Gold Rate Today in Mumbai Drops Sharply Amid Global Market Turmoil; Silver Holds Steady
Gold Rate Today in Mumbai : Gold rates declined sharply in Mumbai today, by Rs 250 per 10 grams for 22-carat gold and Rs 280 per 10 grams for 24-carat gold. The metal has declined for the fourth day in a row because of geopolitical tensions on global markets and concerns of a looming recession. Investors are keeping a close watch now, whether this decline will persist or whether it is just a short correction after months of record highs.
Gold Prices Fall Across India
On Monday, April 7, the price of 24 carat gold in Mumbai was Rs 90,380 per 10 grams, down significantly from the recent peak. Similarly, the price of 22 carat gold in Mumbai dropped to Rs 82,850 per 10 grams. For bulk buyers, the cost of 100 grams of 24 carat gold is currently Rs 9,03,800, whereas the retail price of 22 carat gold is Rs 8,28,500 – Rs 2,500 less than last week’s prices.
This fall is not restricted to Mumbai alone. Such fall was also observed in big cities such as Chennai, Bangalore and Hyderabad, providing some respite to the buyers who were experiencing sky-high prices for the past few weeks. In all these cities, 24 carat gold maintained the price of around Rs 90,380 for 10 grams, while that of 22 carat gold maintained the price of around Rs 82,850.
What’s Driving the Decline?
The biggest cause of the decline is the trade war because of US President Donald Trump’s aggressive tariff action against 90 nations. Such sudden moves shook global markets to their core and sent investors panicking across the board. The price of gold in India dropped sharply last week to Rs 17,400 per 100 grams as speculators grappled with attempts to rebalance their portfolios during increasing uncertainty.
Volatility increased further as spot prices of gold declined 0.3% to 3,027.90 ounces today, as per Reuters. Spot silver prices rose slightly to 2.330.22 per ounce but its performance was kept low unlike in earlier months.
Silver Prices Remain Stable
Gold prices continued to stay in the focus with a stunning plunge, while prices of silver continued relatively calm. The price of 1 kg silver on April 7 was Rs 94,000, that is, Rs 9,400 per 100 grams. This calm is welcome relief to buyers of silver, particularly after experiencing a free fall over the last few days.
MCX Trends Offer Mixed Signals
Gold futures on the Multi Commodity Exchange (MCX) rose. June-maturity contracts stood at Rs 88,300, up 0.26% from its last close. Although May 5, 2025-maturity silver futures climbed 1.58% to close at Rs 88,589. These mixed cues imply that whereas near-term pressure may continue to prevail, precious metals’ long-term demand will also remain firm.
Why Are Investors Selling Gold?
Even though it has been viewed as a crisis-haven asset, gold was also subject to a huge sell-off during the same period that equities were sold off. Analysts attributed the sell-off to partially profit-taking after the yellow metal registered a record $3,167.84 an ounce last Thursday. Expectations of a Federal Reserve rate cut also led investors to divert attention to other asset classes.
Though, according to experts, gold might recover its pace later in the year. Nirmal Bang Securities opines that “Gold will benefit from an increasingly volatile trade, macroeconomic and geopolitical environment.” The report notes that central bank purchasing, robust demand in Asia and monetary ease by the Fed continue to be the main drivers propelling the precious metal’s upward trend.
Outlook for Gold Rate Today in Mumbai
As we approach the weekend, market players are hopeful of the gold price in Mumbai today. Although near-term headwinds persist, the overall scenario indicates a potential correction, particularly if geopolitical tensions continue to rise further. For now, cautious investors should remain watchful of global events and domestic trends before making any large-scale moves.
For those who want to purchase gold jewellery or invest in bullion, this decline is a special opportunity to avail of reduced rates. Whether one shops in Mumbai, Chennai or Hyderabad, the prevailing gold rate brings relief after weeks of relentless rise.
Summary: Gold Rate Today
Gold prices in India recorded a huge plunge, with gold price in Mumbai today decreasing by Rs 250 for 10 gram for 22 carat gold and Rs 280 for 24 carat gold, in the midst of global market instability triggered by US President Donald Trump’s aggressive tariff actions. The current price of 24 carat gold in Mumbai is Rs 90,380 for 10 gram, while 22 carat gold is Rs 82,850. This is the fourth day of consecutive decline, bringing relief to buyers following weeks of record highs.
Silver prices, however, were steady at Rs 94,000 per kg. On the Multi Commodity Exchange (MCX), gold futures rallied slightly and silver futures gained. In overseas markets, spot gold declined to $3,027.90 an ounce, though experts believe geopolitical tensions and central bank purchases will remain supportive of gold in the long term.
This fall is an investing opportunity for consumers, but investors are cautious as the market still continues to remain volatile. Keep an eye on gold price today in Mumbai for updated information.
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