Mumbai Gold Rate Today Rebounds From Lows: 24K Jumps Above Rs 1.23 Lakh/100 Gram; Should You Buy?

Mumbai Gold Rate Today: Gold prices in Mumbai and other major Indian cities rebounded on Monday, November 3, after recently hitting multi-week lows. The recovery comes amid waning expectations of another US rate cut and stabilising geopolitical conditions. Many investors see the recent dip in prices as a favourable entry point for long-term gold investments.

The domestic gold prices reflected the movement in international gold prices over the past few days. Back in Mumbai, gold often remains in demand among retail jewellery buyers and even investors. Here are all the details you need to know.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai surged by Rs 17 per gram to Rs 12,317 per gram on Monday, November 3. Whereas, the price of 22 karat gold in Mumbai increased by Rs 15 per gram to Rs 11,290 per gram. The rate of 18 karat gold in Mumbai jumped by Rs 13 per gram to Rs 9,238 per gram. The recent jump in Mumbai gold rates today has come after the precious metal dipped to an all-time low mark.

Mumbai Silver Rate Today

The price of silver in Mumbai increased to Rs 154 per gram and to Rs 1,54,000 per kilogram. Silver rate in Mumbai has jumped significantly since the beginning of the year 2025 due to strong industrial demand and supply-side crunch.

The surge in domestic gold rates has come against the backdrop of recovery in international gold prices post massive price correction over the past two to three weeks. The international gold rate on Monday increased to $4,020 per ounce, according to Trading Economics. Despite Monday's surge, gold continues to remain cloe to one-month low mark amid expectations of no further rate cuts by US Federal Reserve. In contrast, extended US government shutdown, weak dollar performance are fuelling the demand for gold among investors.

"On the macro front, the U.S. Federal Reserve's recent 25-basis-point rate cut to a range of 3.75-4.00% has further improved gold's appeal by lowering the opportunity cost of holding non-yielding assets. Combined with a softer dollar and renewed geopolitical risks, the conditions remain ripe for the next leg of the metal's uptrend," explained Harshal Dasani, Business Head, INVasset PMS.

"In essence, the current dip in gold and silver is not a warning sign but an opportunity. With central banks accumulating aggressively and monetary easing underway, gold continues to stand as a hedge against inflation, currency erosion, and volatility, and this correction could well be the calm before a powerful new rally," Dasani added.