Lucknow Sees Gold Prices Scale Fresh Peaks As Rally Continues

Silver too extended its upward momentum, with December delivery gaining Rs 461 to Rs 1,34,016 per kilogram and March 2025 contracts climbing Rs 508 to Rs 1,35,397 per kg.

In global trade, December gold futures touched $3,794.82 per ounce, supported by expectations of more Fed rate cuts.

Source : Freepik

Gold prices in Lucknow soared on Tuesday in line with record highs across domestic and international markets. On the MCX, October gold futures advanced Rs 520 or 0.46 per cent to touch Rs 1,12,750 per 10 grams, while the December contract rose by Rs 530 to Rs 1,13,750 per 10 grams, setting new lifetime highs.

Silver too extended its upward momentum, with December delivery gaining Rs 461 to Rs 1,34,016 per kilogram and March 2025 contracts climbing Rs 508 to Rs 1,35,397 per kg. Analysts attribute this relentless rally to monetary easing, safe-haven demand, and persistent buying by central banks.

Analysts Highlight Fed Policy and Geopolitical Tensions

Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd, explained, “Gold surged to lifetime highs while silver reached its strongest level in nearly 15 years. The Fed’s 25 basis points interest rate cut and prospects of more easing by year-end boosted sentiment. A subdued dollar index and a weaker rupee provided further impetus to domestic bullion prices. Persistent central bank purchases, strong ETF inflows, and safe-haven buying further fuelled the precious metals’ strength.”

In global trade, December gold futures touched $3,794.82 per ounce, supported by expectations of more Fed rate cuts. Silver futures for December slipped marginally to $44.19 per ounce. Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, “This has prompted market participants to price in almost two more 25 basis point reductions at the remaining meetings this year.” He added that Powell’s comments later today and the upcoming PCE inflation data will be key drivers for bullion prices in the near term.

Geopolitical concerns, especially the prolonged Russia-Ukraine war and unrest in the Middle East, continue to underpin demand for safe-haven assets like gold.

Gold Rate in Lucknow Today

In Lucknow, gold prices are holding steady at Rs 10,495 per gram for 22-karat and Rs 11,448 per gram for 24-karat gold. The sharp rally has heightened local investor interest, with many turning to gold as a hedge against inflation and financial instability.

For residents of Lucknow, the surge reinforces gold’s traditional appeal as a safe-haven asset. As global uncertainties persist and monetary easing gathers pace, the yellow metal is expected to remain in strong demand, despite the elevated price levels.

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