Gold Rate in Mumbai Today, July 7, 2026: 24K Gold Slips to ₹14,526 Per Gram

Mumbai, July 7: Gold prices in Mumbai softened on Tuesday, giving back a slice of the gains built up during the opening days of July. The correction was broad-based, with rates falling across 24K, 22K and 18K categories, though the bigger picture hasn’t changed much. Gold is still trading well above where it started the month.

The latest retail benchmark places 24-karat gold at ₹14,526 per gram, down ₹136 from the previous session. 22-karat gold, the grade most jewellery buyers keep an eye on, eased to ₹13,315 per gram, while 18-karat gold declined to ₹10,894 per gram, lower by ₹103.

It isn’t an unusual move. After two strong jumps earlier in July, the market appears to be catching its breath.

Mumbai Gold Rates Today

Today’s Dip Comes After a Fast Climb

Looking only at Tuesday’s numbers misses part of the story.

On July 1, 24K gold was priced at ₹14,078 per gram in Mumbai. Within just two trading sessions, it surged to ₹14,700 on July 3, the highest level recorded so far this month. Since then, momentum has cooled. Prices held steady over the weekend, edged lower on Monday and then registered a sharper decline today.

Even after the latest correction, 24K gold remains ₹448 per gram above its July 1 level, while 22K gold is still ₹410 per gram higher than where it began the month. In other words, today’s fall trims the rally rather than wipes it out.

Estimated Cost of Buying 10 Grams of 22K Gold

For buyers planning a jewellery purchase, the quoted gold rate is only part of the bill. Assuming 12% making charges and 3% GST, the estimated cost works out as follows:

The calculation is indicative. Jewellery retailers may apply different making charges depending on craftsmanship, design complexity and brand.

What the Trend Suggests

The one-year price chart still reflects a market that has remained elevated despite intermittent corrections. Recent trading has been more volatile than what buyers saw through much of June, with swings becoming larger over the past week.

One interesting detail stands out from the latest data. While today’s fall of ₹136 per gram is the biggest single-day decline this month, it follows gains of ₹300 and ₹322 recorded on July 2 and July 3. That sequence explains why monthly performance continues to stay positive despite the recent pullback.

Why Gold Prices Keep Changing

Retail gold prices in Mumbai move in response to several factors at the same time. International bullion prices, the rupee’s exchange rate against the US dollar, import costs, central bank expectations and domestic demand all feed into the benchmark rate published each day.

Local jewellers may quote slightly different prices as making charges, inventory costs and business overheads vary from one retailer to another.

Conclusion

Mumbai’s gold market stepped back on July 7 after a strong start to the month, with prices falling across all major purity levels. The decline may attract attention because of its size, but it comes after a rapid rally that pushed gold to fresh monthly highs. For now, July’s overall trend remains positive even as short-term volatility has picked up.

Source: goodreturns.in | Rates as of Tuesday, July 7, 2026.