Mumbai Gold Rate Today, 2 Dec, Sees Sharp Dip, Spot Silver Retreats From Record High; Time To Buy The Dip?

Mumbai Gold Rate Today: The price of gold and silver in Mumbai saw a some correction on Tuesday after seeing a sharp jump on Monday. The mild correction is in sync with the consolidation of international rates as investors booked profits due to record jump.

Meanwhile, spot silver declined on Tuesday after jumping to record high mark on Monday. Overall, gold and silver prices in Mumbai and other Indian cities continued to remain elevated near their record high levels. The sharp jump has come as a setback for retail jewellery buyers amid the ongoing wedding season.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai declined over Rs 28 per gram to Rs 13,020 per gram. Likewise, the price of 22 karat gold in Mumbai has fell over Rs 25 per gram to Rs 11,935 per gram. Similarly, the rate of 18 karat gold in Mumbai has declined over Rs 21 per gram to Rs 9,765 per gram.

"Gold's price increased slightly over the last few days with increased activity from investors and high demand for jewellery from the continuing wedding season. Domestic buyers are optimistic due to the anticipation of interest rate cuts by the US Federal Reserve. The overall market is demonstrating that gold will continue to perform as a safe haven, providing a small amount of upward price momentum, even though caution is being exercised by market participants," stated Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

Mumbai Silver Rate Today

The rate of silver in Mumbai remained stable on Tuesday. Silver rate in Mumbai stood at Rs 188 per gram and to Rs 1,88,000 per kilogram.

"Strong demand for silver has allowed investors to find it to be an efficient access point for entering the bullion market. Increased need from industrial purposes and safe-haven buying has made silver appealing to many investors, making it one of the most active commodities during this time of high uncertainty throughout the globe. The latest rise in demand for silver reflects an increasing amount of interest by investors in silver's ability to provide both a hedge and an entry into the market," Kamboj added.