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Gold Rate in Mumbai on

₹64,600

10g of 24K gold in Indian Rupee

Trending Up

+ ₹271

₹59,170

10g of 22K gold in Indian Rupee

Trending Down

- ₹12

Gold Rate Calculator

Purity

How do Gold prices keep changing: 22k Gold rate in Mumbai

Gold is one of the most purchased metals in India. In 2022, India was among the top five gold buyers in the world, with a purchase of 31.25 tons of gold. There are many reasons why gold is purchased in India on such a large scale. One of the reasons is the metal’s association with auspiciousness and prosperity. Another reason for its popularity is that it is a low-risk investment option. The prices of gold fluctuate heavily, but it is still considered to be a perfect hedge against inflation.

It is one of the most popular investments made by Indians. Gold is considered a safe asset as it is easier to get it liquified during economically uncertain times. The gold rate in India varies from one state to another due to the state Government’s taxation policies and other rules.

Gold prices are lower in port cities like Mumbai as compared to other parts of the country. Mumbai is also the financial capital of the country thus, its gold rate plays a pivotal role in the market. With over 12 million population, Mumbai is an abode to large gold buyers and sellers. The gold rate in Mumbai is standard across the city, which makes buying and trading between the national and international markets easy. The current gold rate in Mumbai is an indication of the purchasing power of buyers in the city and tends to increase with demand. However, this month the gold price in Mumbai appears to be stable compared to global markets.

Gold Rate in Mumbai on

The gold price change in Mumbai frequently, therefore, our financial experts advise comparing gold prices over a week before purchasing. If you are buying gold as an investment, always keep an eye on the price chart and make a purchase as soon as the gold price drops. For higher returns on your investment, sell it in the market whenever the gold price increases. You can check gold price in Mumbai on our website. We also provide information on past gold prices trend for your analysis and research.

Gold Rate in Mumbai for 24K, 22K, 18K, and 14K in INR on

Gold Purity per 10gtodayyesterdayLast 7 DaysRate Change
24K₹64,600₹64,900₹64,329+ ₹271
22K₹59,170₹59,710₹59,182- ₹12
18K₹48,450₹48,680₹48,246+ ₹204
14K₹37,790₹38,290₹37,954- ₹164
Gold Purity per 10gyesterdayLast WeekLast MonthLast Year
24K₹64,900₹64,329₹64,326₹62,497
22K₹59,710₹59,182₹59,180₹57,497
18K₹48,680₹48,246₹48,245₹46,873
14K₹38,290₹37,954₹37,952₹36,873
DGRP

Gold rate in Gram wise on

24K Gold Puritytodayyesterdayrate Change
1 gm₹6,460₹6,490- ₹30
2 gm₹12,920₹12,980- ₹60
3 gm₹19,380₹19,470- ₹90
4 gm₹25,840₹25,960- ₹120
22K Gold Puritytodayyesterdayrate Change
1 gm₹5,917₹5,971- ₹54
2 gm₹11,834₹11,942- ₹108
3 gm₹17,751₹17,913- ₹162
4 gm₹23,668₹23,884- ₹216
18K Gold Puritytodayyesterdayrate Change
1 gm₹4,845₹4,868- ₹23
2 gm₹9,690₹9,736- ₹46
3 gm₹14,535₹14,604- ₹69
4 gm₹19,380₹19,472- ₹92
14K Gold Puritytodayyesterdayrate Change
1 gm₹3,779₹3,829- ₹50
2 gm₹7,558₹7,658- ₹100
3 gm₹11,337₹11,487- ₹150
4 gm₹15,116₹15,316- ₹200

Gram Gold Rate in Mumbai for Last 10 Days (1g)

Date24K22K18K14K
Mar 03, 2024₹6490 ₹5971 ₹4868 ₹3829
Mar 02, 2024₹6490 ₹5971 ₹4868 ₹3829
Mar 01, 2024₹6410 ₹5897 ₹4808 ₹3782
Feb 29, 2024₹6410 ₹5897 ₹4808 ₹3782
Feb 28, 2024₹6410 ₹5897 ₹4808 ₹3782
Feb 27, 2024₹6410 ₹5897 ₹4808 ₹3782
Feb 26, 2024₹6410 ₹5897 ₹4808 ₹3782
Feb 25, 2024₹6410 ₹5897 ₹4808 ₹3782
Feb 24, 2024₹6410 ₹5897 ₹4808 ₹3782
Feb 23, 2024₹6410 ₹5897 ₹4808 ₹3782

