For anyone in Mumbai thinking about buying gold, this week has brought a welcome surprise. Over the past two days, prices of all three grades, 24 karat, 22 karat and 18 karat, have slipped sharply across the city. The steepest fall came in 24 karat gold, which has turned cheaper by Rs 33,500 per 100 gram in just 48 hours. The drop arrives at a time when bullion in the global market has also slid to its lowest level in seven months. For jewellery shoppers and investors in Maharashtra's capital, these softer rates have opened up an attractive window.
Today's Gold Rate in Mumbai
According to Goodreturns data at 12 pm on Wednesday, June 24, 24 karat gold in Mumbai fell by Rs 27 per gram to Rs 14,433 per gram. The 22 karat variety dropped Rs 25 per gram to Rs 13,230 per gram, while 18 karat gold eased by Rs 20 per gram to Rs 10,825 per gram. Taken together, the figures show that 24 karat gold has shed Rs 335 per gram over two days, which works out to Rs 33,500 for every 100 gram.
Silver Holds Steady
Unlike gold, silver barely moved on Wednesday. In Mumbai it stayed put at Rs 245 per gram and Rs 2,45,000 per kilogram. This calm in silver stands out, since the white metal had swung sharply during January and February.
How Global Gold Is Behaving
On the international front, gold prices have kept falling and are hovering near a seven month low, as per Trading Economics data. On Wednesday, the global rate dropped below $4,100 per ounce, weighed down as expectations of tighter US Federal Reserve policy outweighed investor sentiment.
Is It the Right Moment for Mumbaikars to Buy?
Experts suggest the current swings in gold come against a backdrop of tense geopolitical uncertainty, and the latest correction could be read as an attractive opportunity for investors. In India, the yellow metal often turns bullish in August and September on the back of the festive season.
Colin Shah, MD of Kama Jewelry, explained that gold is presently trading in a tense environment. After enduring economic turmoil through almost the entire first half and a correction of around 15% in USD terms, gold's performance is expected to gradually find its footing in the second half, provided a concrete peace deal falls into place. He added that prices traditionally tend to climb between August and October, helped by the festive season at home and the holiday season in the West. Even so, amid the optimism, he stressed that it remains crucial to wait and watch how the situation plays out.
