Mumbai Gold Rate Today Takes U-Turn! 24K Down Rs 10,900/100 Gm Amid Crude Rally, Silver Down Too | March 12

Mumbai Gold Rate Today: The price of 24 karat gold in Mumbai reversed their gains, after the 24 karat, 22 karat and 18 karat gold declined significantly on Thursday, March 12. Additionally, Mumbai silver rate today also declined during the period. Falling gold and silver rates today mirrored a weaker sentiment prevailing across the international bullion market amid crude oil prices rally and US-Iran war.

Back in Mumbai, the decline in gold and silver rate today comes as a positive news for jewellery buyers and investors. Here are latest details about Mumbai gold rate today, and silver rate in Mumbai on March 12.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai declined by Rs 109 per gram to Rs 16,222 per gram on Thursday, March 12. Which means that the rate of per 100 grams of 24 karat gold fell by Rs 10900 to Rs 16,22,200 in a single day. The rate of 22 karat gold in Mumbai fell by Rs 100 per gram to Rs 14,870 per gram. The rate of 18 karat gold in Mumbai declined by Rs 81 per gram to Rs 12,167 per gram.

While gold prices declined on Thursday, there was some price correction in the past two days. "Markets are balancing risk sentiment and policy expectations, and this has caused the metal to consolidate around its current position," explained Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

Mumbai Silver Rate Today

The price of silver in Mumbai declined too on Thursday. Silver rate today in Mumbai fell to Rs 280 per gram and to Rs 2,80,000 per kilogram on March 12. "Silver is correcting from its previous session, and this is due to the recent sharp move in the metal. This correction is due to some profit-booking, but the metal still has its eyes firmly fixed on its position as both an investment and an industrial metal. For investors willing to take on slightly higher volatility, silver may offer stronger upside potential compared to gold," explained Kamboj.

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