Mumbai Gold Rate Rally Takes A Break! 24K Falls After Rs 54,000/100 Gm Jump In 3 Days | Check Rates

Mumbai Gold Rate Today: The prices of 24-karat, 22-karat, and 18-karat gold in Mumbai took a U-turn after the precious metal's rally hit the pause button on Tuesday, June 16. Gold rates in Mumbai declined after the precious metal reclaimed the Rs 1.5 lakh per 10 grams (for 24K gold) mark on Monday. Meanwhile, silver rates in Mumbai remained stable.

Mumbai gold and silver rates are closely tracked not just by jewellery shop owners, but also by investors, retail jewellery buyers. Here are latest details about gold rate today in Mumbai.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai declined by Rs 160 per 10 gram to Rs 1,51,370. Likewise, the rate of 22 karat gold in Mumbai fell by Rs 150 per 10 gram to Rs 1,38,750. The rate of 18 karat gold in Mumbai dipped by Rs 120 per 10 gram to Rs 1,13,530.

24k Gold Price Jumps Rs 54,000/100 Gm In Mumbai in 3 Days

While gold rate today in Mumbai declined, the precious metal saw a massive rally over the las three days (excluding Sunday). The 24 karat gold rate in Mumbai became expensive by Rs 54,000/100 gram from its Friday's price of Rs 14,85,800 to Tuesday's price of Rs 15,13,700.

Mumbai Silver Rate Today

Silver rate today in Mumbai remained unchanged. Mumbai silver rate today stood at Rs 265 per gram to Rs 2,65,000 per kilogram on Tuesday, June 16. Silver price in Mumbai saw sharp volatility in January where prices breached the Rs 3 lakh per kilogram mark and then crashed below Rs 2.5 lakh in February.

Gold Price Outlook

"Gold price may consolidate in the near term, amid mixed macro signals while some pressure may build up over rate hike expectations, a stronger dollar, and elevated bond yields. Short-term volatility of around ±5% is likely on Geopolitical developments, particularly around the US-Iran conflict," as per Tata Mutual Fund report.

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