Today’s Gold Rate/Price in Mumbai 22 & 24 Carat Gold – 25 Mar 2023

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Today’s Gold Price in Mumbai

Mumbai, the commercial capital of India, is also one of the most popular markets for gold in the country. The city has one of the highest concentrations of gold sellers and dealers. Gold Rate in Mumbai follows the same trend as the international gold price. Gold rate today, which are a product of a lot of dynamic factors coming into play, have been more or less stable for this year in Mumbai.

Apart from the prices in the international markets, the rates set by the IBJA, import duty, and MCX prices determine gold rates in Mumbai. Gold prices in Mumbai will not be the same as the prices in other cities due to local taxes. Capital gains tax will need to be paid in case you purchase gold. The amount of tax that must be paid will vary on when you will receive the profit. Gold can be stored in storage lockers that are provided by banks.

Mumbai is also one of the most populated cities in the country.Gold price Today in Mumbai is therefore an indication of the buying patterns of a large number of consumers. Gold in the city can be purchased from a wide range of providers, who also happen to be among the largest dealers in the country.

Check – Silver Price in Mumbai

Historical Gold Price in Mumbai

March 2023 Gold Rate in Mumbai

February 2023 Gold Rate in Mumbai

January 2023 Gold Rate in Mumbai

December 2022 Gold Rate in Mumbai

Also Check Gold Price in Metro Cities

Gold as Investment in Mumbai

Gold also doubles up as an investment portfolio for a large number of Indians. This is because gold has a reputation for offering stable and assured returns to consumers in both the short and long terms. This has instigated consumers to opt for gold instead of savings accounts or even equity markets, as the volatility of the equity markets is looked upon with caution by consumers in Mumbai. Major avenues of investment in gold in the city include:

Jewellery – As with most of the country, consumers in Mumbai are also obsessed with gold jewellery and ornaments. Gold jewellery forms an integral part of Indian society and used in festivals, occasions such as marriages and also as savings investment.

Coins – Gold coins are primarily available from various banks in and around the city. The rate of gold coins in the city is slightly above the gold traded rates. Gold coins are available in different purities. Several private dealers also provide marked gold coins.

Bullions – Gold bullions are available from several dealers in Mumbai. While
buying pure gold in the form of bars or ingots, it is advisable to go for the largest or well-established dealers only as these are typically very pricey buys and some sort of guarantee on the product becomes a necessity.

How do gold prices change in Mumbai?

Like every other city and state in the world, gold prices trend today in Mumbai change due to a number of factors, all of which contribute to either bring the rates up and down. Here are some of the key aspects that determine prices of gold in Mumbai:

• Rates set by the Indian Bullion Jewellers Association (IBJA):

IBJA, as the name suggests, is the association of all the gold jewellers in and around the country. This organisation is the one responsible to set gold rates in each city. When setting the rates, the company takes into account the following information:

• The rates set by some of the largest gold dealers in a particular city.
• Import duty, which is often different to each city.
• Rates in the Multi Commodity Exchange (MCX) index. MCX is basically an exchange facility where goods and precious metals are bought and sold. Gold price changes are primarily decided based on the performance of this market.

Where to Purchase Gold in Mumbai?

When it comes to buying gold in Mumbai, there are numerous areas. Zaveri Bazaar has several gold jewellery shops offering a variety of designs and patterns. Among the well-known shops are Tanishq, Bhimji, Tribhoovandas, etc. You can also explore local shops to buy gold. While gold prices in Mumbai vary from one shop to another, you should keep a close eye on making charges. When the value of the gold is high, a small variation in the making charges could cause a significant difference in the total cost of the jewellery.

Various Options to Purchase Gold in Mumbai

Apart from gold jewellery, there are several other ways you can invest in this precious metal. Some of the most popular ones are gold coins and bars. Another viable alternative is to invest in gold ETFs. With gold ETFs, storage difficulties and the risk of theft are eliminated. Similar to gold rates, gold ETFs in Mumbai also follow international prices.

Gold ETFs are becoming popular among major funds, particularly domestic mutual funds. You can choose from several gold ETFs such as HDFC Gold ETF, SBI Gold ETF, Axis Gold ETF, and more.

Hallmarking centres in Mumbai

As per the data made available by the Bureau of International Standards (BIS), there are over 63 hallmarking centres in Maharashtra. Hallmarking centres are basically certified organisations which test metals for authenticity against various standardised variables. In Mumbai, there are centres like Leo Analytics Lab (Borivali), Variety Hallmarking (Mahakali Caves), and Varsha Bullion Hallmarking Centre (Mumbadevi), etc. However, the government is not satisfied with the number of centres in the city and is considering opening several more so as to maintain the exact standards of gold available for purchase.

The issue of tax on Gold and Gold ETFs in Mumbai

People who tend to buy and sell precious metal like gold are required to pay a capital gains tax, which is based on the overall profit they make. If you are making a profit on your gold within 36 months of acquiring it, you are required to pay taxes based on the tax slab you fall under. On the other hand, if your profit comes after 36 months, you will have to pay a tax of 20%.

Impact of GST on Mumbai’s Gold Prices

Since the Goods and Services Tax (GST) was implemented by the Modi administration, gold is now subject to 3% GST. It is a little bit higher than the earlier rate. GST might seem like a burden to people who enjoy wearing gold jewellery.

Prior to the implementation of GST, making fees were exempt from service tax; however, the craftsmanship now carries a 5% fee. Obviously, this initially affected Mumbai’s gold rate, but it is now stable.

