BIG Fall In Mumbai Gold Today, 24k Sinks Rs 33,800/100 Gm on Oct 22; 'Buy On Dips' Moment Is Finally Here?

Mumbai Gold Rate Today: Gold and silver prices witnessed a sharp plunge in Mumbai on Wednesday, October 22. The 24-karat gold rate tumbled nearly Rs 3,380 per 10 grams, slipping below the Rs 1.3 lakh mark. After more than a month of relentless rally, has the long-awaited moment to 'buy on dips' finally arrived? The steep correction in precious metals reflects a broader consolidation in international bullion prices.

Back in Mumbai, the major fall in gold prices today must have provided a big opportunity for retail jewellery buyers make purchases. The gold price correction must give the much needed boost to gold and silver buying sentiment amid the ongoing Diwali festive season celebrations.

Mumbai Gold Rate Today

The price of 24 karat gold rate in Mumbai fell by Rs 338 per gram to Rs 12,720. Whereas, the price of 22 karat gold in Mumbai declined by Rs 310 per gram to Rs 11,660 per gram. Likewise, the rate of 18 karat gold in Mumbai tumbled by Rs 254 per gram to Rs 9,540 per gram. The sharp fall in gold prices in Mumbai and across India has come after multiple warnings by experts of some price correction due to unprecedented rally by gold this year.

Mumbai Silver Rate Today

Silver rate in Mumbai today also saw a sharp decline as the prices of the white metal are correcting given the massive rally in past one to two weeks. Silver rate in Mumbai today fell to Rs 162 per gram and to Rs 1,62,000 per kilogram. The sharp rally in silver rates has come against the backdrop of its attractive valuation, strong industrial demand and supply side crunch.

Time To Execute 'Buy On Dips' Strategy?

Experts believe that the gold prices are likely to remain in a strong bullish territory for the long-term, but a price correction is long overdue. They have highlighted that a price correction could offer investors a 'buy on dips' opportunity.

"Whether this is a temporary bubble or a longer term fundamental shift in the international monetary order is difficult to ascertain hence its important to keep in mind that corrections may happen at any stage in what could be the start of a historical move in the metal. 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.

The international gold prices on Wednesday stood at Rs 4,120 per ounce on Wednesday, as the prices remained stable after falling significantly on Tuesday, according to Trading economics.