Mumbai Gold Rate Today, Oct 30, Takes A Big Hit! 24K Falls Closer To Rs 1.2 Lakh After Month! Should You Buy?

Mumbai Gold Rate Today: There was a sharp decline in the prices of gold in Mumbai and other Indian cities on Thursday, October 30. Decline in gold prices today has come after the US Federal Reserve announced a 25 basis point rate cut. Following the gold price trend, silver prices in Mumbai also declined today.

The drop in precious metals prices in India aligns with the falling international prices amid to improving investor sentiment due to favourable geopolitical events like progress in US-China trade talks. Back in Mumbai, the massive drop in gold rates today provides a lucrative entry point for long-term investors and even retail gold jewellery buyers.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai declined by Rs 191 per gram to Rs 12,049 per gram. Likewise, the price of 22 karat gold in Mumbai fell by Rs 175 per gram to Rs 11,045 per gram. Similarly, the rate of 18 karat gold in Mumbai declined by Rs 143 per gram to Rs 9,037 per gram. Gold rate in Mumbai often remains in demand and with the conclusion of festive season and the beginning of New Year and Christmas celebrations, the precious metal's demand may continue to remain strong.

Mumbai Silver Rate Today

The price of silver in Mumbai also declined on Thursday, October 30. Silver rate in Mumbai fell to Rs 151 per gram and to Rs 1,51,000 per kilogram. Silver prices have moderated to some extent over the past few weeks after rallying significantly in September and October.

The gold price correction entered continued on Thursday, even after the rate cut announced by the US Federal Committee. Experts, believe, that US Fed Chairperson Jerome Powell's comments about lack of consensus over further rate cuts next month may curb the gold price rally and provide lucrative entry points for investors. "Governor Powell said officials are struggling to reach a consensus about what lies ahead for monetary policy and that financial markets should not assume another rate cut will happen at the end of the year. With rate cut, Governor Powell announced to put an end of QT by Dec. 1 and raised concerns regarding rising inflation and labour market. Focus now shifts to U.S. President Trump's meeting with Chinese leader Xi Jinping in South Korea later in the day," noted Manav Modi, Analyst - Precious Metal -Research, Motilal Oswal Financial Services Ltd.