Storing Gold in Mumbai

The issue of storage, especially when considering precious metals like gold is a long-drawn one. However, if you are looking for the right place to store gold, you can look into any of the lockers provided by a bank near you. Banks usually offer storage space for a surcharge and will also allow you withdraw them whenever you like. If you have gold in large quantity, it is advisable to store them in a locker. However, if you have a small quantity of the metal, it is rather better if you store them in a locker in your house. This would help you save on storage charges you’d otherwise pay the bank. Doing so will also save you the round trip you will have to take to the bank in order to use the gold for any festive occasion. Gold storage rentals in Mumbai typically start from Rs.5,000 per year for a small space. So, its better for you to take a call whether and not you will need a storage depending on the amount of gold you own.

Things to keep in mind before buying gold in Mumbai

Things to keep in mind before buying gold in Mumbai

• Gold certification – Choosing gold with a hallmark stamp is the best bet for obtaining the purest gold possible. You should also request the BIS certificate, which verifies hallmarked gold jewellery made in India.
• Making costs – Labor costs associated with making jewellery are referred to as making costs. They are usually based on the jeweller.
• Buyback terms – Indian jewellery stores provide their customers with buyback terms so they can trade in their used gold jewellery for new items. The price of gold is set by Mumbai’s current gold exchange rate. It’s crucial to understand the buyback conditions if you want to exchange or return jewellery.
• Gold purity – Verifying the gold’s purity is a crucial factor to take into account when buying gold. Your investment will be wasted if it is not pure. Gold’s purity is always expressed in karats. The purest type of gold is 24 karat which is 99.9% pure, followed by 22 karat gold. To prevent fraud, make sure your 24 karat or 22 karat gold is BIS- hallmarked when purchasing gold in Mumbai.
• Locker Price – Everyone wants to keep their gold ina secure location. The best option for ensuring the security of your gold jewellery, coins, and bars is to purchase a locker. Your valuables are kept safe in a bank locker for an annual fee. To use the locker facility, you must have a Fixed Deposit with the bank.
• Obtain a bill – To increase transparency in your gold buying process, request a bill. If you plan to sell the gold in the future, the bill will be helpful.
• Cost – Take into account the current price when purchasing gold as it provides a good indication of the going rate. The price of gold varies depending on where you are.

FAQs on Gold price in Mumbai

1. What should I check when buying gold jewellery in Mumbai?

   While buying gold jewellery in Mumbai, you should check if the ornament is hallmarked, if the jeweller is a trusted and reputed jeweller, what are the making charges and what gold composition is used to make the jewellery.

2. What determines the gold rate in Mumbai?

   Gold rate in Mumbai is determined by a variety of factors ranging from global to local economic factors, government policies related to gold tariffs, gold interest rates, and local government tariffs.

3. When is the best time to sell gold in Mumbai?

   If you are looking to sell gold in Mumbai, it is best to do it when prices are higher than usual. To know which days are best, you will have to study the gold rate in Mumbai over a couple of days. This can be done both online and offline. An understanding of the economic factors that contribute to the rise in gold price in Mumbai can help you sell your gold when the time is just right.

4. What should I look out for when buying gold in Mumbai?

   When buying gold in Mumbai, some of the factors to look out for are: buying it from a reliable source, the gold price per gram, the different purity levels in gold, certification for quality and purity, exchange or buy-back policy, and ensuring that you get the bill in hand.

5. What is the difference between hallmarked gold and normal gold in Mumbai?

   Generally, the hallmark gold rates in Mumbai do not differ from the normal gold when it comes to the pricing. However, the quality of yellow metal does change. The quality of the hallmark gold is always higher.

6. What are the different ways of investing in gold in Mumbai?

   Gold investments in Mumbai can be made in various options such as gold jewellery, gold ETFs, gold coins and bars, gold mutual funds, etc.

7. Do I need to pay any wealth tax on gold in Mumbai?

   Yes, you must pay 1% of the value of your gold as wealth tax if it is worth more than Rs.30 lakhs.

8. How are capital gains tax on gold calculated?

   The capital gains tax on gold can be computed as either long-term or short-term. The long-term capital gains tax (is applicable after three years) at 20% (apart from indexation). Short-term capital gains tax is levied if you have bought and sold gold within 3 years. The tax is charged based on your tax slab.

9. Why do gold prices vary from jeweller to jeweller in Mumbai?

   Due to fluctuating manufacturing costs, gold prices vary between jewellers. The city’s gold association announces the gold price each day.

10. How does Mumbai’s electronic industry use gold?

    Gold is used in relay contacts, connectors, soldered joints, switches, and connecting wires. A small amount of gold is also used in electronic devices like computers, GPS, calculators, mobile phones, and TVs.

11. Are sovereign gold bonds affected by physical gold prices in Mumbai?

    Yes, the shift in physical gold prices in Mumbai will impact the value of the sovereign gold bonds.

12. Why is KDM jewellery being replaced by hallmark gold in Mumbai?

    KDM has a low melting point, gold jewellery has traditionally been made with it. However, KDM has been replaced by hallmark gold as a result of its ban due to its detrimental effects on health.

13. What are the five elements of BIS hallmark?

    Hallmark consists of five elements: the BIS mark, the fineness or purity of the gold, the mark of the assaying and hallmarking centre, the jewellery mark, and the year of manufacture. Therefore, always check for the hallmark when purchasing gold in Mumbai.

14. What are the important guidelines to import gold into Mumbai?

    Importing gold to Mumbai is not that difficult if one follows the rules. You have to declare the amount of gold you are carrying. A female traveller is permitted to import gold jewellery up to Rs.1 lakh without paying import duties. For male passengers, duty-free imports of gold up to Rs.50,000 are allowed.

15. How can I check the purity of gold in Mumbai?

    The certification of gold determines its purity. The various certifications such as Hallmark BIS and 916 are etched on gold and help sellers as well as consumers to check the purity of gold.

Check Gold Price in NearBy Cities of Mumbai