Sharp Jump In Mumbai Gold Rate Today! 24K Gold Above Rs 1.23 Lakh/10 Gm; Silver Shines On 10 Nov; Time To Buy?

Mumbai Gold Rate Today: After a sharp decline in gold prices in India, the rates of 24K, 22K, and 18K gold made a strong recovery on Monday, November 10. In alignment with the domestic gold rates, the prices of gold and silver jumped in Mumbai and other Indian cities. Despite Monday's jump, the precious metals' rate continues to remain near one-month lows.

The surge in prices of gold as extended US shutdown, dollar movement, uncertainty around India-US trade deal continued to impact the investors sentiment. In Mumbai, the consolidated gold prices offer a lucrative opportunity for investors to invest in the precious metal and purchase gold jewellery and other items.

Mumbai Gold Rate Today

The price of 24 karat gold in India increased by Rs 120 per gram to Rs 12,322 per gram. Whereas, the price of 22 karat gold in India jumped around Rs 110 per gram to Rs 11,295 per gram. Similarly, the rate of 18 karat gold in India increased around 90 per gram to Rs 9,242 per gram. Despite price correction in October, gold prices are nearly 50% higher than the levels recorded in January 2025.

Mumbai Silver Rate Today

The prices of silver in India increased to Rs 155 per gram and to Rs 1,55,000 per kilogram. Silver rate in India has surged significantly since the beginning of the year due to strong industrial demand and supply side bottlenecks.

"A prolonged U.S. government shutdown, now the longest on record, has throttled key data releases, forcing investors and policymakers to depend on private surveys; ISM manufacturing and services PMIs both slipped below 50, indicating contraction. Private payrolls rose by 42,000, beating forecasts and adding to uncertainty over the Fed's policy path. Meanwhile, U.S.-China trade tensions eased after President Trump and President Xi agreed to tariff trimming in exchange for Beijing's fentanyl curbs, renewed soybean buying, and continued rare-earth exports, muting safe-haven demand. However, China removed a core VAT offset for gold retailers buying via the Shanghai Gold Exchange and cut exemptions from 13% to 6% on some purchases, prompting banks to halt new retail accounts and potentially cooling physical demand in the world's top consumer," noted Manav Modi, Analyst, Precious Metal -Research, Motilal Oswal Financial Services Ltd.

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