Mumbai Gold Rate Today Roars Back! 24K Nears Rs 1.23 Lakh, Silver Stable On 31 Oct; Next Big Rally Coming?

Mumbai Gold Rate Today: There was a sharp revival in the prices of gold in Mumbai on Friday, October 31, as the precious metals remained volatile, influenced by geopolitical developments. The rebound in gold prices has come after nearly two week long decline in gold rates.

Despite Friday's jump, gold prices continue to hover in bearish territory and can offer an attractive buying opportunity for investors. Here are all the details about gold rate in Mumbai today.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai increased by Rs 120 per gram to Rs 12,268 per gram. Likewise, the price of 22 karat gold in Mumbai jumped by Rs 110 per gram to Rs 11,245 per gram. Similarly, the rate of 18 karat gold in Mumbai increased by Rs 90 per gram to Rs 9,201 per gram. Gold rate in Mumbai and other Indian cities has corrected over the past two to three weeks. Meanwhile, the price of gold has increased by more than 50% since the beginning of the year 2025.

Mumbai Silver Rate Today

The price of silver in Mumbai remained stable on Friday. Silver rate today stood at Rs 151 per gram and at Rs 1,51,000 per kilogram. Silver rates have increased by more than 60% since the beginning of the year 2025. The sharp surge in 2025 is the result of strong industrial demand and supply-side bottlenecks.

Despite Friday's surge, gold prices are currently hovering in the price correction territory. The international gold prices on Friday continued to decline to $ 4,000 per ounce, according to Trading Economics. The decline has come as Federal Reserve announced a 25 bps rate cut and eliminated the possibility of a rate cut in December.

"The movement reflects investor caution as global markets respond to mixed signals and fluctuations in the dollar index. While there is steady demand in India, buyers are more price-sensitive after recent fluctuations. The reversal in gold prices to consolidate higher levels is also due to declining speculative interest in gold. Consolidation in this phase means that gold will trade within a narrow range until additional clarity is attained on economic growth and monetary policy signals," stated Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

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