TODAYS GOLD RATES IN Mumbai

Gram 22 Karat Gold 24 Karat Gold
1 Gram 4921.5 5080
8 Gram 39372 40640
10 Gram 49215 50800
100 Gram 492150 508000
Last Updated Time: 26 October 2020, 1:00 PM
26OCT-2020
-

Standard Gold (22 K)

8 Gram ₹ 39372 | % age-0.3

Pure Gold (24 K)

8 Gram ₹ 40640 | % age -0.27

23OCT-2020
-

Standard Gold (22 K)

8 Gram ₹ 39492 | % age-0.87

Pure Gold (24 K)

8 Gram ₹ 40752 | % age -0.95

22OCT-2020
+

Standard Gold (22 K)

8 Gram ₹ 39840 | % age1.02

Pure Gold (24 K)

8 Gram ₹ 41144 | % age 0.98

21OCT-2020
+

Standard Gold (22 K)

8 Gram ₹ 39436 | % age0.07

Pure Gold (24 K)

8 Gram ₹ 40744 | % age 0.06

20OCT-2020
+

Standard Gold (22 K)

8 Gram ₹ 39408 | % age0.33

Pure Gold (24 K)

8 Gram ₹ 40720 | % age 0.28

Gold RatesGold 22 KGold 24 K
17 Sep 2020 ₹ 50295₹ 51828
26 Oct 2020 ₹ 49215 ₹ 50800
Highest (on Sep 17) ₹ 50295 ₹ 51828
Lowest (on Sep 28)₹ 48050 ₹ 49730
Rise/fall in rupees₹ -1080 ₹ -1028
Rise/fall in percentage-2.15-1.98

Silver Rate

Cities Price (Rs) Chg.%
Chennai62.08-0.01
Mumbai62.08-0.01
Delhi62.08-0.01
Kolkata62.08-0.01
Kochi62.08-0.01
Bangalore62.08-0.01
Hyderabad62.08-0.01
Today's 22-karat gold rate in Mumbai is ₹ 4921.5 and the 24-karat gold rate in Mumbai is ₹ 5080.


Maximum City or Aamchi Mumbai is one of the important drivers of the Gold trade in India. It is not a surprise any longer that Mumbai, the city that doesn't sleep, is the starting point for Gold jewellery and even bullion trading in the country. The connection with Gold is a few centuries old. As such Gold is a major form of investment for everyone in the city.

Gold rates mentioned on this page are sourced directly from jewellers and associations. The rates are near real-time and are updated at least two times in a day. The Today Gold Rates in Mumbai, as mentioned on this page is valid for districts of Greater Mumbai and extends upto Borivali, Andheri, Ghatkopar, and localities within. Rates for the adjacent Thane city is tracked separately. Rates for Palghar and Mira-Bhayander, Virar-Vasai reflect the rates mentioned for Mumbai.

Mumbai & Gold Connection:

Gold and Aamchi Mumbai have a rich connection of over two centuries tracing back to an era when the city was Bombay. The city and its legacy of Gold is visible in the narrow by lanes of Zaveri Bazaar, Tardeo, Dadar, and even into suburban areas such as Thane or Ghatkopar. Don't be shocked if one of those roads opens into a half-a-century’ old gold-shops. Prominent examples of legacy jewellery names include PN Gadgil jewellers (a popular brand from Pune with branches in Mumbai) that began business sometime in 1832. The other popular name is Tribhovandas Bhimji Zaveri that operates at least 32 company owned stores across. TBZ's first store opened sometime in 1864 - 156 years ago. Babubhai Jagjivandas another popular name in the jewellery industry has had presence since 1919. Talk of legacy and the city headquartered association - The India Bullion Jewellers Association was formed in 1919. IBJA is a venerated name in the industry and even the RBI trusts their market-data for calculating Sovereign Gold Bonds.  

