Mumbai Gold Rate Today Breaks All Records! Not Just 24K, Even 22K Too Smashes Rs 1 Lakh Mark By Rs 2,600

Mumbai Gold Rate Today: The 24 karat gold rate above the historic Rs 1 lakh mark has become the new normal. Now, investors are struggling to digest how the unprecedented gold price rally has fuelled even 22 karat gold rate above the historic mark. Mumbai gold rate today, Tuesday, September 16, witnessed a sharp rally, smashing all expectations of some relief amid the festive season.

The gold price rally in Mumbai today was in sync with the surge in prices of the precious metal in India and across the world. Gold price rally is fuelled by expectations of US Fed rate cut, growing geopolitical uncertainty and trade tensions. Back to Mumbai gold buyers, here are the latest 24, 22, and 18 karat gold rates on September 16.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai increased by Rs 870 to Rs 11,193 per 10 gram. Likewise, the price of 22 karat gold in Mumbai jumped by Rs 800 to Rs 10,260 per 10 gram. Similarly, the price of 18 karat gold in Mumbai increased by Rs 66 to Rs 8,395 per gram.

The sharp gold price rally in India also took spotlight in the recently released consumer price index inflation, aka retail inflation, data for August. The continuously rising gold rates in India impacted the core inflation during the month. Given the stupendous gold price rally in the first fifteen days of September, the precious metal may impact the core inflation for September month as well.

The recent gold price rally indicates that the precious metal has emerged as the ultimate saviour for investors during the uncertain times, highlighted Mohit Kamboj, Former National President, India Bullion and Jewellers Association (IBJA) and CEO, Aspect Global Ventures.

"On a global scale, inflationary pressure, the anticipation of rate cuts in major economies, and especially dovish signal from the US Federal Reserve are all contributing to a weaker dollar value and, in turn, gold demand. A depreciating rupee raises the import cost, further increasing local rates. From a business and investment perspective, this price suggests gold is a risk hedge with value retention," explained Kamboj.

Mumbai Silver Rate Today

The price of silver in Mumbai also increased on September 16, as the white metal is seeing a surge in its industrial demand as well as among central banks of many countries. Silver is often seen as an affordable alternative to gold by retail jewellery buyers. Mumbai silver rate today stood at Rs 134 per gram and Rs 1,34,000 per kilogram.

"Silver is benefiting from safe-haven demand alongside technical and industrial demand. Gold is largely driven by uncertainty in the macro-economy, while silver has additional support from the electronics, solar and manufacturing sectors. The current international constraints and logistical considerations already have the market very tight on a global scale - which in India has been exacerbated by import duty and transport and currency depreciation. For an investor, this means that silver represents both a hedge to gold, but also, some exposure to increasing industrial demand. From a business point of view - particularly for jewellers or manufacturers using silver - it is important to keep an eye on short term raw material cost exposures, particularly as price volatility may be more heightened compared to gold," advises Kamboj.