Mumbai Gold Rate Today Continues To Fall, 24K Dips Below Rs 1.25 Lakh/10 Gm; Silver Stays Stable, Time To Buy?

Mumbai Gold Rate Today: In a key development for investors eyeing gold and silver, prices of 24K, 22K, and 18K gold extended their downward trajectory on Monday, October 27. Meanwhile, silver prices remained stable.

Over the past week, gold has seen a notable decline, entering a price correction phase after a sustained rally spanning one to two months. In metro cities like Mumbai, the latest dip in gold rates has emerged as a potential buying opportunity for retail jewellery shoppers. Here are all the information about Mumbai gold rate today.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai declined by Rs 114 per gram to Rs 12,448 per gram. Which mean that the Mumbai gold rate today for 24 karat fell below Rs 1,25,000 per 10 grams. Likewise, the price of 22 karat gold in Mumbai fell by Rs 105 per gram to Rs 11,410 per gram. The rate of 18 karat gold in Mumbai slipped by Rs 86 per gram to Rs 9,336 per gram.

Mumbai Silver Rate Today

The price of Mumbi silver rate has declined significantly over the past few weeks. However, silver rates today remained unchanged. The rate of silver in Mumbai on Monday stood at Rs 155 per gram and at Rs 1,55,000 per kilogram. Silver prices have increased by more than 70% since the beginning of the year on the backdrop of strong industrial demand and supply side constraints.

Big Fall in Mumbai Gold Rate Today: Should You Buy?

As the gold is seeing the much awaited price correction over the past four to five days, the recent decline can act as a smart entry point for long-term investors, according to experts. However, gold and silver prices are likely to remain volatile throughout the week as investors await US Fed meeting and announcement.

The international gold prices declined around 1% on Monday, October 27 as the US-China trade talks reduced the gold's safe-haven rally. According to Trading Economics, the international gold price declined to $4,070 per ounce on Monday.

"We continue to advise a 5% allocation at the minimum to the metal even at current prices and believe that unless USD 3950 is violated , we are headed towards 4800 USD / Oz in the near term. A move below 3950 would violate the near term bullish view seriously and profit booking may emerge," noted Sandip Raichura, CEO - Retail Broking & Distribution and Director at PL Capital on 15 October.