Mumbai's contribution to India's Gold trends also stems from the availability of artisans and not to forget scores of companies involved in the trade of gold and jewelry. Most of these companies are based out of the Bharat Diamond Bourse at Bandra-Kurla complex these days while the legacy ones still prefer to operate from Zaveri Bazaar. The latest feather to Mumbai's towering Gold market is the arrival of India's largest jewellery park in Ghansoli in Navi Mumbai (hardly 20 miles away). Sometime in 2019, the Gems and Jewellery Export Promotion Council (GJEPC) signed a Memorandum of Understanding (MoU) with Maharashtra Industrial Development Corporation (MIDC) to develop 25 acres of land for over 5000 jewellery units ranging from 500-10,000 square feet. The initial investment was a mammoth Rs 13,00 crores (US$ 2.09 billion).

Mumbai's fabled jewellery market

With the arrival of a new GST regime in 2018, Mumbai seized its crown of India's bullion trade hub from Ahmedabad. More than 60% - some say even 70% - of India's gold trade reportedly originates at the over 150-year-old Zaveri Bazaar that boasts of 7000-plus gold shops. Zaveri means jeweller and bazaar means market. Zaveri bazaar is located just behind Mumbai's famed and almost always busy Chhatrapati Shivaji Terminus station, formerly known as Victoria Terminus.

Some of these jewellery outlets could be 200 years old. About 2 lakh artisans manufacture the jewellery most of India wears here. Zaveri Bazaar quaintly has its own version of a BIS hallmarking centre - the Dharam Kaanta. Big buying occasions like Dhanteras and Akshay Tritiya are when the Dharam Kaanta overflows with customers keen on being reassured that their gold is good. So common is gold in Zaveri bazaar that they have a special tribe of people - the Ghamelawallahs, the Bazaar's own gold diggers - who search for gold in the gutters and walk away with more than a few grams of it on odd lucky days.

How are Gold rates calculated in Mumbai:

The gold rate in Mumbai is usually decided by jewellers Associations in the city, primarily by the Indian Bullion and Jewellers Association (IBJA). IBJA arrives at the daily gold price based on international trends and by including gold import duty. The IBJA is almost 100 years old and publishes daily gold rates, twice a day - once in the morning and then in the evening - for gold of 999, 995 and 916 purity. These are the gold rates that even the Indian government follows to arrive at the price of the Sovereign Gold Bonds that they issue.

GST at 3% is then added to the calculation (an additional 5% GST has to be paid on making charges). Additional costs incurred like transportation charges, the cost of security (guards) needed during this transportation and the cost of insurance are also then totted up. Readers must note that buying hallmarked gold and demanding bills is what every gold buyer must insist on.

Jewellers, who make up the Association, based on demand and the leeway they have, decide whether or not to give a discount on this rate. If demand is high, discounts go out of the window. But when demand is poor and when the gold in their books has piled up, they announce a discount that they feel will lure buyers and avoid impacting their bottom-line. Jewellers have making charges, wastage charges and other ways in to make up for the shortfall, if any. Some prominent gold jewellery chains though decide to go with their own rates.

Popular Gold Investment Products in Mumbai:

There are ample financial products for investors keen on parking their funds with an asset as reliable as Gold. For those unaware, Gold delivered 25 percent returns within the first 6 months of 2020 and promises to be a stable asset to park funds. Here are the avenues to invest:

1. Exchange Traded Funds: Invest in an ETF managed by a financial analyst. These are products offered by brokerages.

2. Sovereign Gold Bond: Investments can start from one gram and you could hold it for a period of eight years for some interest and nearly tax-free return.

3. Jewellery: 22K, 18K and even 14K jewellery is preferred. More on that in the trends section on this page.

4. Gold bars and coins: A few grams of Gold in the form of a coin or bar can help you in the trickiest of situations. Bars are great to invest if there is a dependable storage facility available.

5. Other schemes: Gold jewellers operate savings as well as investment schemes. The instalments are spread over for 9-13 months and after completion of tenure, the customer is eligible for redemption/delivery of goods.

