditching gold leading to surge in the global equities markets. The hopes of improvement of economy has even helped the oil prices to march up over the last couple of days.

Meanwhile, investors are looking for congressional testimony by the U.S. Fed Reserve Chief – Jerome Powell, set to take place this week.

1 December 2020
Gold Prices Drops in Mumbai

The gold prices dropped in Mumbai following cues from the international markets amidst growing optimism over economic recovery following vaccine development. The gold rates in Mumbai traded at Rs 47,240 for 10 grams of 22 karats and Rs 48,240 for 10 grams of 24 karats.

In the international markets, spot gold traded at $1,784.56 per ounce; U.S. gold futures at $1,783.65 per ounce.

The metal slipped by around 2% during today’s trade session and touched below $1,800 per ounce diving to nearly five month low. The increasing optimism about a quick vaccine launch has fueled economic recovery.

Apart from this the smooth transition of power in the White House from Trump to Biden has supported stock markets to hit record highs over the last few days.

The U.S. President – Donald Trump said on Thursday, that if the Electoral College votes for Biden, then he will leave the White House and will pave way for Biden to take up the Presidency.

The pandemic crisis has forced the global central banks to keep the interest rates lower over the last few months. The unprecedented stimulus measures announced by the banks globally had boosted the prices of ornamental metal to scale sky high prices.

Gold, the precious metal acts as a safe haven bet. The uncertainty surrounding the economic growth had helped the metal to gain over 16%, so far this year.

29 November 2020
Gold Prices Dips in Mumbai

The gold prices dipped in Mumbai following trends from the international markets amidst hopes of vaccine to prevent the pandemic crisis. The gold rates in Mumbai spotted trading at Rs 47,660 for 10 grams of 22 karats and Rs 48,660 for 10 grams of 24 karats.

In the overseas platform, spot gold stood at $1,788.50 per ounce; U.S. gold futures at $1,805.90 per ounce.

The hopes of the coronavirus vaccine and growing optimism around the revival of the global economy have dulled the demand for the safe-haven asset. So far, three pharma companies have announced positive results from the clinical trial results of their vaccine aimed to prevent the coronavirus.

However, the drug from AstraZeneca was questioned over its effectiveness. The vaccine is currently under more rigorous scrutiny. Analysts claim that the vaccine's regulatory approval is likely to be postponed.

AstraZeneca has claimed that its drug is a vaccine for the world owing to its affordable cost.

Gold the precious metal has gained over 19%, so far this year owing to the unprecedented stimulus package and lower interest rates rolled out by the central banks globally to cushion the economy.

The outbreak of the pandemic crisis dragged the global economy towards recession and forced investors to invest in gold heavily, weighing on its prices to hit sky-high.

Meanwhile, the economic impact of the virus has forced the global central banks to keep interest rates at a minimum.

27 November 2020
Gold Prices Drops in Mumbai

The gold prices dropped in Mumbai despite a gain in the bullion markets amidst weak U.S. jobs data. The gold rates in Mumbai traded at Rs 47,850 for 10 grams of 22 karats and Rs 48,850 for 10 grams of 24 karats.

In the global markets, spot gold stood at $1,822.90 per ounce, U.S. gold futures at $1,807.60 per ounce.

The U.S. jobs data continued to witness a declining trend for the second consecutive week in a row, pressurizing the precious metal to jump in the bullion markets. The doubts over the quick revival of economy amidst the pandemic crisis gave the yellow metal an edge to rise during today’s trade session.

The recent announcements surrounding the discovery of the vaccine to prevent the coronavirus had halted the rally of gold. But the doubts over the recovery amidst growing infections globally has supported the safe-haven bet to inch up.

Gold, the precious metal tends to gain strength owing to the political and economic crisis. The pandemic crisis had supported the rise in the value of metal as it managed to raise over 18% due to the unprecedented stimulus package and lower interest rates rolled out by the global central banks.

Over the last two weeks, America is witnessing a record rise in infection which touched a whopping 2.3 million cases. The surging cases in Germany have prompted officials to extend lockdown.

The U.S. Federal Reserve is discussing the ways to provide more support to the markets amidst the ongoing crisis. Some of the participants are expecting the U.S. Central bank to lengthen the maturity of bond purchases.

26 November 2020
Gold Prices Slips Marginally in Mumbai

The gold prices in Mumbai slipped marginally despite gains in the overseas markets as growing optimism over vaccine development has spurned equities rally globally.

The gold rates in Mumbai traded at Rs 49,750 for 10 grams of 22 karats and Rs 50,750 for 10 grams of 24 karats.

The yellow metal continued its rally after its brief halt during the previous session as the weaker dollar uplifted the value of gold. The news about the development of a vaccine to prevent the pandemic has helped investors to invest in riskier assets over the last two weeks.

