Mumbai, the commercial capital of India, is also one of the most popular markets for gold in the country. The city has one of the highest concentrations of gold sellers and dealers. Gold rates in Mumbai follow the same trend as international gold price. Gold rates, which are a product of a lot of dynamic factors coming into play, have been more or less stable for this year in Mumbai.
Trend of Gold Rate in Mumbai for April 2018 (rates per gram for 24 karat gold)
April 2018- Week 1 (1st-7th)
- In a departure from trends seen across other major Indian cities, gold prices in the country’s financial capital were stable throughout the first week.
- Gold rate in Mumbai opened the month trading at Rs.3,148 per gram and saw no change in price as retail demand stayed stagnant.
- The appointment of the new Secretary of State and the escalation of trade war rhetoric with China saw gold prices rise across the world, but did not impact demand in the city.
- Industrial demand fell towards the middle of the week, but a rise in orders by jewellers made up for this loss and kept prices stable.
- Gold price in Mumbai traded at Rs.3,148 per gram as the week ended on 7 April as consistent demand resulted in prices staying constant.
Trend of Gold Rate in Mumbai for March 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st March 2018 | Rs.3,147 per gram |
| Gold Rate on 31st March 2018 | Rs.3,148 per gram |
| Highest Rate in March | Rs.3,148 per gram on 8, 9 and from 24 to 31 March |
| Lowest Rate in March | Rs.3,123 per gram from 17 to 23 March |
| Overall Monthly Performance | Incline |
| Percentage Change | 0.03% |
March 2018 – Week 1 (1 – 5):
- The financial capital of the country saw gold open the month priced at Rs.3,147 per gram as there was no change in demand.
- In contrast to the trends seen across the country, there was no sharp increase in demand for gold in spite of turbulent equity markets and a plunging U.S. Dollar.
- Gold traded at a consistent price for most of the week, as local demand was muted and not influenced by trends seen across the rest of the market.
- Gold price in Mumbai dropped to Rs.3,146 per gram as the week ended on 5 March.
March 2018 – Week 2 (5-11):
- Gold rates in Mumbai opened at Rs.3,146 per gram on the 5th of March.
- The metal continued to trade at the same rate for the next two days as local demand remained largely unchanged despite changes in the global market.
- On the 8th, gold rates in Mumbai went up slightly to Rs.3,148 per gram before continuing on at this rate for the next day as well.
- However, as local demand dropped, gold rates fell to Rs.3,134 per gram on the 10th of March.
- When the week closed, gold rates were still recorded at Rs.3,134 per gram.
March 2018 – Week 3 (12 – 18):
- The week opened in Mumbai with the yellow metal prices holding steady at Rs.3,134 per gram on the 12th amid the rising US dollar and equities.
- Thanks to strong demand from local industries, jewellers and retailers, gold prices remained untouched at Rs.3,134 per gram on the 13th despite the steady US dollar.
- The dollar, however, lost its ground after a rocky road with President Trump resulted in Rex Tillerson, the US Secretary of State being fired by the White House.
- Gold rates in Mumbai were recorded holding steady at Rs.3,134 per gram until the 16th amid positive overseas trends.
- The 17th saw gold prices plunging to Rs.3,123 per gram with the bullion being pressured by a strong US dollar and expectations of an interest rate hike by the Federal Reserve next week.
- Trading concluded with the precious metal holding steady at Rs.3,123 per gram on the 18th with steady domestic demand amid the firm trends overseas.
March 2018 – Week 4 (19 – 25):
- Demand for gold in Mumbai was in contrast to other Indian cities, with prices fluctuating significantly over the course of the week.
- The yellow metal opened the week trading at Rs.3,123 per gram on 19 March as demand was stagnant due to stable equity markets.
- In spite of a rise in demand for the metal across global markets and other regional markets, there was no change in the price of gold for a few days.
- Local demand was also muted in spite of favorable market conditions, with industrial demand also poor in the financial capital of the country.
- There was a sharp jump in the price of gold on 23 March, with gold trading at Rs.3,148 per gram after a late rally by the metal amidst declining interest in equities.
- Gold price in Mumbai remained constant for the rest of the week as steady retail demand kept prices from falling too steeply.
- Though there was not much movement in the price of gold in Mumbai, there was a significant rise in the price of the metal.
March 2018 – Week 5 (26 – 31):
- The bullion trade in Mumbai witnessed gold prices remaining unaltered the entire week following strong domestic demand despite the uneven global trends.
