Mumbai Gold Rate Today Regains Momentum! 24K Set To Reclaim Rs 1.3 Lakh As Rupee Stays Near Record Low

Mumbai Gold Rate Today: There was a sharp revival in the prices of gold in Mumbai and other Indian cities on Friday, December 5. Whereas, silver rates today saw some decline. The revival in gold rates today came as the Indian Rupee continued to stay near a record low mark against the US Dollar.

The jump in gold rates today has come against the backdrop of the ongoing wedding season. For those who are planning to purchase gold and silver in Mumbai on Friday, here are details of the latest rates.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai jumped by Rs 27 per gram to Rs 12,993 per gram on Friday. Whereas, the rate of 22 karat gold in Mumbai increased by Rs 25 per gram to Rs 11,910 per gram. Likewise, the rate of 18 karat gold in Mumbai jumped by Rs 21 per gram to Rs 9,745 per gram.

"Traders are tempering expectations of early rate cuts, and therefore, sentiments remain subdued. The current level may see some selective buying, but overall momentum stays restricted. Unless major economic data sparks a shift, gold is likely to move in a narrow range, driven mostly by short-term market cues," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

Mumbai Silver Rate Today

Mumbai silver rate today saw a marginal decline after witnessing some stability over the past few sessions. Mumbai silver rate declined to Rs 187 per gram and to Rs 1,87,000 per kilogram. The silver prices in Mumbai have declined to Rs 1,87,000 per kilogram.

"Industrial demand signals have turned softer, keeping near-term trading momentum on the lighter side. While the current level could provide some buying opportunity for opportunistic buyers, broader direction remains dependent on global manufacturing trends and macro flows. Price movement is expected to remain steady yet cautious, alongside modest swings with changes in international market sentiment," added Kamboj.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.