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22 Carat Gold Price Today in Mumbai (23 September 2023)

GramYesterday's PricePrice ChangeToday's Price
1 GramRs. 54100Rs. 5410
5 GramRs. 270500Rs. 27050
10 GramRs. 541000Rs. 54100
100 GramRs. 5410000Rs. 541000

24 Carat Gold Price Today in Mumbai (23 September 2023)

GramYesterday's PricePrice ChangeToday's Price
1 GramRs. 59020Rs. 5902
5 GramRs. 295100Rs. 29510
10 GramRs. 590200Rs. 59020
100 GramRs. 5902000Rs. 590200

Gold Rates in Indian Cities

How are Gold Prices Determined in Mumbai?

Various factors influence the gold prices in Mumbai. They change every day. The gold prices are determined at the local level in Mumbai as well as international factors affect them.  At the local level in Mumbai, the Indian Bullion Jewellers Association fixes the gold price based on the following factors – 

  • Some of the local biggest dealers of Mumbai city fix the gold rates.
  • For the import items in Mumbai, the local import duty is added to it. Also, they add transportation costs where the prices vary depending on the city. 
  • Apart from this, some dealers in Mumbai arrive at a price based on a formula used in the futures market of the MCX. The MCX is the largest commodity exchange where gold futures are traded. 
  • Additionally, the demand and supply of gold in international markets also affect the gold rates in Mumbai. In other words, if the international prices of gold fall, the prices of gold in Mumbai will also change. 
  • Hence, this is how the gold prices are determined in Mumbai. It is important to check the gold prices before buying them. 

Where To Buy Gold in Mumbai?

There are several places where people can buy gold in Mumbai. Some of the popular jewellers of the Mumbai city are – 

  • Popley and Sons
  • Tribhoovandas Bhimji Zaveri
  •  PM Shah
  • Tara Jewels
  • Waman Hari Pethe Jewellers.

Some of the popular chains are – 

  • P C Jewellers 
  • Tanishq
  • Kalyan Jewellers
  • Joyalukkas

Among them, the best place to buy gold in Mumbai is the ‘Zaveri Bazar’. It is regarded as the jewellery shoppers paradise, which is a 150-year-old jewellery market. There are around 7000 big and small shops in this market where some of the shops are 300 years old. Also, there is a diamond market which is very famous in Mumbai to purchase jewellery.

  • The gold rates in Mumbai barely differ from shop to shop; however, you should check for the making charges. 
  • The gold rates are unlikely to differ from jeweller to jeweller as the local association in Mumbai determines them.
  •  Hence, it is a matter of reliability, and it is recommended to buy gold from your trusted jeweller in Mumbai. It is for your own satisfaction with the quality of gold you purchase. 

Gold Schemes in Mumbai

The following are some of the gold schemes offered by different jewellers in Mumbai – 

Tanishq Golden Scheme

Tanishq Golden Harvest Scheme

Under this scheme, investors have to deposit money for 6-10 months and use it to purchase jewellery on the maturity of the scheme. This scheme offers a discount of up to 75% on the value of the jewellery purchased.

Tanishq Swarnanidhi Scheme

This scheme allows investors to book gold in small denominations, i.e. grams, and they can redeem this gold against the purchase of gold jewellery from Tanishq. Under this scheme, individuals have to make monthly deposits for 8 months. This amount is converted into grams for gold with the prevailing gold rate at the time of deposit. However, there is no restriction on the number of deposits made during this tenure. 

Tribhovandas Bhimji Zaveri Scheme 

TBZ Kalpavruksha Plan

This leading jeweller in Mumbai allows investors to purchase jewellery smartly by paying monthly instalments under this scheme. The investor has to pay 9 equal monthly instalments on the jewellery of their choice, and TBZ will pay 75% of the 10th instalment.

TBZ New Gold Plan

TBZ has recently launched this scheme. If a customer purchases 100 grams of gold (24 karats fine/standard) under this plan, they will get 105 grams of gold after 12 months. Any customer can buy a minimum of 10 grams of gold coins and bars and in a multiple of 5 grams up to a maximum of 500 grams of gold. 

Waman Hari Pethe Gold Investment.

Waman Hari Pethe Golden Moments

Customers can purchase gold coins, bars or jewellery under this scheme by paying 11 monthly instalments, and they get a loyalty discount of an amount equal to 1 month instalment (11+1=12 months). They can redeem the amount on completion of 12 months to purchase gold. Upon maturity, an additional benefit of 10% discount is given making charges of jewellery. 

Average Making Charges on Gold Jewelry in Mumbai

  • Making charges is the cost involved in producing and designing a piece of jewellery that individuals purchase in Mumbai. In other words, it is the cost of converting raw gold into fine jewellery. 
  • Apart from this, in Mumbai, the purity of gold also varies for making charges. For instance, if the gold is strong and durable, it can be moulded into fine jewellery. Conversely, if the design is more intricate, it takes more time and artistry for designing. 
  • The making charges may vary for different jewellers in Mumbai. 
  • Some jewellers in Mumbai charge a flat percentage of total jewellery as making charges, while others charge a flat per gram rate of gold. 
  • The making charges in Mumbai start from 8% and can go up to 25%, depending on how intricate the jewellery design is. 
  • While some jewellers in Mumbai offer making charges starting from Rs.199 per gram, which can go up to Rs.300 per gram of gold. 
  • Items like gold coins, the making charges are negligible or very less compared to jewellery.

Things To Consider While Buying Gold in Mumbai

Gold is a precious commodity that requires a good capital investment. The following are the things that you should consider while buying gold in Mumbai – 

  • Price of Gold – The gold rate in Mumbai change daily, where it can increase or decrease based on various internal and external factors that determine the price of gold.
  • Seller’s Reputation – Some sellers in Mumbai charge more for a relatively lower purity of gold, and buyers face loss at the time of reselling their investment. Hence, it is better to deal with reputed and trusted jewellers.
  • Authenticity of Purity of Gold – It can be received through hallmark by the Bureau of Indian Standards (BIS) and the jeweller’s mark in Mumbai. Therefore, it is better to buy hallmarked jewellery in Mumbai. 
  • Bargain on Making Charges – Buying gold jewellery in Mumbai means spending extra money on marking charges. Hence, it is important to bargain here and reduce the making charges from the seller in Mumbai. 
  • Purchase Invoice – It is important to take a purchase invoice while purchasing jewellery.  For many reasons – like to calculate capital gains tax if you sell the jewellery for profit after a few years, for keeping personal records.  
  • Weight of Jewellery – Check the weight of jewellery as precious stones and gems are used in gold jewellery to make the piece heavier. Sellers weigh the piece as a whole which can make the piece heavier. This means you end up paying more for the gold which isnt actually used. 

Hence individuals must be very diligent while purchasing gold in Mumbai as it is very valuable and the cost is extremely high. Buying gold is not like buying groceries, and it requires proper research before buying. 

Alternative of Gold Investment