Gold prices in Mumbai moved sharply higher on Monday, January 12, tracking a strong rally in global precious metals. The price of 24 karat gold in Mumbai stood at Rs 14,215 per gram, while 22 karat gold was priced at Rs 13,030 per gram and 18 karat gold traded at Rs 10,661 per gram.
The rise in domestic gold prices comes as international bullion surged to record levels, supported by heightened geopolitical risks, softer US economic data and growing expectations of interest rate cuts.
Gold price in Mumbai today (per gram)
| Gold Purity | Price in Mumbai | Change |
|---|---|---|
| 24K Gold | Rs 14,215 | + Rs 169 |
| 22K Gold | Rs 13,030 | + Rs 155 |
| 18K Gold | Rs 10,661 | + Rs 127 |
24K gold price today in Mumbai
| Quantity | Today | Yesterday | Change |
|---|---|---|---|
| 1 gram | Rs 14,215 | Rs 14,046 | + Rs 169 |
| 8 grams | Rs 1,13,720 | Rs 1,12,368 | + Rs 1,352 |
| 10 grams | Rs 1,42,150 | Rs 1,40,460 | + Rs 1,690 |
| 100 grams | Rs 14,21,500 | Rs 14,04,600 | + Rs 16,900 |
22K gold price today in Mumbai
| Quantity | Today | Yesterday | Change |
|---|---|---|---|
| 1 gram | Rs 13,030 | Rs 12,875 | + Rs 155 |
| 8 grams | Rs 1,04,240 | Rs 1,03,000 | + Rs 1,240 |
| 10 grams | Rs 1,30,300 | Rs 1,28,750 | + Rs 1,550 |
| 100 grams | Rs 13,03,000 | Rs 12,87,500 | + Rs 15,500 |
18K gold price today in Mumbai
| Quantity | Today | Yesterday | Change |
|---|---|---|---|
| 1 gram | Rs 10,661 | Rs 10,534 | + Rs 127 |
| 8 grams | Rs 85,288 | Rs 84,272 | + Rs 1,016 |
| 10 grams | Rs 1,06,610 | Rs 1,05,340 | + Rs 1,270 |
| 100 grams | Rs 10,66,100 | Rs 10,53,400 | + Rs 12,700 |
Why are gold prices rising sharply today?
Gold prices surged sharply on Monday, breaching the $4,600 per ounce mark for the first time ever, as a combination of geopolitical tensions, weaker US economic data and rising expectations of interest rate cuts fuelled strong safe-haven demand. Silver also joined the rally, hitting an all-time high alongside gains across the broader precious metals complex.
Geopolitical risks drive safe-haven demand
One of the key triggers behind the surge in gold prices has been a sharp escalation in global geopolitical uncertainty. Unrest in Iran has intensified, with rights groups reporting that more than 500 people have been killed amid widespread protests. Tensions have further risen after Iran warned of targeting US military bases if President Donald Trump follows through on renewed threats of military action.
Adding to global instability, the US has taken aggressive geopolitical postures elsewhere, including the removal of Venezuelan President Nicolás Maduro and renewed discussions around acquiring Greenland. These developments have heightened global risk aversion, prompting investors to move towards safe-haven assets such as gold and silver.
US jobs data strengthens rate-cut expectations
Gold’s rally has also been supported by weaker-than-expected US employment data. December job growth slowed significantly, with losses reported in sectors such as construction, retail and manufacturing. While the unemployment rate edged lower, the overall data reinforced expectations that the US labour market is cooling.
Markets are now pricing in at least two Federal Reserve rate cuts this year, as a softer jobs environment reduces pressure on the central bank to keep policy tight. Lower interest rates tend to support non-yielding assets like gold, making the metal more attractive relative to bonds.
Fed uncertainty adds to market anxiety
Investor sentiment has also been impacted by political pressure on the Federal Reserve. Federal Reserve Chair Jerome Powell recently disclosed that the Trump administration had threatened him with criminal charges related to past congressional testimony. The development has added to concerns around policy independence and financial stability, further boosting demand for precious metals.
FAQs: gold prices in Mumbai
What is the gold price in Mumbai today?
The gold price in Mumbai today is Rs 14,215 per gram for 24K gold, Rs 13,030 per gram for 22K gold and Rs 10,661 per gram for 18K gold.
Why does Mumbai gold price differ slightly from other cities?
Gold prices can vary marginally across cities due to local taxes, transportation costs and jeweller margins.
Do these gold prices include GST and making charges?
No, these are indicative rates and do not include GST, TCS or jewellery making charges.
Is Mumbai gold price linked to global gold prices?
Yes, Mumbai gold prices closely track international bullion prices, currency movements and global risk sentiment.