6. Investment in Gold-stocks: Many investors in Mumbai prefer to invest in stocks related to mining and jewellery companies. There are also brokerages that offer investing in global mining companies, gold feeder funds, and global ETFs.

Gold rate movement in Mumbai

The sudden-swings in international bullion markets and volatile currency fluctuations are the major reason for gold rates in Mumbai to fluctuate. When it comes to jewellery, gold rates can swing even when copper or silver prices take off. Majorly, the USD strength and Rupee's strength in comparison to the USD are the top factors. Local supply-demand equations also come into the equation, however, that can be secondary since gold rates in India are derived from US markets.

Tips for first time Gold jewellery buyers:

1. Gold rates are changed twice through the day. Most jewellers in Mumbai are IBJA members and usually display the rates prominently.

2. Once you have determined what you are keen on buying and have weighed the ornament do calculate the rate per gram and compare it with the prevailing rates.

3. Understand the making charges, wastage and other taxes as mentioned on the bill. You can negotiate if you feel the making charge above 12 percent of the value of Gold or the rate per gram on the higher side.

4. Check for buy-back terms or exchange policies.

5. Take the Bill: Bill-less transactions can shock you at a later date.

Popular Jewellery Ornaments in Mumbai:

A recent study suggests bangles and chains are the most sought-after jewellery ornaments in Mumbai and contribute between 30-40 percent of demand. Necklaces contribute between 15-20% and rings - ear rings and finger rings - between 5-15%. Unlike the south trends, gold buyers in Mumbai are interested not just in 22k gold jewellery. They buy 18k and 14k gold too.

The biggest driver of gold jewellery demand in Mumbai remains bridal jewellery (50-55%). Daily wear jewellery accounts for another 35%-40% of demand and fashion jewellery for 5-10% of gold demand. The gold jewellery Mumbai's brides wear, according to a 2018 World Gold Council survey, the tode and patli are the gold bangles that are considered essential by Maharashtrian brides.

Among earrings it is the jhumke that occupies pride of place. The chain of preference for Mumbai brides is an essential - the mangalsutra. Among smaller necklaces, the tushi is popular, while among larger sets it is the chapla haar and laxmi haar. Other key jewellery components include the aangathi, haath pan, nath and baazu-band. Interestingly, a Maharashtrian bride wears an average of 250 grams of gold at her wedding.

Hall-marking in Maximum City:  

Only 30% of the gold sold in India is hallmarked! As experts have said there are shocking differences in purity and the average under-caratage is anywhere from 10-15%! So, like we stressed earlier ensure the gold you buy in Mumbai is hallmarked. In case you didn't know, Maharashtra has a good number of gold hallmarking centres in India, with Mumbai alone boasting of over 300 hallmarked gold jewellery showrooms.  

Good time to buy Gold in Mumbai:

The question on when Mumbai purchases gold is a remote considering the demand is perennial. However, most of the demand spike is observed during Eid, Dhanteras and Diwali. The wedding season, and festivals such as Akshaya Tritiya, Eid and Christmas also drive the demand curve. Other popular occasions for buying gold are birthdays and anniversaries and gifting occasions.

The cosmopolitan-city observes several cultural practices. Sales are hence tepid during the period of Pitru-Paksha observed by many religious. As such jewellery rates do correct during this time.

When it comes to buying gold in Mumbai, smart investors and money-conscious housewives constantly keep a vigil on the Today gold rates page to accurately time their investments.

Time-Trusted & Popular Gold Showrooms of Mumbai:

Tribhovandas Bhimji Zaveri: Named after its founder who established the first store Mumbai's famed Zaveri bazaar in 1864. They claim to have been the first gold jewellery outlet to offer their customers a full value gold buy-back scheme. It was also the gold outlet which was raided by a conman, posing as faking Research & Analysis Wing (RAW) officer, along with 28 candidates he had recruited the previous day, in 1987. The mysterious Mon Singh walked away with a loot valued at Rs 35 lakh then. It still remains one of city's most sensational crimes.