Compare Average Gold Rate in Mumbai for 22K & 24K (1g)

Term24K22K18K14K
10 Days₹6426₹5912₹4820₹3791
1 Year₹62497₹57497₹46873₹36873

Gold Price Trend in Mumbai for 14, 18, 22 & 24 Carat for Last 6 Months

Gold Price Movement in Mumbai, Feb 2024
Gold Rates24K22K18K14K
1st Feb Price₹6400₹5888₹4800₹3776
29th Feb Price₹6410₹5897₹4808₹3782
Highest Price in Feb₹6501₹5981₹4876₹3836
Lowest Price in Feb₹6350₹5842₹4763₹3747
Gold Performance in FebRisingRisingRisingRising
% Change2%2%2%2%
Gold Price Movement in Mumbai, Jan 2024
Gold Rates24K22K18K14K
1st Jan Price₹6560₹6035₹4920₹3870
31st Jan Price₹6400₹5888₹4800₹3776
Highest Price in Jan₹6560₹6035₹4920₹3870
Lowest Price in Jan₹6400₹5888₹4800₹3776
Gold Performance in JanLosingLosingLosingLosing
% Change2%2%2%2%
Gold Price Movement in Mumbai, Dec 2023
Gold Rates24K22K18K14K
1st Dec Price₹6450₹5934₹4838₹3806
31st Dec Price₹6560₹6035₹4920₹3870
Highest Price in Dec₹6570₹6044₹4928₹3876
Lowest Price in Dec₹6330₹5824₹4748₹3735
Gold Performance in DecRisingRisingRisingRising
% Change4%4%4%4%
Gold Price Movement in Mumbai, Nov 2023
Gold Rates24K22K18K14K
1st Nov Price₹6335₹5828₹4751₹3738
30th Nov Price₹6450₹5934₹4838₹3806
Highest Price in Nov₹6370₹5860₹4778₹3758
Lowest Price in Nov₹6165₹5672₹4624₹3637
Gold Performance in NovRisingRisingRisingRising
% Change3%3%3%3%
Gold Price Movement in Mumbai, Oct 2023
Gold Rates24K22K18K14K
1st Oct Price₹6120₹5630₹4590₹3611
31st Oct Price₹6335₹5828₹4751₹3738
Highest Price in Oct₹6335₹5828₹4751₹3738
Lowest Price in Oct₹5885₹5414₹4414₹3472
Gold Performance in OctRisingRisingRisingRising
% Change7%7%7%7%
Gold Price Movement in Mumbai, Sep 2023
Gold Rates24K22K18K14K
1st Sep Price₹6120₹5630₹4590₹3611
30th Sep Price₹6120₹5630₹4590₹3611
Highest Price in Sep₹6120₹5630₹4590₹3611
Lowest Price in Sep₹6120₹5630₹4590₹3611
Gold Performance in SepStableStableStableStable
% Change0%0%0%0%

How does the price of Oil affect the Price of Gold?

In this section of the article, we will explain what is the relation between gold price and oil price. Even though oil and gold are two separate and distinct commodities that are traded in different markets, their prices are interdependent. According to multiple market research and data analyses, more than 60% of the time, gold and crude oil have a direct relationship. In simpler words, when gold prices rise, crude oil prices also tend to rise, and vice versa. So for everyone wondering does oil price affect gold price, the answer is yes! Continue reading below to know how does crude oil affect gold price.

Both oil and gold prices are often seen as indicators of inflation. When the price of oil goes up, the demand for gold may also increase. An increase in the oil price also increases the cost of production and transportation of goods goes up, causing higher prices for all kinds of goods and services. It also contributes to inflation which results in investors buying more gold as a barrier against inflation.

Another reason is the currency exchange rate. The value of the rupee in the international market affects the price of gold and oil in our markets. When the value of the rupee increases, it leads to a decrease in the price of oil and gold, as gold is often used as a hedge against currency devaluation. Conversely, a weaker rupee can lead to an increase in the price of both oil and gold.

