Editor’s Note
The retail rates for gold in Lucknow have been updated as per the latest list from the Sarafa Association. Prices vary by purity, with 24-carat gold primarily used for investment and 22-carat or 18-carat gold commonly used in jewelry.
According to the latest list issued by the Sarafa Association, the gold prices in Lucknow are as follows:
– 24-carat gold: ₹ 1,45,400 per 10 grams
– 22-carat gold: ₹ 1,34,200 (92% purity) per 10 grams
– 18-carat gold: ₹ 1,10,500 (76% purity) per 10 grams
According to bullion traders, 24-carat gold is primarily used for investment in the form of coins and bars, while 22-carat and 18-carat gold are more prevalent in jewelry making. Considering the wedding and festive season, these rates could have a direct impact on market demand.
Along with gold, silver prices have also shown strength. According to the Lucknow Sarafa Association:
– Silver (Jewelry): ₹ 2,67,500 per kilogram
The rise in silver prices is attributed to industrial demand, increasing use in the solar sector, and growing investor interest in global markets. Silver is now being viewed not just as a jewelry metal but also as a strong industrial metal.
Experts associated with the bullion market say there are several key reasons behind the recent surge in gold and silver prices:
– **Impact of the International Market:** Strength in global gold prices directly affects the domestic market.
– **Dollar Fluctuations:** Gold becomes more expensive when the rupee weakens against the dollar.
– **Geopolitical Tensions:** During periods of global uncertainty, investors increase their investment in gold as a safe haven.
– **Domestic Demand:** The wedding season and festival preparations lead to an increase in demand.
– **Interest Rate Uncertainty:** When there is no clarity on interest rates, gold is considered a safe investment.
According to bullion market experts, gold prices are currently at high levels. Therefore, investors are being advised to avoid making hasty decisions. Vinod Maheshwari, associated with the Lucknow Sarafa Association, says it is extremely important to understand the market situation before investing in gold and silver.
Although the rates issued by the Sarafa Association are base prices, customers will also have to pay GST, making charges, and hallmarking fees at the time of actual purchase. This can lead to a significant increase in the final price of jewelry. Particularly for heavy designs and handmade jewelry, higher making charges increase the total cost.
In major bullion markets of Lucknow like Chowk, Aminabad, Alambagh, and Gomti Nagar, customers are showing mixed reactions regarding the prices. While on one hand, investors consider gold investment safe despite high prices, common customers are waiting for prices to stabilize. Traders say that if stability comes in the international market, some softening in prices is possible, but in the current circumstances, the possibility of a major decline seems low.