- The week began with the yellow metal prices holding steady at Rs.3,148 per gram on the 26th with the bullion maintaining its five-week high amid the US-China trade war concerns.
- Strong global cues coupled with steady domestic demand for the metal led to gold rates in Mumbai remaining untouched at Rs.3,148 per gram until the 30th.
- The month concluded with the precious metal trading firm at Rs.3,148 per gram on account of steady demand from local retailers, jewellers and industries. Mumbai registered an incline of 0.03% during the course of the month.
Trend of Gold Rate in Mumbai for February 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold rate on 1st February 2018 | Rs.3,128 per gram |
| Gold rate on 28th February 2018 | Rs.3,147 per gram |
| Highest Rate in February | Rs.3,148 per gram on 3, 4, 5, 7 and from 17 to 22 February |
| Lowest Rate in February | Rs.3,091 per gram from 9 to 11 February |
| Overall Monthly Performance | Incline |
| Percentage Change | 0.60% |
February 2018 – Week 1 (1st – 4th)
- In Mumbai, gold was recorded trading at Rs.3,128 per gram when the month began.
- Despite the strengthening US dollar and well performing equities, demand for metal remained steady in the domestic market. This led to gold rate in Mumbai holding steady at Rs.3,128 per gram the following day.
- The 3rd, however, saw gold price in Mumbai surging to Rs.3,148 per gram with domestic demand picking up due to increased buying by local jewellers, industries and retailers.
- The week ended with the precious metal priced at Rs.3,148 per gram on the 4th with steady local demand for the metal.
February 2018 – Week 2 (5th -11th)
- In Mumbai, gold prices seemed quite unaffected by the happenings around the world. This was because domestic demand was on a rather steadier side during the initial few days.
- On the 5th of February, gold was seen trading at Rs.3,148 per gram, which then fell to Rs.3,125 on the second day of this week. Analysts said that “today’s gold rate” fell in Mumbai due to a strengthening dollar.
- The 6th, however, saw the gold price in Mumbai increase to Rs.3,148 per gram as demand from the domestic market trumped the USD’s performance.
- The remaining few days saw gold rates fall as local demand weakened amid poor sales from various investing quarters of the city.
- Gold rate in Mumbai dropped to Rs.3,125 per gram on the 8th of February and fell again by Rs.34 the next day to hit Rs.3,091 per gram.
- Over the next two days, gold traded at Rs.3,091 per gram as demand remained weak but steady.
February 2018 – Week 3 (12th – 18th)
- Trading opened in Mumbai with the yellow metal priced at Rs.3,103 per gram on the 12th with markets eyeing on the US price data for signs of US interest rate hikes.
- With the dollar losing significant ground against other emerging currencies ahead of the US inflation data, the greenback-dependant gold prices declined. This led to an increased demand for the metal during the week.
- Steady demand coupled with firm trends overseas led to gold rate in Mumbai holding steady at Rs.3,103 per gram until the 15th.
- The 16th, however, saw the bullion prices surging to Rs.3,129 per gram with the dollar hitting two-week lows amid high debt level and tax cuts concerns.
- Gold rate in Mumbai surged to Rs.3,148 per gram on the 17th with the poorly performing dollar and equities pushing demand higher for the precious metal in the world markets.
- Steady domestic demand coupled with strong global cues resulted in the bullion trading firm at Rs.3,148 per gram for the rest of the week.
February 2018 – Week 4 (19th – 25th)
- Gold demand in Mumbai remained largely muted for majority of this week and there were little changes to be witnessed over these seven days.
- On the 19th, gold was priced at Rs.3,148 per gram. The Mumbai market wasn’t hindered by the global bullion scenario, which was quite evident with the sales figures.
- For the next four days, i.e., till the 22nd of February, the yellow metal traded at Rs.3,148 per gram.
- As markets eagerly awaited the minutes from the latest Fed Reserve meeting, gold rate in Mumbai dropped slightly to Rs.3,145 per gram on the 23rd.
- With other markets remaining steady, gold rates in Mumbai saw little reason to change as well. For the remainder of the week i.e., the 24th and the 25th, gold price in Mumbai continued at Rs.3,145 per gram, thanks to stable demand.
February 2018 – Week 5 (26th – 28th)
- Trading began in Mumbai with the bullion prices holding steady at Rs.3,145 per gram on the 26th following steady domestic demand from the previous week.
