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Today's Gold Rate in Mumbai

Current Gold Rate

22 KARAT

Rs.6,355 per gm

18 KARAT

Rs.5,460 per gm

The domestic market for gold in Mumbai reflects both global trends and local demand for gold. As the financial capital of India, prices of gold in Mumbai are a key indicator of the overall health of the gold trade in the country.

A wide range of factors influence today’s gold rate in Mumbai. While it is challenging to predict gold’s exact prices in the future due to regular fluctuations, a host of factors such as international gold prices, economic trends, and domestic demand patterns for the yellow metal can provide insights into potential rate movements. Investors should consider these aspects while making gold-related decisions.

Exploring the local gold demand in Mumbai further, the city’s cultural affinity for gold plays a significant role in its market dynamics. Festivals, weddings, and other auspicious occasions see a surge in gold purchases, reflecting its deep-rooted significance in the local culture. This cultural significance contributes to the unique pricing and market behavior of the current gold rate in Mumbai.

Let us First Understand Karat as a Measure of the Purity of Gold

Gold, one of the most coveted precious metals in the world, is available in various purities to cater to different needs and preferences. Karat is a measure of the purity of gold, with 24 karats representing the purest form of gold. 

Understanding karats is essential when purchasing gold jewellery, as it determines the value and quality of the piece. Additionally, different countries may have varying standards for the level of purity, so knowing about karats can help consumers make informed decisions when buying gold.

The higher the karat number, the higher the percentage of gold in the piece of jewellery. Here is the complete list of the purity of gold used in jewellery:

  • 24Karat: 24-karat gold is considered the purest form of gold, with a percent of gold purity level of 100%. This means that 24 out of 24 parts of the metal are pure gold, without any impurities or alloys mixed in. Due to its high purity, 24-carat gold is often used for investment purposes or in the creation of fine jewellery that demands the highest quality.
  • 22Karat: However, 22-karat gold is also a popular choice often known as 916 Hallmark gold, representing 91.6% purity and 8.4% other metals, such as copper or silver. 22-carat gold is known for its durability and is commonly used in jewellery making.
  • 18Karat: 18-karat gold represents 75% purity, meaning that it is composed of 75% gold and 25% other metals.  This combination of metals gives 18-carat gold its strength and durability, making it a popular choice for fine jewellery pieces.
  • 14Karat: 14-karat gold represents 58.5% purity. This type of gold has a beautiful golden color and is often more affordable than higher carat options.
  • 10Karat: 10-karat gold represents 41.7 percent gold purity. This is usually not available at reputed gold stores.

What are the Top Factors Affecting Gold Rates?

  1. Economic Factors: Economic factors such as inflation and economic stability have a significant impact on the value of precious metals such as gold and silver. In times of high inflation, investors often turn to precious metals as a haven to protect their wealth. Additionally, economic stability can influence the demand for these metals, as investors look for stable assets during periods of uncertainty. The presence of stable governments also plays a crucial role in attracting both international and local investors to the bullion markets, further affecting the value of precious metals.
  2. Supply and Demand: The price of gold is heavily influenced by the dynamics of supply and demand. When the supply of gold is limited and the demand is high, prices tend to increase. Consumers of gold in India have ensured that demand is always high in India driven by social needs and historical proof of it being the safest investment. Additionally, events like a good monsoon can increase demand for any form of gold, as rural populations with more wealth from successful farming activities may purchase more gold as a form of investment or adornment.
  3. Market Speculation: The role of market speculation in gold pricing cannot be understated. Speculators’ expectations of future price movements can lead to significant short-term price volatility. While some investors use gold as a hedge against uncertainty, others engage in speculative trading, which can amplify price fluctuations in the gold market.
  4. Investment Gains: When considering investment options, it is important to take into account how alternate options such as the stock market and real estate can impact gold rates. Rising competition in these markets can lead to liquid gains which in turn may cause an increase in gold rates. It is essential for investors to understand how various economic factors can influence the price of gold and to diversify their investment portfolio accordingly. 
  5. Government Policies: Government policies and the Reserve Bank of India play a crucial role in influencing the domestic gold market rates. Exchange rates and currency fluctuations, interest rates, regulations and duties on gold imports all have a direct impact on the price of gold. For example, when the government imposes heavy regulations and duties to deter imports of gold, the price of gold in the domestic market tends to rise. 
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Who Sets the Price of Gold in Mumbai?

  1. IBJA Rates: The Indian Bullion Jewellers Association (IBJA) is a significant player in the gold industry in Mumbai as they are responsible for setting the price of gold in the region. This is done by taking into account various factors such as future market rates of major gold dealers, import duties, and rates on the Multi Commodity Exchange (MCX). The Mumbai rates set by IBJA have a direct impact on the buying and selling of gold in the market, making them a key player in the industry.

