Mumbai Gold Rate Today Takes U-Turn After Sharp Crash; Check 24K, 22K, 18K Rates On 3 Feb

Mumbai Gold Rate Today: Gold prices in Mumbai surged sharply on Tuesday, rebounding a day after the precious metal witnessed a steep correction. Meanwhile, silver prices in the city declined, extending the losses seen on Monday.

The surge in gold and silver rates today in Mumbai reflects a wider sentiment prevailing across the global commodities market.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai jumped around 76 per gram to Rs 15,393 per gram in the second half of Tuesday's session, as per GoodReturns data. Whereas, the 22 karat gold rate in Mumbai surged by Rs 70 per gram to Rs 14,110 per gram. The rate of 18 karat gold in Mumbai increased by Rs 57 per gram to Rs 11,545 per gram.

Mumbai Silver Rate Today

The price of silver in Mumbai stood at Rs 280 per gram and to Rs 2,80,000 per kilogram on Tuesday, as per GoodReturns data.

MCX Gold and Silver Rates

MCX Silver Futures (with March expiry) surged nearly 15% to touch an intraday high of Rs 2,64,612 per kilogram on Tuesday. MCX Gold Futures (with March expiry) had jumped nearly 7% to touch an intraday high of Rs 1,50,390 per 10 gram.

The recovery in gold and silver rates on MCX came after a massive decline in prices on Monday.

"Gold has witnessed sharp volatility in recent weeks, with narratives quickly emerging to explain the pullback. One camp attributes the move to the appointment of a hawkish new Fed Chair, reviving fears of tighter monetary conditions for longer. Another line of commentary points to profit booking after a strong multi month rally. These explanations may sound convincing, but markets ultimately respond to price, not stories," Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities.

"What seems increasingly likely is a phase of time wise consolidation. Gold may spend the next few months moving within a broad range, capped near 180779 and supported around 136185, 132294. Such ranges are common after sharp advances, allowing excess optimism to cool off and positioning to reset, without damaging the underlying trend," added Seth.

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