Gold rate today in Mumbai (INR)

Mumbai gold rate at a glance

At the last update, one gram of 24k gold in Mumbai works out to about 12,246 INR, and a gram of 22k to about 11,226 INR. Per tola (11.66 grams), the traditional Indian unit, that is about 142,836 INR for 24k. These are spot-based figures, before any tax, premium or making charge. The Mumbai rate is often treated as India's reference rate because so much of the country's bullion passes through the city.

What moves the gold price in Mumbai

Two numbers set the gold price in Mumbai: the international price in US dollars, about $4,007.9 per ounce at the last update, and the USD/INR exchange rate, now 95.036. The rupee floats, managed by the Reserve Bank of India, and over the long run it has tended to weaken against the dollar. That is why the rupee gold price has often risen faster than the dollar price: a 2% fall in the rupee lifts the local rate by about 2% even if gold does nothing in New York.

The dollar price itself responds to US interest-rate expectations, the strength of the dollar, inflation data, central-bank buying and geopolitical risk. Our guide to what moves gold prices covers each in turn.

Premiums, making charges and tax in Mumbai

The shelf price in Mumbai is higher than the converted figure above. A shop adds customs duty (set in the Union Budget), 3% GST on the gold value, 5% GST on making charges and the jeweller's margin. On jewellery, making charges are charged as a percentage of the gold value or per gram, typically higher for intricate and temple designs, so two pieces of the same weight and purity can carry very different prices. Jewellery is mostly 22k (916) with BIS hallmarking, 18k (750) is used for studded and lightweight pieces, and 24k (999 or 995) is sold as coins and bars.

Where gold is bought in Mumbai

Zaveri Bazaar near Kalbadevi is the centre of India's bullion trade, with wholesalers, refiners and hundreds of jewellers packed into its lanes. Large jewellery chains have showrooms across the suburbs from Dadar to Borivali. When comparing shops, ask for the gold rate per gram, the purity, the making charge and the buy-back price separately; that is the only way to see which offer is really cheaper.

Buying seasons in Mumbai

Gudi Padwa, Akshaya Tritiya, Dhanteras and Diwali bring the biggest days of the year, and the winter wedding season keeps demand high. Across India, demand is strongest around Akshaya Tritiya in spring, Dhanteras and Diwali in the autumn, and the wedding seasons on either side. Seasonal demand tends to show up in shop premiums, promotions and queues rather than in the international price, which is set by global flows. Knowing the calendar helps explain why a local quote can look expensive or cheap against this page in a given week.

Gold market hours in Mumbai

The international gold market trades almost around the clock on weekdays. In Mumbai the London–New York overlap, usually the busiest and most volatile part of the day, runs today from about 17:30–21:30 local time. The two LBMA Gold Price auctions in London, at 10:30 and 15:00 London time, fall at 15:00 and 19:30 in Mumbai, and major US data released at 08:30 New York time, such as payrolls and inflation, lands at 18:00 local time. The week's trading closes at 02:30 on Saturday and reopens at 04:30 on Monday, Mumbai time; over the weekend the price on this page is the last close. MCX gold futures trade from the morning into late evening India time, and the India Bullion and Jewellers Association publishes benchmark rates that many jewellers use. Our gold market hours tool shows the sessions in any time zone.

Mumbai compared with Dubai

A common question is whether gold is cheaper in Dubai. On the converted spot price neither city is cheaper: Dubai quotes about 473.23 AED per gram of 24k, which is the same $128.86 per gram as Mumbai's 12,246 INR. What differs is what each market adds. In Mumbai that is customs duty (set in the Union Budget), 3% GST on the gold value, 5% GST on making charges and the jeweller's margin; in Dubai it is 5% VAT on jewellery (investment bars of 99% purity or more are zero-rated), making charges and the shop's margin. Buying abroad also means paying an exchange margin and checking the customs allowance at home.

How this INR gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,007.9 at the last update. Second, the exchange rate: 1 USD = 95.036 INR. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,007.9 ÷ 31.1035 = $128.86.
2. Price per gram in INR = $128.86 × 95.036 = 12,246 INR (24k, pure gold).
3. Price per tola = 12,246 × 11.6638 = 142,836 INR.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.750.

The gold price comes from COMEX gold futures, which track spot XAUUSD closely but are not identical to it. The exchange rate is a mid-market rate; the rate your bank or money changer gives you will be slightly different. If you want to do the maths yourself, our guide to converting the gold price per gram, tola and kilo walks through every step with worked examples.

What this price does not include

The figures above are the international spot price converted into local currency. They are the starting point for every retail price in Mumbai, but they are not the price you will pay or receive at a shop. The retail or "jeweller" price adds some or all of these on top:

• Import duty or customs charges, where the country imports most of its gold.
• Sales tax, GST or VAT, which may apply to jewellery, to bars and coins, or to both, depending on local law.
• Dealer premium: the margin a bullion dealer or bank adds to the spot price for bars and coins, usually larger on small pieces.
• Making charges (labour) on jewellery, often a percentage of the gold value or a fixed amount per gram.
• Local supply and demand, which can push the physical price to a premium or a discount against the international price for weeks at a time.

When you sell, the buyer usually quotes below the spot-based number and deducts for purity testing, wear and sometimes stones. The gap between the buying and the selling price is the real cost of owning physical gold, and it varies a lot between shops, so it is worth asking several.

Frequently asked questions