Lastly, both oil and gold prices are regulated by geopolitical factors such as wars, trade rules and policies, market tensions and trends, and political instability. These factors can lead to uncertainty in global markets, which can cause investors to seek out safe liquid assets like gold. Therefore, the change in oil price can be used as a prediction to anticipate changes in gold prices. The prices of oil and gold move together as per the current market standards and policies.

What Factors Affect Gold Price?

There are multiple factors that affect the gold price in a country. The affecting factors increase significantly in an economically diverse society like India. Here are some of the most important factors that contribute to the gold rate. As an investor, you must keep a track of the following factors to make profitable returns:

1. Inflation:

Inflation is defined as the increase in price level of goods and services in an economy. The gold investment is used as a barrier against inflation due to its steady nature. Investors prefer gold rather than currency as it is easier to liquidate. This is why, gold demand increases when inflation is high. The inflation factor is true for both national and international markets.

2. Global Movement:

India is one of the largest importers of gold in the world therefore, any global fluctuation in gold price affects the metal’s price in India. This also includes changes in the importing prices and rules.

Apart from the import and export rules, gold prices are also affected by political chaos and instability. The gold demand increases during a political movement or revolution going on globally as investors see gold as a safe haven for their money. Due to this reason, gold is also called a ‘crisis commodity’ in the market.

3. Government Gold Reserves:

As you may know, the Reserve Bank of India like most countries holds both currency and gold reserves. Therefore, when RBI begins to buy more quantities of gold than it sells, it increases cash flow and decreases the supply of gold. This causes the gold rates to increase in the domestic market.

4. Jewellery Market:

According to a 2019 report by World Gold Council (WGC), Indians are the world’s largest holders of gold. This report reflects on the large scale at which the Indian gold jewellery market operates and shapes the market trends and rates. Indians buy gold jewellery even for the smallest occasions due to the gold being considered an auspicious and holy metal.

Indians splurge on gold jewellery during festivals like Diwali and also at the time of weddings. This contributes to creating large consumer demand and eventually increasing the price of the metal. The large domestic demand also adds to the importation and carriage costs.

5. Monsoon:

India is a country where 70% of the people are somehow engaged in agricultural activities. The farmers are dependent on monsoons for their good crops and earnings. Thus, a good monsoon season also means raining demand for gold in the Indian economy. Around 60% of the gold consumption in India is credited to rural areas and the farmers account for nearly a third of the country’s gold consumption.

How does Interest rate affect the price of Gold?

Interest rates play a key role in deciding the price of gold in our economy. Gold prices share an inverse relationship with interest rates. Interest rates on financial products and services have a direct effect on the price of gold. You can use the current gold rate as the indicator of the rate of interest in any country.

When the interest rate increases, the buyers sell gold to acquire cash. This results in an increased supply of gold and thus lowers the prices. Alternatively, lower interest rates result in large demand for gold which also contributes to the increased rates.

Gold Hallmarking Centres in Mumbai (Maharashtra)

The Assaying and Hallmarking centres (A&H) evaluate and examine the gold and silver jewellery products to ensure metal purity. Gold hallmarking centres evaluate the jewellery pieces for the promised caratage. The hallmarking centres are recognized in India by the Bureau of Indian Standards (BIS). The hallmarking centres assign the purity of gold in 14, 18, and 22 carats.

The hallmarking serve in customer interest and ensure that they are getting gold of the promised carat and quality. Type “hallmarking centre near me” on a search engine to get a list of centres near your location. Here is a list of some BIS-recognized gold hallmarking centres in Mumbai:

1. Mamta Hallmarking Center, Shop No. 2 & 3, Radha Niwas, Gadkari Wada, Dombivil East, Thane, Mumbai.

2. Maya Gold Hallmark, 25/29, Old Satta Gali, Ground Floor, Shop No. 1, Off Shaikh Memon Street, Zaveri Bazar, Mumbai.

3. MK Hallmarking Center, Building No. 12, Office No. 3, Ground Floor, Telli Galli, Vithalwadi, Kalbadevi, Mumbai.

4. Nakoda Hallmarking Center, 26, 1st Agyari Lane, First Floor, Parsi Gali, Khara Khuva, Zaveri Bazar, Mumbai.

5. Parmeshwari Devi Hallmarking Center, Room No.26, 3rd Floor, Kanchwala Building, Dhanji Street, Kalbadevi, Mumbai.

You can use the official website of the Bureau of Indian Standards, or click on this link https://www.manakonline.in/MANAK/AHCListForWebsite to find the complete list of hallmarking centres in India.