The movie Special 26 starring Akshay Kumar was based on this sensational gold heist at Tribhovandas Bhimji Zaveri. The storied jeweller recovered from the blow and has now spread its reach to 21 cities across India, including in Kochi, down south. But Mumbai and Zaveri bazaar remain their nerve centre still.

Waman Hari Pethe Sons: Started by two brothers Waman Hari Pethe and Ganesh Hari Pethe over 100 years ago, the business has grown into mammoth showrooms across Maharashtra  with branches in Dadar(East), Thane, Dombivli, Ghatkopar, Kalyan, Bhandup, Pune (Laxmi RD), Aurangabad, Ghodbunder Road, Panvel, Solapur and Chinchwad.

PN Gadgil Jewellers (PNG Jewellers): Purshottam Narayan Gadgil (the PN Gadgil, in case you are wondering) established the Jewellery chain's first shop in Sangli almost 200 years ago. In 1832, the group made its next move - establishing a store in Pune. Today the group has stores across Mumbai, Aurangabad, Nagpur, Ahmednagar, Panvel, Goa and Nanded, and in the US and UAE too. It also launched an online store in 2013.

Kalyan Jewellers:  Kerala-headquartered Kalyan Jewellers, that made a splash with a big investment from US private equity firm, Warburg Pincus also has sizable presence in Mumbai.  In Mumbai, Kalyan Jewellers, among whose brand ambassadors are the Bachchans, have four branches.

Joyalukkas: Joyalukkas is a well-known name, not just in India, but in as many as ten other countries. The group's entry into the jewellery trade dates back to mid-1950s, when Joy's father Varghese opened the company's first jewellery shop. Joyalukkas has won several laurels in the Gulf as well, the most prominent one being the award of the Super-brand Status in the UAE not once, but for six years in succession.

Tanishq: The relative newcomer from the stable of Tatas has romped off the leaderboard with 328 exclusive boutiques and showrooms. Most of these have been setup in the last decade. Tanishq has 20 branches spread through Mumbai. The offering at Tanishq includes bangles, bracelets, chains, earrings, necklaces, nosepins, pendant earrings Set, pendants, rings, wedding collections, shubham and divyam collections, traditional and modern Jewellery, diamond Jewellery, gold jewellery, silver jewellery, gemstones, diamond rings, diamond set, pearls,polki, gold coins, solitaire jewellery and bespoke jewellery.

EditorsPicks: Gold & Bullion Insights:

Why subscribe to authentic rates:

Investment in Gold or bullion can always safeguard your hard-earned money from inflation. It is advised that each individual keen of building a financial portfolio should allocate 10 to 15 percent of his or her savings in gold and gold-backed assets. However, in these days of market-competition and digitization, getting accurate rates has turned out as a cumbersome task. Even a 10 rupee change in gold rates can result in a huge saving in your financial portfolio.

The gold rates in Mumbai is a way to enable customers access the latest and authentic gold rates. Having the latest and authentic rates can help buyers plan and even negotiate when it comes to buying and selling of gold and jewellery. Knowing the latest rate also helps while seeking a gold loan. As a reader engagement, Sify talks to several industry veterans and market experts to offer readers latest insights on where gold rates could head to. We request readers to bookmark this page or download Sify Gold rates app to keep a track of the latest and most accurate gold trends across India.

Disclaimer: Sify.com showcases news, analysis and gold rates with the sole objective of financial prosperity for all. Rates mentioned on this page may vary within the same city and readers are hence advised to consult with a registered financial advisor. For any complaints, feedback, opinions or to share experiences write to editorial@sifycorp.com with the subject – Gold / Bullion.
 

