Mumbai : Gold prices in Mumbai rose on September 17, 2023, after falling for two consecutive days. The price of 22-carat gold, which is the most popular variety in India, rose by ₹20 per gram to ₹54,900. The price of 24-carat gold, which is the purest form of gold, rose by ₹32 per gram to ₹59,220.
The rise in gold prices is due to a number of factors, including the weakening of the Indian rupee against the US dollar. The rupee fell to a record low of ₹80.05 per dollar on September 16, 2023. This made gold imports more expensive, which pushed up prices in the domestic market.
The rise in gold prices is also being driven by the ongoing war in Ukraine. The war has led to increased uncertainty in the global economy, which has boosted demand for safe-haven assets such as gold.