Gold rates in Mumbai on November 4: 24 karat at ₹13,965 a gram as the city braces for Dhanteras

Dhanteras is on Friday, November 6, and Diwali on Sunday, November 8, and the bullion market's wholesale quote will set the tone for the rest of Maharashtra through the week.

Because Mumbai is the country's main import and refining hub, duty and the rupee's level feed into the local prices more directly here than in smaller markets.

On the retail side, 22 karat remains the default for chains and bangles, while 18 karat dominates diamond-studded pieces in the Bandra-to-Andheri belt, where buyers pay for design as much as metal.

Please note that the rates above are indicative and what a specific store charges may differ, so compare rates at several jewellers yourself.

The final payment is also higher than the karat-based price because making charges and 3% GST are added: a 10-gram 22 karat piece with 14% making charges attracts GST of ₹4,378, taking the total to about ₹1,50,309.

Making charges in Mumbai's mall showrooms can reach 18%, so compare them store to store and ask for the rupee figure, not just the percentage. Buyers should also insist on a BIS hallmark with a six-digit HUID on every item.