How do Interest Rates Affect the Price of Gold in Mumbai?

If you are looking to buy gold in Mumbai, we suggest keeping the interest rates in mind. As mentioned above, interest rates share an inverse relationship with gold prices. Here are answers to some of the popular questions regarding the relationship between interest rates and gold rates:

Q1. What happens to gold prices if interest rates rise?

When the interest rates increase, investors prefer to sell their gold investments to earn a higher profit. Alternatively, the decrease in interest rate increases the demand and price of the metal.

Q2. What affects the price of gold?

Multiple factors affect the price of gold. Some of them are; gold capital reserves, import-export rules, currency exchange rates, and more.

Q3. Will gold prices increase due to inflation?

Yes! Inflation and gold prices share a direct relationship. In simple words, high inflation will lead to higher gold prices.

Q4. Why are gold prices increasing?

Gold prices increase due to multiple factors. One of the reasons for the increase in gold rates in 2023 could be the increased duty and taxation on the articles made as presented in the Union budget.

Invest in Gold Online

You can invest in gold from the comfort of your house with a few clicks. However, make sure you are buying it from a trusted source. At the moment, the Government of India has authorized only three companies to sell digital gold, which are MMTC-PAMP, Augmont, and SafeGold.

The offered gold purity in digital gold is 24 carats and the buyer get can sell or redeem the digital gold into physical gold anytime. You can sell digital gold without physically visiting the jeweller. The money equivalent to the grams of digital gold you hold will be automatically credited to your bank account.

Online gold investment is a popular investment option for youth who wants low-risk investment with quick returns.

What will be the price of gold in 2030?

It is important to predict the future value of your investment as it will help you calculate your profit and returns. Investment in gold is always believed to be profitable and safe. However, many investors try to predict future gold prices before making an investment.

Since gold prices are affected by multiple factors, these gold price predictions are not highly reliable. However, they give buyers an idea of the future market and possibilities. Our financial experts suggest looking for gold price predictions for the next 5 years before giving your money to a long-term investment.

What is a Sovereign Gold Bond?

Sovereign Gold Bond (SGB) is a modern form of gold investment. It is a financial product issued by the Reserve Bank of India (RBI), which makes it a trustworthy investment. Unlike gold, you can buy and sell SGBs on the stock exchanges. The buyers get Government security denominated in grams of gold.

It is currently one of the most popular investment choices as it provides individuals with a secure and cost-effective way to invest in gold. The SGBs also take away the stress of keeping the physical gold secure. They provide investors with the benefits of gold ownership without the worry of safekeeping the physical asset.

SGBs are issued in tranches by the RBI at regular intervals. They are sold as per the prevailing market rate of gold. They have a tenure of 8 years, and allow investors to exit during the second and fifth years. You can also trade it in the secondary market after 14 days of the initial purchase. SGBs offer a fixed interest rate of 2.50% per annum on the initial investment amount. In addition, SGBs offer a capital gains tax exemption on redemption after maturity and can be used as collateral for loans.

The minimum required investment amount needs to be equivalent to the price of 1 gram of gold. An individual can hold SGBs equivalent to 4 kilograms of gold, whereas this limit is set at 20 kilograms for corporations and trusts.

What is a Gold ETF? How do Gold ETFs work in Mumbai?

A Gold Exchange Traded Fund (ETF) is a passive investment instrument. They present the physical gold in paper form. You can hold the Gold ETFs in your regular Demat account and trade it like an ordinary stock. The primary objective of a Gold ETF is to track the price of gold in the market and they are backed by physical gold holdings. This is an ideal investment for those investors who wish to invest in gold without having to own it physically.

Gold ETFs are more liquid than physical gold and can be easily bought and sold on stock exchanges. The gold is held in a custodian's vault, and the ETF's shares represent ownership in a fraction of the gold held in the vault. The ETF issuer can issue or redeem shares to adjust the size of the fund based on demand from investors.

Gold ETFs are excellent for busy cities like Mumbai where most people live alone and do not have the time and security to safeguard the physical gold. It is the best choice for investors from Mumbai because the market of Mumbai is prone to fluctuations and ETFs work best in times of global uncertainty, are liquid, and do not require any sort of storage arrangements.

