Gold & Silver Price In Mumbai Today: Yellow Metal Retreats, White Silver Metal Sees Sharp Crash

Gold prices in Mumbai opened on a softer note on Thursday, February 5, tracking weakness in global bullion markets and a sharp correction in silver prices. As of 10:15 am, the price of 24-carat gold in the city stood at ₹15,153 per gram, reflecting continued volatility after recent record highs.

Gold Rates in Mumbai Today

According to the latest update on Bullions website, 24-carat gold is priced at ₹15,153 per gram, while 10 grams cost ₹1,51,530. For bulk buyers and jewellers, the price of 1 kilogram of 24K gold is quoted at ₹1.51 crore. One tola of 24K gold is retailing at ₹1,76,742 in Mumbai.

Meanwhile, 22-carat gold, which is widely used for jewellery making, is available at ₹13,890 per gram and ₹1,38,903 per 10 grams. Lower purity variants also saw proportional pricing, with 18-carat gold priced at ₹11,365 per gram and 14-carat gold at ₹8,839 per gram, catering to lightweight and modern jewellery demand.

Market participants said the dip may encourage some buying interest ahead of the upcoming wedding season, though many retail customers remain cautious amid sharp day-to-day fluctuations.

Prices Ease After Yesterday's Decline

Gold prices in Mumbai have eased compared to Wednesday's levels. On the previous trading day, 24-carat gold was priced at ₹1,53,290 per 10 grams, registering a 1.15% decline. The correction reflects profit booking at higher levels and pressure from international markets.
On the Multi Commodity Exchange (MCX), gold futures were trading at ₹1,51,624 per 10 grams, down ₹1,422 or 0.93%. Prices moved in a wide range during the session, touching a high of ₹1,52,370 and a low of ₹1,48,455, indicating heightened volatility.

Globally, gold prices also remained under pressure. On the US Comex, gold was trading at $4,896.90 per ounce, down 1.09%, as investors reacted to a stronger dollar and changing expectations around global interest rates.

Silver Sees Sharp Correction

While gold witnessed a moderate decline, silver prices in Mumbai saw a steep fall. Silver 999 fine was priced at ₹247 per gram and ₹2,46,850 per kilogram, reflecting heavy selling pressure. Compared to yesterday's rate of ₹2,70,990 per kg, silver has dropped by nearly 9% in a single day.

MCX silver futures were trading at ₹2,46,450 per kg, down 8.33%, while US Comex silver plunged over 9% to $76.72 per ounce. Traders attributed the sharp fall to global risk-off sentiment and profit booking after silver's recent surge.

What Mumbai Buyers Should Watch

Jewellers in Mumbai say buyers should closely monitor global cues, MCX movements, and the rupee-dollar exchange rate before making large purchases. While today's dip offers some relief, experts caution that bullion prices may remain volatile in the near term due to global economic signals and commodity market swings.

For now, gold in Mumbai remains expensive by historical standards, but today's correction has brought some breathing room for investors and jewellery buyers alike.