Editor’s Note
On the auspicious occasion of Amavasya, gold and silver prices strengthened in Lucknow’s bullion market, driven by strong religious sentiment and robust customer turnout.
Lucknow Gold and Silver Rates on Amavasya: On the auspicious occasion of Amavasya, gold and silver prices strengthened in the bullion market of the capital city Lucknow. Due to the religious significance of Amavasya, a large number of people visited the market to purchase gold and silver. There was good customer footfall in major jewelry markets of the city, including the Chowk Sarrafa market. Bullion traders say that the festive and auspicious timings have created a buying atmosphere in the market. However, fluctuations in the international market and the dollar’s position continue to impact domestic prices.
According to the retail rates released by the Lucknow Sarrafa Association, the price of 24-carat gold was recorded at ₹1,47,500 per 10 grams. Meanwhile, 22-carat gold stood at ₹1,36,200 per 10 grams, and 18-carat gold at ₹1,12,500 per 10 grams. Additionally, the price of 999 purity silver reached ₹2,25,000 per kilogram. These rates do not include GST, making charges, and hallmarking fees, which must be paid separately.
In Indian tradition, many consider Amavasya auspicious not only for charity but also for buying gold and silver. It is believed that purchases made on this day symbolize happiness, prosperity, and economic strength in the home. For this reason, bullion markets saw a rush of customers from the morning. Many people bought gold and silver coins along with jewelry. According to traders, a good number of customers also visited the market for investment purposes.
Senior trader Vinod Maheshwari from Chowk Sarrafa said that there is continuous fluctuation in gold and silver prices in the international market. Additionally, the movement of the dollar, global economic conditions, and investor demand directly impact the Indian market.
Bullion traders say that customers have become more aware than before. Most people are now buying only hallmarked jewelry. Customer confidence has also increased after the implementation of the Bureau of Indian Standards (BIS) hallmarking system. Traders are advising customers to take bills at the time of purchase and check the hallmark to avoid any future issues.
Experts believe that gold is always considered a safe investment during times of economic uncertainty. This is why investors are buying gold despite the price surge. Meanwhile, silver prices remain strong due to increased industrial demand. Many investors consider buying gold and silver for the long term as a better option.
Bullion traders say that business is expected to increase further in the upcoming festivals and wedding season. During festivals like Raksha Bandhan, Janmashtami, Ganesh Chaturthi, Navratri, and Diwali, gold and silver buying traditionally surges. Additionally, with the start of the wedding season, demand for jewelry is expected to rise further. Traders believe that if there is no major change in the international market, domestic prices may remain in the current range. However, changes in prices are possible based on global economic developments and the dollar’s movement.
Market experts say that customers should only buy gold or silver from authorized and reputable shops. Also, ensure you get a proper bill of purchase, check the hallmark, and obtain information about making charges and GST in advance. This will prevent any problems when selling or exchanging jewelry in the future.
On the auspicious occasion of Amavasya, the enthusiasm for buying in Lucknow’s bullion market was clearly visible. Despite high prices, religious faith, investment mindset, and preparations for upcoming festivals kept the market vibrant. Traders are hopeful that customer numbers will increase in the coming days, and the bullion business will see good growth.
