Lucknow Gold Prices Firm Up On July 2; National Trends Mirror Rise

Investors are now showing fresh appetite for gold amid shifting sentiment around international currency movements and speculation on US trade policies.

Since gold is priced globally in US dollars, any movement in the dollar’s value has a direct impact on Indian rates.

Source : Freepik

After nearly a week of consistent declines, gold prices in Lucknow have begun to rise again, reflecting a broader recovery trend observed across Indian markets. On July 2, prices of the precious metal edged higher, supported by a combination of global cues and renewed domestic buying interest. Investors are now showing fresh appetite for gold amid shifting sentiment around international currency movements and speculation on US trade policies.

Gold Prices in Lucknow Today

In the Uttar Pradesh capital, 22-karat gold was trading at Rs 9,036 per gram, while 24-karat gold (commonly referred to as 999 gold) stood at Rs 9,856 per gram. This rise follows Tuesday’s recovery, which ended a seven-session losing streak, and signals a shift in market mood.

The price movement in Lucknow aligns with gains witnessed in other Indian cities. In Delhi, for instance, gold of 99.9 per cent purity jumped by Rs 1,200 to touch Rs 98,670 per 10 grams on Tuesday. According to the All India Sarafa Association, “fresh buying by stockists and strong global market signals” contributed to the upswing. On Monday, the same gold grade had closed at Rs 97,470 per 10 grams. Similarly, gold with 99.5 per cent purity increased by Rs 1,100 to reach Rs 98,150, up from the earlier close of Rs 97,050.

Global Trends and Domestic Policies Shape Pricing

India, the world’s second-largest gold consumer after China, sources most of its gold through imports, with recycled gold forming a smaller share. Since gold is priced globally in US dollars, any movement in the dollar’s value has a direct impact on Indian rates.

In addition to currency fluctuations, several domestic variables also influence gold prices. These include import duties, Goods and Services Tax (GST), and state-level levies. The precious metal’s role as a hedge against inflation and a safe-haven asset means its demand often surges in times of economic uncertainty.

Moreover, changes in international bond yields and speculation around economic policy—especially in the United States—continue to play a key role in determining global sentiment, further influencing local pricing trends.

With market dynamics evolving and global cues remaining volatile, gold prices in Lucknow and other parts of India are likely to remain sensitive in the coming weeks.