Is it a good time to Invest in Gold Mutual Fund in Mumbai(India)

Gold mutual funds are newly introduced investment options in the Indian market. Gold Mutual fund investments attract investors because they are eligible for long-term capital gains tax. It is slowly becoming one of the most preferred investment options because of its volatility, liquidation facility, transparency, and low cost of transactions.

As per the current market trends, it is a good time to invest in gold mutual funds in Mumbai and countrywide locations. The gold mutual fund rates are likely to offer around 13.64% returns in three years which sounds profitable. However, mutual funds are subject to market risk, therefore, you must do your own research before making an investment.

Gold Mutual Funds in India

Gold has been one of the most valued assets in the world for many centuries. Gold mutual funds yield high returns to buyers safely and securely.

Gold Loan Rates in India

A gold loan is a type of secured loan where the borrower uses their gold as collateral in exchange for the loan amount. Gold loans are a popular form of short-term loan in India as it does not check the credit score of the borrower. The process of availing of a gold loan is generally simple and quick and one can use it during an urgent need of funds.

Stock market & Gold price Mumbai relation?

The relationship between the stock market and gold price is dictated by numerous factors such as economic conditions, geopolitical events, and investor sentiment. Thus, this relationship can be quite complex to understand. The stock market and gold price share an inverse relationship which means a rise in the stock market leads to a fall in gold prices and vice versa.

To explain further, in a well-performing stock market, investors tend to move their funds out of gold and invest money into stocks. As a result, the demand for gold decreases, which causes gold prices to drop. However, it is important to note that the relationship between the stock market and gold price may sometimes move in the same direction as well. However, our financial experts suggest investing in both stocks and gold for minimized risks and maximized profits.

The stock market becomes an important factor to consider when thinking about making an investment in Mumbai as it is the financial hub of the country. The stock market is centred in Mumbai and this is why, it becomes an important factor to consider at the time of gold investment.

MCX Gold Live

MCX refers to Multi Commodity Exchange and as the name suggests, it is the platform for trading commodities. From agricultural commodities like coffee and cotton to precious metals like gold and silver can be traded here. The MCX gold rate is based on the value of the rupee to USD, quoted unit of Gold or Silver, and the supply & demand of Gold and Silver in MCX Trading.

You can trade commodities on MCX platforms between 9:00 am to 5:00 pm except for Government holidays and Sundays.

Which Loan is better: Personal Loan or Gold Loan in Mumbai?

A gold loan is granted against a borrower’s gold assets. It requires gold coins and jewellery as collateral. However, personal loans are a type of unsecured loan that does not require any sort of collateral as a security against the loan amount. People often wonder which of the two is a better option but that differs as per individual needs and repayment capacity.

Personal Loan Rates in India

If you are seeking a personal loan in India, here is a list of financial institutions that offer personal loans for your reference:

Bank Personal Loan Interest Rate Processing Fees (% of the loan amount)
State Bank of India 11.00% – 15.00% Up to 1.50% (Rs 1,000 – Rs 15,000)
HDFC Bank 10.50% onwards Up to Rs 4,999
Punjab National Bank 10.40% – 16.95% Up to 1%
ICICI Bank 10.75% onwards Up to 2.5%
Bank of Baroda 10.90% – 18.25% Up to 2% (Rs 1,000 – Rs 10,000)

Use of Gold in Electronic devices in Mumbai?

According to a report of World Gold Council, 265 tonnes of gold is used in electrical appliances worldwide and this number monitors a significant increase every year. Apart from jewellery, gold is used most in the electronics sector. From your microwaves to iPhone each device has some amount of gold. An iPhone typically has 0.034 grams of gold and 0.34 grams of silver.

Gold is a good conductor of electricity, does not corrodes, and can effectively carry small voltages making it the best metal for electronic devices. Gold is used in connecting wires in almost all kinds of electronic devices.

Things to take care of while Buying gold in Mumbai?

