On Dussehra, 24-karat gold is quoted at Rs 1,47,340 in Mumbai, according to reporting by ABP Live English. The MCX, India's main commodity exchange, stays shut until 5 PM for the festival.
For you, this is a price check. If you own gold or plan a gold loan, today's rate sets how much a lender may offer. It also shows what your jewellery is worth right now.
Key takeaways
- 24-karat gold is quoted at Rs 1,47,340 in Mumbai, as reported on Dussehra.
- MCX is shut till 5 PM, so the usual exchange price signal comes late.
- Your gold loan amount depends on purity, weight and the day's rate.
- A single festival-day quote isn't a trend. Don't rush into borrowing.
- Check the latest rate before you visit a lender.
How gold rates work on a festival day
Gold prices in India are usually quoted per 10 grams. The headline doesn't say the unit, so check this before you do any sums. If it's per 10 grams, one gram of 24-karat gold costs about Rs 14,734.
MCX is where traders buy and sell gold contracts. When it's closed, fewer fresh price signals come in. Jewellers and bullion dealers still quote local rates. Those rates can differ a little from city to city.
So the Mumbai figure is a good guide. It isn't the exact price you'll get at your own shop. Making charges and taxes come on top when you buy jewellery.
What this means for a gold loan
A gold loan is a loan where you keep your gold with the lender as safety. The lender offers a share of the gold's value. That share is called the loan-to-value ratio, or LTV. Many lenders offer around 75%.
Most jewellery is 22-karat or lower, not 24-karat. Pure gold is 24-karat. A 22-karat piece holds about 91.6% pure gold. So you can't use the 24-karat rate for your bangles.
Here's an example using the reported price, if it's per 10 grams. We assume 20 grams of gold and a 75% LTV. These are rough numbers for illustration only.
| Gold purity | Approx. value per gram | Value of 20 grams | Loan at 75% |
|---|---|---|---|
| 24-karat | Rs 14,734 | Rs 2,94,680 | Rs 2,21,010 |
| 22-karat | Rs 13,500 | Rs 2,70,000 | Rs 2,02,500 |
| 18-karat | Rs 11,050 | Rs 2,21,000 | Rs 1,65,750 |
Your lender will test the gold's purity and deduct stones and other weight. So the real offer may be lower. You can see per-gram loan values on our gold loan rate today page.
Who is affected
People who already have a gold loan aren't hurt by a high price. Their gold is worth more, so their cushion is bigger. People who plan a new loan can get a larger offer today.
Savers and families buying for weddings feel the pinch. Higher prices mean fewer grams for the same budget. Those who want to sell old jewellery may get a better return.
A high price can also tempt people to borrow too much. Remember that gold prices go up and down. If the price falls sharply, a lender may ask you to pay part of the loan back. Our daily gold price page helps you track the rate.
What to do now
Don't decide in a hurry because of one festival-day quote. Use this simple checklist:
- Check the latest gold rate once MCX reopens and prices settle.
- Ask the lender for the purity test result in writing.
- Compare the yearly interest rate, not just the loan amount.
- Ask about processing fees and early repayment charges.
- Use an EMI calculator to see what you'll pay each month.
If you want to understand the basics first, read our gold loan hub. Borrow only the amount you need and can repay.
Frequently asked questions
What is the 24-karat gold rate in Mumbai on Dussehra?
According to ABP Live English, 24-karat gold is at Rs 1,47,340 in Mumbai. Check the unit with your dealer, as rates are usually quoted per 10 grams.
Why does MCX being shut matter?
MCX is a main place where gold prices are set through trading. When it's shut, fewer price updates come in until it reopens. Local dealers still quote their own rates.
Can I take a gold loan on the 24-karat rate?
No, not for most jewellery. Lenders test your gold's purity and value it by its karat. Most ornaments are 22-karat, so the loan will be based on a lower value.
BankCreds analysis
What this price really changes
A festival-day quote is a single reading. It isn't a trend. Don't borrow more just because gold looks high today.
Here's a simple case. A family pledges 20 grams of 22-karat gold. At about Rs 13,500 a gram, the value is Rs 2,70,000. A lender giving 75% offers about Rs 2,02,500. If the price slips 5%, the value drops by about Rs 13,500. The loan stays the same, so your safety cushion shrinks.
Savers who plan to sell gain most from high prices. Borrowers gain less than the headline suggests. A bigger loan means bigger interest, and you must repay it. Borrow only what you need, and compare the interest rate before the loan amount.
This section is BankCreds' own assessment of what the development means for Indian borrowers and savers. It is independent commentary, not part of the source reporting above.
Sources & references
- ABP Live English — originating report https://news.abplive.com/business/dussehra-2026-gold-prices-today-silver-climbs-45-percent-since-last-year-mcx-shut-1872365/amp
- Reserve Bank of India — RBI rules decide how much lenders can give against gold https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx
Source links are shown as plain text, not clickable links. Copy a URL into your browser to read the original report.
Editorial note & disclaimer
How this was reported. The development above is attributed to the source or sources listed. BankCreds does not independently verify a third party's reporting; where a figure or a regulatory position is stated as fact, it is either attributed or drawn from the regulator's own published material. Everything under "BankCreds analysis" is our own assessment.
Rates and figures. Interest rates, per-gram values and premium bands quoted here are indicative, move daily, and differ by borrower profile, city and lender policy. Confirm the final number with the institution before you act on it — the sanction letter or policy schedule governs, not a news report.
Not financial advice. This article is general information for an Indian audience. It is not investment, tax, credit or insurance advice, takes no account of your circumstances, and BankCreds is not a lender, broker, distributor or advisor. Consider speaking to a SEBI-registered investment adviser or a qualified professional before acting.
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