- The 27th, however, saw the price in Mumbai rebounding to Rs.3,147 per gram on with markets cautious ahead of Federal Reserve Chairman Jerome Powell’s first testimony for clues on future monetary hikes.
- The month ended with the precious metal trading at Rs.3,147 per gram on the 28th owing to steady demand from local jeweller, retailers and industries amid the firm trends overseas.
- Mumbai recorded an increase of 0.60% in gold prices during the course of the month.
Trend of Gold Rate in Mumbai for January 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st January 2018 | Rs.3,093 per gram |
| Gold Rate on 31st January 2018 | Rs.3,121 per gram |
| Highest Rate in January | Rs.3,162 per gram on 17 and 18 January |
| Lowest Rate in January | Rs.3,080 per gram from 4 to 8 January |
| Overall Monthly Performance | Incline |
| Percentage Change | 0.90% |
January 2018 – Week 1 (1st – 7th)
- In Mumbai, gold rates seemed to decline as the week progressed.
- On the 1st of January, gold was priced at Rs.3,093 per gram.
- Due to a steady local demand, gold rate in Mumbai continued at Rs.3,093 per gram for the next two days as well.
- However, the 4th saw gold price in Mumbai reach Rs.3,080 per gram as local demand was affected by overseas trend slightly. Reports claimed that “today’s gold rate” declined due to decreased purchases from investors in the city.
- For the remaining three days of the week, gold rates continued at Rs.3,080 per gram.
January 2018 – Week 2 (8th – 14th)
- In Mumbai, gold was priced at Rs.3,080 per gram on the 8th when trading commenced for the second week.
- With the US dollar losing against the Euro, demand for gold surged in the European market, this led to prices surging to Rs.3,087 per gram and Rs.3,094 per gram on the 9th and the 10th respectively.
- The poorly performing equities coupled with the weakened dollar led to gold rate in Mumbai rising further to Rs.3,111 per gram on the 11th.
- Gold price in Mumbai was recorded at Rs.3,114 per gram on the 12th which surged to Rs.3,147 per gram on the 13th owing to an increase in demand from industries, jewelers and retailers.
- Thanks to the strong trend overseas that pushed local buying in the domestic markets, gold rates remained untouched at Rs.3,147 per gram for the remainder of the week.
January 2018 – Week 3 (15th – 21st)
- Gold trading in Mumbai hit a peak in the beginning before consolidating as the week progressed.
- On the 15th of January, gold was priced at Rs.3,147 per gram. Gold rate in Mumbai rose to Rs.3,162 per gram on the 16th of the month as demand rose in the local market.
- Prices this week was largely on the steadier side in Mumbai despite some significant fluctuations in other major cities in the country.
- Gold continued to trade at Rs.3,162 per gram on the 17th and the 18th of January, as well as domestic demand, was stable.
- However, there was a considerable drop to be witnessed on the 19th when the yellow metal traded at Rs.3,148 per gram.
January 2018 – Week 4 (22nd – 28th)
- In Mumbai, gold was valued at a respectable figure of Rs.3,100 per gram when the week began.
- As the local market took time to react to outside stimulus, gold price in Mumbai continued at Rs.3,100 per gram on the 23rd as well.
- After a slowdown in the US dollar became apparent, a gold rate in Mumbai increased slightly to Rs.3,112 per gram on the 24th of the month.
- Courtesy of strong global cues demands from local jewelers also increased. This pushed gold rate in Mumbai to increase to Rs.3,144 per gram on the 25th of January.
- Gold recorded its highest rates since August 2016 globally but in the domestic market, demand seemed to fall flat. Due to this gold continued to trade at RS.3,144 per gram on the 26th of the month.
- The next two days, i.e., the 27th and the 28th, gold continued at Rs.3,144 per gram as domestic sales were enough to offset the national trend.
January 2018 – Week 5 (29th – 31st)
- Trading opened in Mumbai for the week with the precious metal priced at Rs.3,144 per gram on the 29th after the US dollar began to pull ahead from the previous week’s losses amid strengthening equities.
- Gold price in Mumbai remained untouched at Rs.3,144 per gram on the 30th owing to steady domestic demand from local jewellers, industries and retailers.
- The demand, however, couldn’t keep up with the rising US dollar and rising US treasury yields. This resulted in gold being priced at Rs.3,121 per gram when the week concluded on the 31st.
- Strong global cues coupled with steady domestic demand led to gold rate in Mumbai recording an incline of 0.90% during the course of the month.