Mumbai is one of the largest metropolitan cities in India. It is famous for its skyline, monsoon, and markets. The city has the top gold markets in India, providing thousands of buyers options. However, with so many options, the chances of fraud also increase. This is why, you must be cautious while spending your money to get the best deal. Here are a few things to take care of while buying gold in Mumbai:

1. Gold Rate:

Gold rates are subject to high fluctuations due to multiple reasons. Gold prices are updated twice a day, once in the morning and then in the evening. Therefore, we recommend buyers compare the gold rates throughout the week and make purchases when the gold rate is the lowest.

2. Metal Purity and Weight

Always enquire your seller about the purity level and weight of your gold purchase. You can choose between 14K, 18K, and 22K gold purity levels. The cost of gold is decided by its weight thus, it is essential to the weight of your product in order to determine its real cost.

3. Hallmark

Hallmark certifies gold purity offered by the seller. The buyers should only purchase gold with BIS hallmarking to ensure 100% real and genuine gold assets.

4. Making Charges

The making charges on gold jewellery is decided by the jeweller. However, if you are buying gold as an investment, making charges will just increase your investment cost and reduce the profit levels. You should buy gold coins or bars for investment purposes.

5. Buy-Back Policy

Some jewellers in Mumbai and other locations offer a buy-back policy on their gold products. Your gold rate will be bought back by your jeweller after deducting the making charges. It is a profitable option but sometimes companies introduce some hidden charges and policies to save money, therefore, you must discuss and understand the buy-back policy of your jeweller beforehand to avoid any confusion.

Cash for Gold in Mumbai

Cash for gold is a lucrative policy that can be used by an individual during urgent needs of funds. Here are some places where you can get cash for gold in Mumbai:

1. Muthoot Gold Point
2. Akshaya Gold Company
3. Attica Gold Company
4. Abaya Gold Buyers
5. DGold

Demand for Gold In Mumbai

According to data research, the gold demand rate is at 22% in tier-1 metropolitan cities of India. Mumbai comprises 20% of the gold demand percentage of the country and is among the top five cities in gold demand.

Not only gold, but Mumbai is also in the top five cities for the demand for silver. The population of Mumbai comprises people from diverse backgrounds and paying capacities. This is why, the Mumbai gold market becomes so crucial for the Indian economy.

Demand for Gold by Industry

Gold is one of the most diversely used and highly valued metals. If you think gold is only used in jewellery then you are about to get surprised. Here is a list of industries that contribute to the large demand for metal:

1. Jewellery Industry
2. Investment and Finacial Institutions
3. Central Bank
4. Technology

Demand for Gold Bars and Coins

With the rise in gold investment options, the demand for gold bars and coins has also increased. As per data research, the year-on-year demand for gold bars rose to 9% in 2021 and this number has only increased since then.

Buying gold bars and coins is a profitable investment because the buyer gets 24K gold without making charges and it can be liquidated quickly. Globally, Asia contributes to 62% of the gold bars demand, followed by Europe (25%), North America (4%), and the rest of the world with a 9% demand share.

How is the Tax on Gold calculated in Mumbai?

India imported gold worth $46.14 billion in the 2021-22 financial year. The buyers often worry about taxation on their gold. You can refer to the below-mentioned points to understand how the tax on gold is calculated:

1. The Government of India has imposed a 3% GST on physical gold purchases in India.
2. Imports or custom duty on gold bars is 10% in India. After adding GST, the final tax on physical gold in India will be 10%+3% GST for the buyers.
3. The Government also imposes 5% AIDC on gold imports. Therefore, after adding import duty, GST, and AIDC the final tax on gold becomes 18%.
4. Another charge that a buyer needs to pay apart from the Government taxes is making charge. It is around 8 to 35% on gold jewellery.
5. The Government of India also deducts 1% TDS if an individual buys gold worth more than 1 Lakh.

How to Calculate GST on Gold?

GST refers to Gold and Sales Tax. It was introduced by the Government of India in 2017. GST is also applicable to the purchase of gold assets. Thus, it is important to understand how to calculate GST on gold for making fruitful investment decisions.

The current GST rate is 3% on gold, with both CGST and SGST being 1.5%. The GST is levied on the final value of gold jewellery which includes making charges. Here is a simple formula to calculate GST on gold:

Final price of the jewellery = Price of (22 KT or 18 KT) gold x (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges).

GST impact on the Gold rate in Mumbai?

The GST plays a key role in deciding gold prices in Mumbai and other parts of India. The gold GST rate in Mumbai (India) is currently at 3%. Let’s understand the impact of GST on the gold market and our pockets in a detailed manner below.

