Lucknow Gold Prices Ease But Remain Higher Than Several Cities

Given that gold is traded worldwide in US dollars, domestic prices are closely tied to the rupee’s performance against the greenback.

In addition to foreign exchange fluctuations, gold prices in Lucknow are influenced by import levies, GST, and local taxes.

Source : PTI

Lucknow’s gold prices slipped on Tuesday, though they remain slightly above rates seen in many other Indian cities. At present, 22-karat gold in Lucknow is selling at Rs 9,310 per gram, while 24-karat gold (999 gold) is priced at Rs 10,155 per gram. The drop aligns with a nationwide decline, driven by shifts in both global and domestic market dynamics.

India imports most of its gold, with recycled supply forming only a minor share of total availability. Given that gold is traded worldwide in US dollars, domestic prices are closely tied to the rupee’s performance against the greenback. This direct link ensures that currency volatility quickly filters into retail pricing in cities like Lucknow.

Market Drivers Behind Tuesday’s Price Movement

In addition to foreign exchange fluctuations, gold prices in Lucknow are influenced by import levies, GST, and local taxes. Traditionally seen as a safe store of value, gold attracts heightened interest during economic turbulence. Nonetheless, its pricing remains sensitive to global bond yields, monetary policy decisions, and changes in investment sentiment.

Today’s decline was largely attributed to global market softness, a firmer US dollar, and concerns over slower policy easing by the US Federal Reserve. These developments have tempered bullion’s recent gains, prompting a recalibration in investor expectations. Despite this, physical demand in Lucknow’s retail market remains steady, particularly among long-term buyers.

How Lucknow Compares With Other Major Markets

While Lucknow’s rates are slightly higher than those in Mumbai, Chennai, Bengaluru, Pune, and Hyderabad—which are all at Rs 9,295 for 22-karat and Rs 10,140 for 24-karat gold—the city’s prices are matched only by Delhi. Ahmedabad and Indore sit in between, offering rates of Rs 9,300 and Rs 10,145 respectively.

For Lucknow residents, gold retains its dual role as an investment and a cultural symbol. Despite the price correction, demand remains underpinned by wedding purchases, gifting traditions, and portfolio diversification needs. Many buyers are expected to take advantage of the current dip, especially with key festivals approaching in the months ahead.