Gold prices surged to new all-time highs in Lucknow on Tuesday, propelled by expectations that the US Federal Reserve may reduce interest rates as early as next week. Investors seeking refuge from economic and geopolitical uncertainties have gravitated towards gold, reinforcing its role as a safe-haven asset.
On the Multi Commodity Exchange (MCX), October gold futures gained Rs 982 or 0.9 per cent, reaching a historic peak of Rs 1,09,500 per 10 grams. The overall gold price rose by Rs 723 to settle at Rs 1,10,312 per 10 grams, marking a notable milestone in domestic bullion markets.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, commented, “Gold hit a fresh all-time high, supported by mounting expectations of Federal Reserve interest rate cuts through year-end. Weak US jobs report last Friday led markets to price in three rate cuts this year.” Analysts further observed that geopolitical tensions, including potential US sanctions on Russia in retaliation to the Ukraine crisis, have bolstered gold’s appeal. The US government’s recent exemption of gold and other metals from tariffs has also provided added market support.
Gold Rates in Lucknow Reflect Record Momentum
In Lucknow, 22-karat gold is currently valued at Rs 10,125 per gram, while 24-karat gold (commonly referred to as 999 gold) trades at Rs 11,044 per gram. These record levels underline the growing demand for bullion as investors look to safeguard their wealth during times of uncertainty.
Traders in Lucknow are closely watching US inflation and producer price data due later this week for further cues on the Fed’s monetary policy path. Analysts expect that ongoing expectations of rate cuts will continue to underpin gold’s value. With global economic concerns and regional geopolitical developments in play, gold remains an essential instrument for long-term investment security.
As Lucknow’s investors seek safe-haven assets, gold continues to stand out for its ability to preserve wealth amid market volatility. The current rally reinforces the metal’s strategic importance for portfolio protection, with analysts suggesting that bullion will likely maintain its strong performance in the near term.
