Mumbai Gold Rate Crashes Today! Jewellery Buyers Rejoice as 24K Gold Falls Rs 10,400/100 gm; Silver Down Too

Mumbai Gold Rate Today: The price of 24 karat, 22 karat and 18 karat gold in Mumbai saw a massive decline on Monday, June 8. Following the trend, the silver rate today in Mumbai also saw a decline. The recent decline in gold and silver rates in Maharashtra's capital came as the domestic gold prices fell today.

In the international market, bullion saw some support after seeing a 5% decline last week. The recent trend in gold prices came as crude oil prices rallied on Monday after Israel's fresh strikes on Lebanon and uncertainty over Iran-US talks.

Back in Mumbai, the recent decline in gold rate today is likely to cheer retail jewellery buyers and investors and encourage fresh purchases. Here are latest details about Mumbai gold rate today.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai declined close to Rs 104 per gram on Monday, June 8, to Rs 15,169 per gram, as per Goodreturns data. Which means that per 100 gram of gold in Mumbai became cheaper by Rs 10,400 to Rs 15,16,900.

The rate of 22 karat gold in Mumbai declined by Rs 95 per gram to Rs 13,905 per gram. Likewise, the rate of 18 karat gold in Mumbai fell by Rs 78 per gram to Rs 11,377 per gram.

Mumbai Silver Rate Today

The price of silver in Mumbai also followed the trend and saw mild correction. Silver rate today in Mumbai fell to Rs 260 per gram and Rs 2,60,000 per kilogram. Silver rate in Mumbai and across India is showing range bound movement after seeing wild swings in January and February this year.

GST on Gold, Silver Rates in Mumbai

As per Goodreturns data, gold jewellery buyers in Mumbai would require to pay 5% of GST on their gold jewellery purchases, which converts to Rs 5,097 for every gram of 24 karat gold at present rate. They are also required to pay a making charge estimated to be Rs 18,203. Which means that the total cost of 24 karat gold jewellery item ( weighing 10 gram) would cost around Rs 1,74,990, as per GR data. Readers must note that the final price of the gold jewellery item may vary based on making charges and other offers.

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