As an investment, gold is seen as one of the best hedges against inflation. It can be owned physically i.e. in the form of jewellery, gold bars and coins, or in paper, like gold exchange traded funds and sovereign gold bonds. The price of gold in India varies across cities on account of local market factors such as its demand and supply, state government taxes and transportation charges (of physical gold). This article sheds light on how lucrative gold investments are in Mumbai and its rates over the recent months.
A number of factors have an impact on the gold rate in Mumbai. Here is a look at a few:
If an individual wants to buy physical gold, all he or she has to do is go to the nearest jewellery shop and purchase gold jewellery and/or gold coins. It is advisable to opt for coins since jewellery has making costs, which the individual will not be able to recover when selling. Other than physical gold, one has the option of buying gold ETFs. They are funds that mainly invest in gold, and can be purchased and sold on the exchange. To buy gold ETFs, one simply needs to ask the broker to buy after opening a broking and trading account. Sovereign gold bonds are also listed, and individuals can buy them in the same manner as listed shares are bought.
=
A few factors to keep in mind before buying physical gold are as follows:
Trend of Gold Rate in Mumbai for July 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st July 2019 | Rs. 33,200 | Rs. 34,200 |
| 31st July 2019 | Rs. 34,050 | Rs. 35,050 |
| Highest Price on July | Rs. 34,400 on July 19 | Rs. 35,400 on July 19 |
| Lowest Price on July | Rs.32,700 on July 2 | Rs.33,700 on July 2 |
| Overall Performance | Rising | Rising |
| Percentage Change | +2.56% | +2.49% |
Source: Good Returns
Trend of Gold Rate in Mumbai for June 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st June rate | Rs. 31,450 | Rs. 32,450 |
| 30th June rate | Rs. 33,200 | Rs. 34,200 |
| Highest rate | Rs. 33,650 on June 25 | Rs. 34,650 on June 25 |
| Lowest rate | Rs.31,450 on June 1 | Rs.32,450 on June 1 |
| Overall performance | Rising | Rising |
| % change | +5.56% | +5.39% |
Trend of Gold Rate in Mumbai for May 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st May rate | Rs. 30,700 | Rs. 31,850 |
| 31st May rate | Rs. 31,000 | Rs. 32,000 |
| Highest rate | Rs. 31,600 on May 15 | Rs. 32,600 on May 15 |
| Lowest rate | Rs. 30,600 on May 3 | Rs. 31,750 on May 3 |
| Overall performance | Rising | Rising |
| % change | +0.98% | +0.47% |
Trend of Gold Rate in Mumbai for April 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st April rate | Rs. 31,110 | Rs. 32,650 |
| 30th April rate | Rs. 31,250 | Rs. 32,250 |
| Highest rate | Rs. 31,400 on April 1 | Rs. 32,650 on April 1 |
| Lowest rate | Rs. 30,800 on April 12 | Rs. 31,800 on April 12 |
| Overall performance | Rising | Falling |
| % change | +0.45% | -1.23% |
Trend of Gold Rate in Mumbai for March 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st March rate | Rs. 32,750 | Rs. 35,026 |
| 31st March rate | Rs. 31,100 | Rs.32,640 |
| Highest rate | Rs. 32,750 on March 1 | Rs.35,026 on March 1 |
| Lowest rate | Rs. 31,100 on March 18 | Rs. 32,640 on March 18 |
| Overall performance | Falling | Falling |
| % change | -5.04% | -6.81% |
Trend of Gold Rate in Mumbai for February 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st February rate | Rs. 32,490 | Rs. 34,090 |
| 28th February rate | Rs. 32,600 | Rs. 33,640 |
| Highest rate | Rs. 33,100 on February 19 | Rs. 35,480 on February 19 |
| Lowest rate | Rs. 32,360 on February 7 | Rs. 33,640 on February 7 |
| Overall performance | Rising | Falling |
| % change | +0.34% | -1.32% |
Checking the price of gold is vital because even a minute variation in gold rate can result in a major loss. The prices of gold today are very high as compared to that of a decade ago. Individuals are advised to compare the current gold rate of one jeweller with that of the others in the city. The bigger and well-established jewellers are likely to charge higher in making charges for gold purchase. If one finds that the making charges of gold is significantly high in one jewellery store, it is recommended to evaluate the rate charged by goldsmiths or jewellers. In doing so, the individual might be able to find one whose rate fits his or her pocket.
Gold jewelleries hallmarked by the Bureau of Indian Standards shall bear the BIS logo. This serves as evidence that the purity of the gold has been verified in one of the bureau’s licensed laboratories. It is however important to note that BIS hallmarking is not mandatory - not all jewellers offer hallmarked BIS jewellery. Some offer their in-house hallmarking of jewellery which is not verified by the national standards body of India. Prior to buying gold jewellery, it is essential to check with the jewellers whether or not they offer BIS hallmarked ornaments.
The different ways by which a user can buy gold include:
Investing in gold is worthwhile because it acts as a hedge against inflation. Overtime, the returns would be in line with the rate of inflation. The second reason why financial experts recommend this route of investing is due to the fact that gold is negatively correlated to equity investments. From the year 2007, it was observed that the equity markets did not perform too well, whereas gold did. Thus, including gold in one’s portfolio mix can help reduce the overall volatility of the individual’s portfolio
What is per gram Gold Rate in Mumbai?
According to the Gold Price India website, the gold price for 24 karat gold is Rs. 3,872 per 1 gram.
What is 10 gram Gold Rate in Mumbai?
According to the Gold Price India website, the gold price for 24 karat gold is Rs. 38,718 per 10 grams.
What is 100 grams Gold Rate in Mumbai?
According to the Gold Price India website, the gold price for 24 karat gold is Rs. 3,87,180 per 100 grams.
What is 1 kg Gold Rate in Mumbai?
According to the Gold Price India website, the gold price for 24 karat gold is Rs. 38,71,800 per kilogram.