GST Impact on Exchange Rate

All foreign currency conversion transactions in India are subject to GST. Value of service for the purpose of the levy of GST in case of purchase/sale of foreign currency is determined as per the table below, on which GST at 18% is applicable.

Gross Amount of Currency Exchanged Value of Service on which GST to be Paid
Less than or equal to INR 1,00,000 1% of the gross amount of currency exchanged, subject to a minimum of INR 250/- i.e. minimum GST payable is INR 45.
Greater than INR 1,00,000 and less than or equal to INR 10,00,000 INR 1000 + 0.5% of the gross amount of currency exchanged
Greater than 10,00,000 INR 5,500 + 0.1% of the gross amount of currency exchanged, subject to a maximum of INR 60,000/-, which caps GST payable at INR 10,800/-.

GST Impact on Gold Prices

GST is paid by the buyer on their gold purchase. The import rates and making charges decide the GST rate on gold. Here is how GST impacts gold prices:

Particulars GST Value
Gold Making Charges 5%
Import Duty 10%
GST Rate (Gold Value) 3%

GST on Gold Jewellery

The GST rate on gold jewellery is 5% on making charges. The GST on gold ornaments is taken in the form of a fixed charge or a fixed percentage of gold value. The GST rate on gold jewellery also contributes to variations in making charges between the jewellers and gold retailers.

What is the meaning and difference between 916 and 999 gold in Mumbai?

Most jewellers offer gold in 916 and 999 purity. New investors or even young jewellery buyers often fail to understand the difference between the two gold options. People often ask which is better: 999 or 916 gold and we are here to end this debate forever. Here is a comparison chart to help you understand the difference between the two kinds of gold:

Parameter 999 Gold 916 Gold
Purity 99.9% pure gold 91.6% pure gold
Colour Dull Yellow Bright yellow
Softness Softer and more malleable Harder and less malleable
Malleability High Low
Purpose Investment purposes Used for jewelry and other decorative purposes
Cost Typically more expensive Typically less expensive

Difference between KDM & Hallmark Gold in Mumbai?

We all know about hallmark gold but what does KDM mean in gold? Is KDM gold pure? IS KDM gold the same as BIS-hallmark? What is the difference between Hallmark Gold, KDM Gold, and BIS 916? There are many more such questions in a buyer’s mind while purchasing gold. So let’s put an end to your worries and find out the answers to these frequently asked questions with the help of our gold experts:

Parameter Hallmark Gold KDM Gold BIS 916
Purity 99.9% 92 to 95% 91.6%
Certification Authority Bureau of Indian Standards (BIS) NA Bureau of Indian Standards (BIS)
Manufacturing Process Uses modern technology and methods Uses traditional technique of fusing gold with cadmium Uses modern technology and methods
Allergy Reaction Suitable for people with allergies May cause allergies due to the presence of cadmium Suitable for people with allergies
Cost High Low Moderate

Factors Affecting Gold rate in Mumbai?

Mumbai is the crux of finance in India. It dictates the majority of the economy of the country. Therefore, it is important to undertake the factors affecting the gold rate in Mumbai. You can find the top six factors that influence gold prices mentioned below:

1. International Gold Prices
2. Exchange Rate
3. Demand and Supply of Gold
4. Inflation
5. Government Taxation Policies
6. Interest Rates

Is Gold Investment Safe in Mumbai?

Gold has always been the top investment option for Indian investors. However, with gold rates being at an all-time high, is this a safe and right investment? At the moment, the rate of 10 grams of gold is INR 54,500 in Mumbai which may seem like an expensive investment. However, this also hints at higher return rates. You can invest in SGBs or Gold ETFs in Mumbai if you do not wish to own physical gold. Here are five reasons why gold investment is best in today’s time:

1. Gold is a strong hedge against inflation.
2. Low rate of interest by the central bank of India.
3. Gold offers easy liquidity.
4. It is the safest investment option with almost zero risks.
5. You can create tangible and intangible wealth with gold investments.

Therefore, it is absolutely the best time to start your journey as a gold investor. Remember to do market research, and quality checks before putting in your money. Invest your money with credible and trustworthy gold jewellers and you are all set to gain high returns! All the best!

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