  2. Import Duty and Taxes: Import duty and local taxes play a significant role in determining the final price of gold in different Indian cities or the Zaveri Bazaar in Mumbai. These additional fees can vary depending on the country of import and the local tax laws, causing fluctuations in the price of gold. Import duty is a tax imposed on goods brought into a country from abroad, while local taxes are imposed by the government of the city or region where the gold is being sold. 
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3. MCX Index: The Multi Commodity Exchange of India Limited (MCX) is a crucial player in the Indian commodity market, offering a platform for online trading of commodity derivatives. As India’s first listed exchange, MCX plays a significant role in determining the prices of precious metals like gold through its trading activities. In India, apart from MCX, gold can also be traded on the National Commodity and Derivatives Exchange (NCDEX), and National Spot Exchange (NSEL).

4. International Gold Prices: International gold prices play a crucial role in determining the local rate of gold in various countries. The fluctuations in the international market directly influence the prices of gold in the local markets. Investors closely monitor these changes to make informed decisions about buying or selling gold. Factors such as geopolitical events, economic indicators, currency movements, and global demand for gold all contribute to the fluctuations in international gold prices, ultimately affecting the prices Mumbai consumers see in their local shops. 

3. MCX Index: The Multi Commodity Exchange of India Limited (MCX) is a crucial player in the Indian commodity market, offering a platform for online trading of commodity derivatives. As India’s first listed exchange, MCX plays a significant role in determining the prices of precious metals like gold through its trading activities. In India, apart from MCX, gold can also be traded on the National Commodity and Derivatives Exchange (NCDEX), and National Spot Exchange (NSEL).

4. International Gold Prices: International gold prices play a crucial role in determining the local rate of gold in various countries. The fluctuations in the international market directly influence the prices of gold in the local markets. Investors closely monitor these changes to make informed decisions about buying or selling gold. Factors such as geopolitical events, economic indicators, currency movements, and global demand for gold all contribute to the fluctuations in international gold prices, ultimately affecting the prices Mumbai consumers see in their local shops. 

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Why Buying Gold Jewellery is Always a Great Investment!

Gold buyers have a variety of physical gold choices available, including coins, jewelry, ornaments, gold bars, and ingots. Each of these forms has its appeal, but gold jewelry stands out for its dual function as both a wearable art form and a solid investment. This is wisdom that has been passed down through generations, echoing the same advice your grandmother might have given. Let’s delve deeper into why investing in gold jewelry is a practice that has stood the test of time and continues to be a wise choice for the discerning investor.

Gold jewelry is not just a matter of adornment but an investment in a tangible asset that holds intrinsic value. Unlike other assets that might depreciate over time, gold has shown a consistent ability to maintain its worth and often appreciate. This enduring appeal is not just about the market value of gold but also its cultural and emotional significance, which can add to its perceived value over time.

  1. Physical Feel & Touch: Holding a piece of gold jewellery in your hands provides a tangible connection to your investment, unlike digital or paper assets. This physical aspect of gold adds a personal dimension to your investment, allowing you to appreciate its beauty and craftsmanship, which can enhance its sentimental value over time.
  2. Wise Investment: Gold has a long-standing reputation as a wise investment choice. Its value has been recognized for centuries, and it continues to be a sought-after asset in modern investment portfolios. Gold’s enduring value makes it a prudent choice for those looking to preserve their wealth over the long term.
  3. Check Historical Performance: Historically, gold has maintained its value and is often appreciated during times of economic instability. A look at gold’s performance over the decades reveals its capacity to serve as a stable investment, even when other assets are fluctuating. This historical resilience underscores gold’s role as a reliable store of value.
  4. #1 Precious Metal: Among all precious metals, gold stands out for its liquidity, universal value, and status as a safe-haven asset. Its unique properties and widespread acceptance in various forms, including jewellery and bullion, solidify its position as the top choice for many investors.
  5. Inflation Hedge: Gold is renowned for its ability to act as an excellent hedge against inflation. When the purchasing power of currency declines, gold’s value typically rises, helping investors protect their wealth against the eroding effects of inflation. This makes gold an essential component of a well-rounded investment strategy.
  6. Outlive Economic Downturns: Throughout history, gold has demonstrated its ability to outlast economic downturns. Its value often increases when confidence in traditional financial systems wanes, making it a crucial asset for navigating uncertain economic landscapes.
  7. Always a Safe Asset: Gold’s reputation as a safe asset is well-earned. Its intrinsic value, coupled with its physical and immutable nature, makes it a reliable store of wealth. In contrast to paper assets or digital forms of money, gold’s tangible nature provides a level of security that is unmatched.
  8. Asset Allocation: Including gold in your investment portfolio aids in asset allocation, a critical strategy for managing risk. By diversifying your investments across different asset classes, including gold, you can reduce volatility and improve the overall stability of your portfolio.
  9. Diversification: Gold’s low correlation with other asset classes makes it an excellent tool for diversification. When stocks or bonds are underperforming, gold often moves independently, providing a counterbalance that can help stabilize your investment portfolio during market fluctuations.