Today Gold Rates

  • ALIGARH - Gold 22K - 1G - 5042.6
  • CHENNAI - Gold 22K - 1G - 4715
  • QATAR - Gold 22K - 1G - 215.23
  • AHMEDABAD - Gold 22K - 1G - 4920.5
  • PATNA - Gold 22K - 1G - 4920.5
  • MANGALORE - Gold 22K - 1G - 4718.4
  • TIRUNELVELI - Gold 22K - 1G - 4714.8
  • KOZHIKODE - Gold 22K - 1G - 4686.2
  • SALEM - Gold 22K - 1G - 4714.9
  • BANGALORE - Gold 22K - 1G - 4718.5
  • KOCHI - Gold 22K - 1G - 4686.3
  • TRIVANDRUM - Gold 22K - 1G - 4686.3
  • SAUDI - Gold 22K - 1G - 189.57
  • KOTTAYAM - Gold 22K - 1G - 4686.4
  • NAMAKKAL - Gold 22K - 1G - 4714.9
  • KANCHIPURAM - Gold 22K - 1G - 4715
  • KERALA - Gold 22K - 1G - 4686.3
  • MADURAI - Gold 22K - 1G - 4714.8
  • GUNTUR - Gold 22K - 1G - 4716.4
  • UDHAMPUR - Gold 22K - 1G - 5042
  • AURANGABAD - Gold 22K - 1G - 4825.9
  • MALLAPPURAM - Gold 22K - 1G - 4686.2
  • RAIGARH - Gold 22K - 1G - 4716.5
  • LUCKNOW - Gold 22K - 1G - 5042.3
  • MYSORE - Gold 22K - 1G - 4718.5
  • VISAKHAPATNAM - Gold 22K - 1G - 4716.4
  • GANDHINAGAR - Gold 22K - 1G - 4920.4
  • AMRITSAR - Gold 22K - 1G - 5042
  • GUWAHATI - Gold 22K - 1G - 5024.5
  • MUMBAI - Gold 22K - 1G - 4921.5
  • VELLORE - Gold 22K - 1G - 4715
  • SHIMOGA - Gold 22K - 1G - 4718.6
  • SAUDIARABIA - Gold 22K - 1G - 189.57
  • THIRUVALLA - Gold 22K - 1G - 4686.3
  • THANE - Gold 22K - 1G - 4921
  • PUNE - Gold 22K - 1G - 4921.4
  • THRISSUR - Gold 22K - 1G - 4686.2
  • KUWAIT - Gold 22K - 1G - 15.9
  • HYDERABAD - Gold 22K - 1G - 4716.5
  • KURNOOL - Gold 22K - 1G - 4716.2
  • DUBAI - Gold 22K - 1G - 216.39
  • TUTICORIN - Gold 22K - 1G - 4715.1
  • KOLKATA - Gold 22K - 1G - 5023
  • WARANGAL - Gold 22K - 1G - 4716.3
  • PONDICHERRY - Gold 22K - 1G - 4710.5
  • GULF - Gold 22K - 1G - 216.64
  • DELHI - Gold 22K - 1G - 5042.1
  • TRICHY - Gold 22K - 1G - 4714.9
  • UDUPI - Gold 22K - 1G - 4718.7
  • TELANGANA - Gold 22K - 1G - 4716.5
  • JAIPUR - Gold 22K - 1G - 4919.5
  • UAE - Gold 22K - 1G - 216.64
  • DHULE - Gold 22K - 1G - 4921.4
  • COIMBATORE - Gold 22K - 1G - 4715.1
  • NAGPUR - Gold 22K - 1G - 4825.7
  • RAJAHMUNDRY - Gold 22K - 1G - 4716.6
  • CHANDIGARH - Gold 22K - 1G - 5042.1
  • JAMMU - Gold 22K - 1G - 5041.9
  • DINDIGUL - Gold 22K - 1G - 4715.2
  • BAHRAIN - Gold 22K - 1G - 21.08
  • UDAIPUR - Gold 22K - 1G - 4919.5