Mumbai Gold Rate Today Hits Back-To-Back Highs Amid US Shutdown Fears; Dussehra To Drive Prices Higher?

Mumbai Gold Rate Today: The festive season spirit of Navratri, Durga Puja and Dussehra is coinciding with a record-breaking rally of gold. The prices of 24, 22, and 18 karat gold shattered back-to-back records for the second consecutive day on Tuesday, September 30. Gold and silver prices in Mumbai, and other Indian cities witnessed a sharp surge today.

The domestic gold price rally is linked to the surge in global demand for gold amid concerns of a complete US Shutdown. The Donald Trump-led US government is at the verge of shutdown if the Congress does not reach a deal to approve new funding by October 1.

Back in Mumbai, the surge in gold rates has washed all the expectations of gold jewellery buyers of making some purchase on the auspicious occasion at some discounted rates. Here are latest gold rates in Mumbai on September 30.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai surged by Rs 142 to Rs 11,831 per gram on Tuesday. Likewise, the price of 22 karat gold rate on Tuesday jumped by Rs 130 per gram to Rs 10,845 per gram. The price of 18 karat gold in Mumbai increased by 106 per gram to Rs 8,873 per gram.

The record-high gold rates in Mumbai have come just a day after the precious metal touched another mark on Monday. With the sharp surge in gold prices throughout the month, September has become the best ever month for gold in fourteen years.

Mumbai Silver Rate Today

Mumbai silver rate today has also increased significantly over the past few months given its strong industrial demand and attractive valuations against gold. Mumbai silver rate today increased to Rs 151 per gram and Rs 1,51,000 per kilogram.

Will Gold Prices Rise Further Ahead of Dussehra?

Despite the gold's remarkable rally, experts believe that the gold prices are likely to rise further by the end of the year 2025. It is unlikely that gold may see any kind of price correction in the near future.

With just two days left for Dussehra celebrations, gold price rally depends on a range of factors like Indian Rupee valuation, festive season demand, ongoing geopolitical situation and worry around US shutdown. Given the sharp spike in gold rates in September, the prices are likely to remain in elevated levels given the festive buying, according to Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

"The investment mood in India has decidedly turned bullish on bullion. Gold prices are currently benefitting from the pressures of global safe-haven demand and a weakening rupee. The price of24-karat gold is now about Rs 1,15,454 per 10 grams, reflecting the recent bump in domestic demand. The upward trend is consistent with gold futures pushing to new highs and receiving inflows into gold ETFs, as the recent market watch explained. The price has moved up from more recent levels, indicating clear appreciation. Analysts recommend that, unless global monetary policy surprises or dollar strength returns, the price of gold should remain in its recent elevated range," noted Kamboj.