The price of gold is different across Indian states and cities. Forbes Advisor has put together the gold price of one and 10 grams of 24-Carat and 22-Carat pure gold in Mumbai today, as of 9:34 am.
Gold Rate In Mumbai (May 10, 2024)
Today 22 Carat Gold Price in Mumbai (Per Gram)
Today 24 Carat Gold Price in Mumbai (Per Gram)
Gold Rates in Mumbai for the Last 10 Days (Per Gram)
Compare 22K & 24K Gold Rate In Mumbai (Yesterday & May 10, 2024)
Monthly Graph of Gold Rate in Mumbai (22 Carat gold)
Monthly Graph of Gold Rate in Mumbai (24 Carat gold)
Gold Rate In India Today: May 10, 2024
Related: Gold Rate In India
Where to Buy Gold in Mumbai?
Physical gold and gold saving schemes
Retailers sell gold jewelry and coins upon full payment, or through gold saving schemes which involve individuals to pay a monthly fee without interest for a specific tenure, and jewelers pay the last installment as cash incentive.
Sovereign gold bonds
The Reserve Bank of India (RBI) issues SGBs via banks from time to time. An individual can subscribe to a minimum of 1 gram of gold up to 4 kgs. The value of one bond is 1 gram of gold.
Digital gold
The method of buying gold digitally involves various forms of investing including:
- Gold exchange traded funds (Gold ETFs): Stock exchanges allow traders to invest in an ETF, with one unit equivalent to 1 gram of pure physical gold.
- Gold accumulation plan: Mobile wallets as well as Gold Rush plan of Stock Holding Corporation of India offers to buy digital gold that allow customers to buy and accumulate gold safely without any concern or worry.
Related: How to Invest in Gold
Where to Sell Gold in Mumbai?
Retailers and dealers may buy gold from individuals in a certain amount upon verifying the bill of purchase, its purity, current cost, etc. Individuals can also avail of loans from banks and NBFCs against their gold as collateral. The gold loan interest rate vary among banks on the basis of factors like weight of the jewelry, value (ranging from 18K to 24K), repayment period, to name a few.
Frequently Asked Questions (FAQs)
Are there any factors that could potentially impact the gold rate in Mumbai in the near future?
The supply and demand of gold, interest rates on gold loan, or investor behavior towards investing in gold are key factors that could impact the gold rate in Mumbai and other cities.
How do international gold rates affect the gold market in Mumbai?
Since gold rates in India are determined as per the value of the U.S. dollar and its conversion in the Indian currency, the fluctuation accordingly affects the rate as well as supply and demand of gold in Mumbai.
How do gold rates in Mumbai vary between different gold shops and jewelers?
The differences in gold rates across shops and jewelers in Mumbai is due to differences in premiums added by dealers on jewelry manufacturing, premium charged by jewelers for hallmarking, and other charges.
What is the best time to buy gold in Mumbai?
Historically, gold has provided good returns for Mumbaikars. However, the best time to invest in gold involves being informed about the gold rate like explained above, then making a decision to choose the right investment instrument to suit your personal finance – if you prefer buying physical gold, investing in sovereign gold bonds, gold stock, or ETF, etc.
How do gold rates in Mumbai compare to gold rates in other countries?
Gold rates differ among countries as the gold value correlates directly with the U.S. dollar and its current value in the local currency. Moreover, gold attracts various taxes such as import duty, VAT, etc. Plus, dealers add different premiums on jewelry manufacturing, premium for hallmarking, etc.
How does the Indian rupee's value against the US dollar affect gold rates in Mumbai?
To determine gold rates in Mumbai, the U.S. dollar’s conversion to the Indian currency is considered. The fluctuation accordingly affects the gold rate across Mumbai due to its supply and demand, rate of interest, import duty and other taxes, plus premiums charged by dealers, etc.
How to check the purity of your gold jewelry?
Firstly, look out for a hallmark stamp on your jewelry. Strong magnets can also identify any metallic content. Vinegar is also used to see if it changes the color. Also acid tests can be conducted to check if it dissolves the ornament as gold is non-reactive to such chemical experiments.
How does the gold rate in Mumbai compare to other major cities in India?
Who decides the gold rate in India?
Spot price of 24K gold is an important price indicator set everyday in the U.S. dollar at the London bullion market. Then the role of Indian Bullion Jewelers Association (IBJA), the exchange rate, customs duty, agriculture and infrastructure cess as well as transportation cost, cost added by jewelers, discount on bulk purchase, among taxes like GST factor in to arrive at the landing cost to the consumer.
How to invest in gold ETFs?
Gold ETFs are units of gold provided by a listed brokerage company or fund house on the stock exchanges traded via demat account. It is convenient for those who can enter easily and exit whenever convenient.
Should I buy gold right now?
Consider your current personal finance situation and choose to invest in gold. You may as well keep track of today’s gold rate in your city.
How are the different types of gold taxed?
Tax on physical gold: Import duty, agriculture infrastructure development cess, goods and service tax (GST), making charges and GST on it, tax deducted at source (TDS)
Taxes On Selling Physical Gold: short-term capital gains tax (STCG), long-term capital gains tax (LTCG), GST on exchange of jewelry
Tax on Digital Gold: STCG and LTCG
Related: How gold is taxed in India.
