The current price of gold in Mumbai is Rs 9970.. Gold price has risen in the local markets due to the price hike in international markets. “Price of gold in the local markets always depends on international markets,” as it is always said. . According to me, violent international politics, Iraq war, diversion of capital from share market to gold business and people’s reluctance to buy dollar for high rate are the main reasons for gold price hike on the international markets.. There may be other reasons as well.