Mumbai Gold Rate Today Takes U-Turn: 24K Crashes After 4-Day Rally of Rs 83,500/100 Gm | Check Rates

Mumbai Gold Rate Today: The price of 24 karat, 22 karat and 18 karat gold in Mumbai took sharp U-turn on Monday, August 10 after seeing a sharp rally last week. The 24 karat gold rate in the Maharashtra capital fell today after rallying close to Rs 83,500/100 gram in last four days. The sharp decline in Mumbai gold rate today is in coincidence with decline in gold prices across India.

Lakhs of gold jewellery buyers, investors and even high net worth investors (HNIs) closely track gold prices in Mumbai. Here are latest details about the prices of gold in the city.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai fell by Rs 38 per gram to Rs 15,197 per gram, as per Goodreturns data at 12:30 pm on Monday, August 10. The rate of 22 karat gold in Mumbai also declined by Rs 35 per gram to Rs 13,930 per gram. Likewise, the rate of 18 karat gold in the Maharashtra capital dipped by Rs 28 per gram to Rs 11,398 per gram.

Mumbai Silver Rate Today

While gold prices today in Mumbai declined after last week rally, silver rates in the city remained unchanged. Mumbai silver rate today stood at Rs 245 per gram and at Rs 2,45,000 per kilogram. The stability in silver prices today is in congruence with the white metal's range-bound movement over the past few weeks. However, silver rate in India saw wild swings in January and February this year.

International Gold Price Today

The international gold rate today remained steady above $4,300 per ounce on Monday, as per Trading Economics data. The international gold prices rallied nearly 7% last week. The rally was supported by an unexpected contraction in the US Labour market that led traders to reduce expectations for a near-term Federal Reserve interest rate hike.

"Gold's move this week is telling a more interesting story than the headline rally. COMEX futures have risen from roughly $4,090 on August 3 to around $4,350 on August 7, a gain of more than 6%. The trigger was a sharp repricing of the inflation-risk complex. Brent crude fell from $90.12 on July 31 to about $83.3 today-down roughly 7.5%-while the US 10-year Treasury yield dropped from 4.75% to 4.63% by August 4 before rebounding toward 4.67%. The dollar has not weakened materially this week, but DXY remains around 99.8, about 1.5% below its July 27 level near 101.4," explained Karthick Jonagadla, smallcase manager & MD and CEO Quantace Research.