Gold Rates Surge In Lucknow; 24K Gold Tops Rs 10,000 On July 30

Recycled gold makes up a tiny slice of the supply chain, meaning global dynamics — and particularly the rupee-dollar exchange rate — have an outsized impact on prices.

A weaker rupee immediately raises costs for importers, who pass them on to buyers.

Source : PTI

Lucknow’s gold buyers faced higher prices on July 30 as rates edged up, reflecting a trend seen across India’s bullion markets. The day’s prices saw 22-karat gold trading at Rs 9,225 per gram, while 24-karat gold crossed the Rs 10,000 threshold, reaching Rs 10,063 per gram — one of the steepest prices among all major metros.

India, which trails only China in gold consumption, relies almost entirely on imports to meet its demand. Recycled gold makes up a tiny slice of the supply chain, meaning global dynamics — and particularly the rupee-dollar exchange rate — have an outsized impact on prices. A weaker rupee immediately raises costs for importers, who pass them on to buyers.

Taxes and Local Levies Add to Lucknow’s Price Tag

Beyond international triggers, several domestic factors determine what gold ultimately costs for consumers. Import duties, GST, and state-level levies add layers to the base price, influencing city-wise rates. Lucknow’s prices on July 30 are the highest in the country alongside Delhi, reflecting these cumulative effects.

By comparison, Mumbai, Chennai, Bengaluru, Pune, Kolkata and Hyderabad all posted rates of Rs 9,210 for 22K gold and Rs 10,048 for 24K. Ahmedabad and Indore reported slightly lower levels than Lucknow at Rs 9,215 and Rs 10,053 respectively.

Gold as a Safe-Haven Investment Remains Popular

For buyers in Lucknow, the current surge doesn’t just signal costlier jewellery purchases — it also underscores gold’s continued importance as an investment hedge against inflation and economic volatility. Traditionally, gold is sought after during festivals, weddings, and as part of long-term savings strategies.

Global factors, including bond yields, monetary policy signals, and broader economic uncertainty, will keep influencing prices in the weeks ahead. But for Lucknow’s investors and jewellers, gold remains not just a cultural symbol, but a financial safety net, even as prices climb to some of the highest levels recorded this month.