Gold rate in Mumbai on November 5: 24 karat at ₹14,602 on Dhanteras eve, check 22k, 18k prices

According to Goodreturns data, 10 grams gold today is selling at ₹1,46,020, ₹1,33,850 and ₹1,09,520 for 24k, 22k and 18k respectively.

Gold rates in Mumbai jumped 2.25% on Thursday, reflecting both the metal's own strength and the rupee's level against the dollar. In cash terms, the day added ₹322 a gram, the fourth straight gain, taking the total to ₹714 above the ₹13,888 of November 1 and past the ₹14,395 of October 29.

Retail demand in the city is divided sharply by product. For instance, plain chains and bangles in 22 karat are the volume business, and they are priced closer to the actual price plus making charges, while diamond-studded pieces in the Bandra-to-Andheri belt are sold on design, with labour and stone value often exceeding the gold content. That is why even a 15% rise in the yellow metal’s price does not translate into a 15% rise at the studded counter. Also, comparing the two categories on rate alone tells a buyer very little.

Please note the prices above are indicative of the prices where the calculation starts, not where it ends. Making charges and 3% GST are added extra. Moreover, there can be some variation in the final cost from one showroom to another.

In this market, the making charges can reach up to 18% or more in a mall showroom. Buyers should ask for it in rupees and compare it across two or three stores. One should also check the BIS hallmark and HUID on the jewellery piece while ensuring their bill shows weight, purity, making charges and tax as separate entries.