Mumbai Gold & Silver Price Today: Yellow Metal Jumps 1.6%, Silver Surges Over 4%

Gold and silver prices in Mumbai opened on a firm note on Monday, February 9, reflecting sustained demand for precious metals amid global uncertainties and strong domestic buying interest. As per the latest update at 9:40 am on Bullions website, both gold and silver registered notable gains compared to the previous session, extending their upward momentum.

Gold prices surge across purities

Gold prices in Mumbai witnessed a sharp uptick, with 24 karat gold - the purest form of the yellow metal - priced at ₹15,746 per gram. This translates to ₹157,460 for 10 grams and ₹15,746,000 per kilogram. In international trading terms, one ounce of 24 karat gold is valued at ₹446,392, while one tola is priced at ₹183,658, as per the data.

Compared to Sunday's rate of ₹155,000 per 10 grams, 24 karat gold has risen by ₹2,460, marking a healthy jump of 1.59% in a single day. Market analysts attribute the rise to a combination of global cues, including a softer dollar, persistent geopolitical tensions, and steady demand from investors seeking safe-haven assets.

Other gold variants also followed the same upward trajectory. 22 karat gold, which is widely used for jewellery in India, is currently priced at ₹14,434 per gram and ₹144,338 per 10 grams. Meanwhile, 18 karat gold stands at ₹11,810 per gram, making it a preferred choice for lightweight and designer jewellery segments.

Lower purity categories such as 14 karat, 12 karat and 10 karat gold have also seen proportional increases, providing options for buyers across different budgets. Jewellers in Mumbai say that while prices are elevated, enquiries remain steady ahead of the upcoming wedding season, with many buyers opting for advance purchases to hedge against further price hikes.

Silver outshines with strong gains

Silver prices in Mumbai have posted even stronger gains than gold. Silver 999 Fine is currently priced at ₹261 per gram and ₹260,800 per kilogram. This marks a sharp rise from Sunday's closing price of ₹249,980 per kg, reflecting a solid 4.33% increase.

Other variants of silver also moved higher. Silver 925 Sterling is priced at ₹241 per gram, while Silver 900 Coin silver stands at ₹235 per gram. Silver 800 German silver, often used in industrial and decorative applications, is trading at ₹209 per gram.

Market participants note that silver's rally is being supported by both investment demand and industrial consumption, particularly from the electronics and renewable energy sectors.

With global markets remaining volatile, experts believe gold and silver prices may continue to stay firm in the near term. Investors are advised to closely track international developments and currency movements, while retail buyers may consider phased purchases to manage price risks effectively.