Three pharma company – Pfizer, Moderna and AstraZeneca has announced positive clinical trial results for their respective vaccine aimed to cure the coronavirus. The news about vaccine development has uplifted the global economic outlook, resulting in a drop in gold value as it acts as a safe-haven asset amidst uncertainty.

The dollar index, a measure of the U.S. currency against a basket of rival currencies closed to its lowest in the last three months and made gold cheaper for holders of other countries currencies.

The cut in the interest rates by the central banks across the globe has reduced the opportunity cost of holding non-yielding gold. Gold has managed to scale up by 18%, so far this year as it acts as a hedge against inflation. The massive economic stimulus rolled out globally by central banks has uplifted the value of gold.

Meanwhile, investors are waiting to see the minutes of the U.S. Federal Reserve’s last meeting, as it is due to be released later today.

25 November 2020
Gold Prices Inches Down in Mumbai

The gold prices inched down in Mumbai following trends from the bullion markets as hopes for the discovery of the vaccine to cure the virus infection has boosted the appetite for riskier assets. The gold rates in Mumbai recorded at Rs 49,800 for 10 grams of 22 karats and Rs 50,800 for 10 grams of 24 karats.

In the overseas markets, spot gold traded at $1,813.40 per ounce; U.S. gold futures at $1,810.70 per ounce.

The positive news about the development of the vaccine to prevent coronavirus witnessed a slump in the bullion market. Investors chose riskier assets over gold which acts as a safe-haven asset during political and economic uncertainty.

Gold, the precious metal had hit sky-high prices since the outbreak of the epidemic crisis owing to the growing uncertainty over the economic growth and the lower interest rates announced by several central banks globally.

But on Monday, AstraZeneca announced positive clinical trials of its vaccine developed in association with Oxford University and joined lines of Pfizer and Moderna which recently revealed positive trial results of their respective vaccine.

The likely improvement and speedier recovery in the economic outlook across the world have uplifted the mood of the equities markets to rally strongly over the last couple of days.

In a move to clear the path for the new President-Elect, Donald Trump’s officials have given the go-ahead to Joe Biden, to begin with, his White House Transition.

Meanwhile, the dollar value held close to a three-month low, capping the fall of the gold value. The U.S. dollar and gold share an inverse relationship, dip in the dollar value will uplift the gold rates and vice versa.

24 November 2020
Gold Rates Gains in Mumbai

The gold rates gained in Mumbai following trends from the overseas markets amidst hopes over stimulus package and a weak dollar. The gold prices in Mumbai recorded trading at Rs 49,950 for 10 grams of 22 karats and Rs 50,950 for 10 grams of 24 karats.

In the global markets, spot gold traded at $1,876.50 per ounce; U.S. gold futures at $1,870.60 per ounce.

The weak dollar and hopes of a new stimulus package to cushion the pandemic hit economy has boosted the ornamental metal to gain strength during today’s trade session.

Gold and the U.S. currency share an inverse relationship, the strong dollar will lead to a fall in the prices of the yellow metal and vice versa.

The race for vaccine development had halted the rally of the gold off lately. The possibility of rolling out of the vaccine to prevent the virus infection by next month has cheered the stock markets in Asia to close high during today’s trade session.

As per the reports, the health care workers in America are likely to get the shot of coronavirus vaccine in a day or two after the vaccine gets necessary regulatory approval from the concerned body. The news has helped the investors to dump the gold and pick up stakes in riskier assets.

Apart from this, likely rolling out of stimulus package by the U.S. government in coming days has led metal to gain. The U.S. Treasury Secretary – Steven Mnuchin reassured markets that the Treasury and Fed had many tools to support the ailing economy. A decision will be arrived at after deciding to de-fund several Fed lending programs by this year-end.

23 November 2020
Gold rates edges up in Mumbai

Gold rates edged up in Mumbai following signals from overseas markets as U.S Treasury Secretary Steven Mnuchin has signaled that stimulus negotiations will continue. The gold prices in Mumbai were spotted at Rs.49,890/- for 10 grams of 22 carats and Rs.50,890/- for 10 grams of 24 carats.

In the global scenario, spot gold was trading at $1,872.95 per ounce and US gold futures were at $1,872.40 per ounce.

The idea of continuing stimulus talks has once again supported gold as realize that central bank liquidity and fiscal stimulus continue to be a driver of this market.

Bullion has fallen about 5% since positive COVID-19 vaccine reports from Pfizer and Moderna in the past 12 days. The precious metal has mainly benefited this year from the damage done to economies by the pandemic and the resulting global recovery.

But gold will remain strong because vaccines will take months and months to be distributed well enough to be effective and the US government will continue to be at an impasse.

21 November 2020

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.

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