By understanding these nuanced benefits of investing in gold, especially in the form of jewelry, investors can make more informed decisions, recognizing gold’s multifaceted value not just as a precious metal but also as a strategic financial asset.

What are the Other Gold Investment Options?

Gold investors have a variety of investment options apart from physical gold which include gold ETFs, sovereign gold bonds, and digital gold. Let’s delve deeper into them:

  • Gold ETFs and Gold FundsGold ETFs and Gold Funds provide investors with an opportunity to invest in gold without the hassle of storing physical gold. These investment options typically track the performance of gold prices and allow investors to easily buy and sell shares on the stock exchange. This provides a convenient and cost-effective way for investors to diversify their portfolios and gain exposure to the potential benefits of investing in gold without the need for storing and safeguarding physical gold.
  • Sovereign Gold Bonds: Sovereign Gold Bonds are issued by the government as a way for investors to own gold without physically owning the metal. These bonds are a safe investment option as they are backed by the government and offer an assured interest rate. Investors can also benefit from the potential price appreciation of gold in the market. Sovereign Gold Bonds also offer the advantage of being easily tradable on stock exchanges, making them a convenient investment option for those looking to diversify their portfolio with a stable and secure asset like gold.
  • Digital Gold: Digital Gold is revolutionizing the way people invest in precious metals like gold. With the ability to purchase and own gold online, investors can easily diversify their portfolios and protect their wealth. This modern form of investing offers convenience and accessibility, allowing individuals to buy and sell gold without the need for physical storage or delivery. Digital Gold provides a secure and efficient way to invest in one of the most stable and valuable assets in the world.
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3 Ways to Take Advantage of Rising Gold Rates

1. Gold Schemes

Diverse gold investment schemes provide individuals with alternative options for utilizing their gold assets for financial purposes. At Om Jewellers, we offer a diverse range of gold purchase schemes that cater to different needs and preferences. Whether you are looking to build a personal gold collection, create a valuable investment for the future, or secure financial assistance, our schemes can help you achieve your goals. With flexible terms and options available, leveraging gold for financial purposes has never been easier.

2. Keep Yourself Updated

Staying informed about today’s gold rate is essential for anyone interested in investing in or trading gold. Market trends, historical gold rates, and economic factors all play a role in the price and demand for gold. Regular updates about gold price movement and expert insights like MCX Gold Futures can help individuals make informed financial decisions regarding their investments in gold. For daily price updates and other relevant information, visiting Om Jewellers’ website can be a useful resource for those looking to stay informed about the gold market and daily gold rates.

3. Walk into an Om Jewellery Store

Om Jewellers is a renowned name in Mumbai for its competitive gold rates and exquisite jewellery collections. With jewellery stores located in Borivali, Mulund, and Bandra, customers have access to a wide range of 24K & 916 Hallmark gold and diamond pieces that blend style and tradition seamlessly. Whether you are looking for investment options in gold or simply want to explore timeless jewellery pieces, Om Jewellers has something for everyone. Visit our showrooms or get in touch with our customer service teams to learn more about our collections.

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Disclaimer

Please note that the gold rates provided on our website are for informational purposes only and are subject to change. Om Jewellers does not guarantee the accuracy or timeliness of this information. The content provided should not be construed as investment advice. Investors are advised to conduct their research or consult with a financial expert before making any informed decisions related to gold investment.

Bhavin Jakhia, a highly-regarded expert in the jewellery field, directs Om Jewellers—a legacy brand rooted in craftsmanship since 1939. A Mumbai University graduate, Bhavinji taking the helm in 2003, his 20+ years in the industry drive impactful leadership. Bhavinji seamlessly merges traditional expertise with a passion for innovative designs. Personally refining gold designs, Bhavinji elevates Om Jewellers to new heights, embodying timeless elegance. Inspired by his wife Bhavana Jakhia, he encourages collaborative creativity, resulting in a curated collection synonymous with style and sophistication. Bhavinji’s hands-on approach and visionary leadership make Om Jewellers an emblem of excellence in jewellery.

Bhavesh Jakhia, is a Director at Om Jewellers whose directorial journey commenced in 2015 upon earning a Bachelor’s Degree in Logistics, Material & Supply Chain Management from PSB Academy. With over 8 years of dedicated expertise in the jewellery industry, Bhaveshji brings a distinctive edge to the field. Beyond traditional management, he possesses a profound understanding and admiration for the intricate artistry inherent in jewellery craftsmanship. Bhaveshji’s expertise in overseeing store operations and shaping innovative marketing strategies has resulted in a transformative journey for Om Jewellers. Each gold and diamond piece now breathes life, reflecting his commitment to infusing vitality and expertise into every creation.