Mumbai Gold Rate Today, 11 Nov, Takes Giant Leap! 24K Jumps Above Rs 1.26 Lakh; Time To Reclaim Rs 1.3 Mark?

Mumbai Gold Rate Today: The prices of 24K, 22K and 18K gold in Mumbai and other Indian cities witnessed a sharp jump on Tuesday, November 11. The sharp rise in gold prices in reflects a wider revival in gold prices their rates due to growing uncertainty over US shutdown resolution, trade uncertainty, etc.

The domestic gold rates surged as they were linked to international gold prices, which increased significantly over the past six months due to rising geopolitical uncertainty and stock market volatility. Back in Mumbai, investors as well as retail jewellery buyers closely track gold rates. Here are all the details about the precious metal's rate in the city.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai has increased by around 246 per gram to Rs 12,626 per gram. The rate of 22 karat gold in Mumbai jumped around 225 per gram to Rs 11,575 per gram. Likewise, the rate of 18 karat gold in Mumbai increased by 184 per gram to Rs 9,471 per gram.

Mumbai Silver Rate Today

The price of silver in Mumbai also surged on Tuesday. Silver rate in Mumbai increased to Rs 160 per gram, and Rs 1,60,000 per kilogram. Silver prices in Mumbai and across the country surged phenomenally over the past few months due to strong industrial demand and supply-side issues.

The international gold rate on Tuesday increased to its three-week high mark of $ 4,130 per ounce, amid growing uncertainty over US shutdown resolution, increased expectations of US Fed rate cut, and unfavourable US economic data. While the gold witnessed a steep price correction in October, Morgan Stanley has predicted that the gold prices can surpass the massive $5,000 per ounce mark.

"The price increase reflects the increase in local demand as the wedding season approaches. Traditionally, the wedding season brings added consumer interest in jewellery purchases. According to market experts, investors remain interested in investing in gold as a stable alternative amidst changing monetary policies and inflationary pressures," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

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