Mumbai Mach 4: Gold rates (gold prices) in Mumbai witnessed a downfall correction today, March 4, as gold prices fell by INR 3,110 per 10 grams in 24-carat. The retail price for 24-carat gold in India’s financial capital settled at INR 1,64,510 per 10 grams. This declines comes as global investors engage in profit-booking, even as geopolitical uncertainty in the Middle East continues to provide a strong floor for bullion. Scroll below to see 24K, 22K and 18K gold rates in Mumbai.

Current Retail Rates of Gold in Mumbai

As of Wednesday morning, Mumbai’s bullion market remains near record territory despite the intraday dip. Gold Rate Today, March 04, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities.

According to Good Returns, the current rates for various purities are:

  • 24-Carat Gold (99.9 per cent Purity): INR 1,64,510 10 grams.

  • 22-Carat Gold (91.6 per cent Purity): INR 1,50,800 per 10 grams.

  • 18-Carat Gold (75.0 per cent Purity): INR 1,23,380 per 10 grams.

It is important for buyers to note that these figures represent the base retail price. The final "on-road" price at jewelry showrooms will include a 3 per cent Goods and Services Tax (GST) and making charges, which typically range from 5 per cent to 20 per cent depending on the complexity of the design.

Market Drivers and Economic Context

The stability in today's rates mirrors a broader cooling in international spot gold, which recently breached the USD 5,300 per ounce mark due to escalating tensions between Israel, the US, and Iran. While international prices retreated toward USD 5,118 per ounce overnight, the domestic market has stayed elevated due to a weakening Indian Rupee and a volatile stock market. The Nifty 50 and Sensex both recorded significant drops on Wednesday morning, falling by over 1.2 per cent shortly after the opening bell. This "risk-off" sentiment in equities has encouraged local investors to shift capital toward gold, maintaining high demand despite the steep prices.

Silver Prices and Regional Comparison

Silver prices in Mumbai followed a similar downward trajectory on March 4, retailing at INR 2,85,000 per kilogram, a decrease of INR 10,000 per Kg from the previous day. Regionally, Mumbai remains one of the more competitive markets for bullion in India. In comparison, gold prices in Chennai are trading at a slight premium, with 24-carat gold priced at INR 1,68,710 per 10 grams due to higher local demand and varying transportation costs. Silver Rate Today, March 04, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai and Other Major Cities.

Outlook for Retail Consumers

With the peak wedding season ongoing across Maharashtra, jewelry demand remains steady. However, many retail consumers are reportedly adopting a "wait-and-watch" strategy, hoping for a more substantial price correction before making large-scale purchases. Market analysts suggest that while the immediate momentum has slowed, the underlying trend for gold remains bullish. Sustained central bank buying and the absence of a diplomatic resolution in the Middle East are expected to keep prices supported above the INR 1,65,000 mark in the near term.

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TruLY Score 3 – Believable; Needs Further Research | On a Trust Scale of 0-5 this article has scored 3 on LatestLY, this article appears believable but may need additional verification. It is based on reporting from news websites or verified journalists (Good Returns), but lacks supporting official confirmation. Readers are advised to treat the information as credible but continue to follow up for updates or confirmations

(The above story first appeared on LatestLY on Mar 04, 2026 10:24 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).