Gold and silver extended their upward trajectory on Friday, lifted by strong international cues and rising confidence that the US Federal Reserve may move ahead with a rate cut next month. The bullion market experienced renewed vigour as investors responded to softening economic indicators and signals from Fed officials.
In Lucknow, the trend was consistent with the gold rates across India picture. The gold rate for 22k purity stood at Rs 11,790 per gram, while 24k gold reached Rs 12,861 per gram on Friday. The steady rise across purity categories reflected the momentum visible in global futures and domestic exchanges.
On the MCX, gold futures for December delivery increased by Rs 596, or 0.47 per cent, to trade at Rs 1,26,100 per 10 grams, supported by a turnover of 4,496 lots. The February contract also advanced, rising Rs 669 (0.52 per cent) to hit Rs 1,28,336 per 10 grams across 10,370 lots.
Silver followed suit, with the December contract surging Rs 1,183 (0.73 per cent) to Rs 1,63,650 per kg. The March 2026 contract rose Rs 1,373 (0.83 per cent) to settle at Rs 1,67,360 per kg in a turnover of 15,578 lots.
Rahul Kalantri of Mehta Equities Ltd said that while Thursday’s domestic trade remained subdued due to the impact of the US Thanksgiving holiday, Friday showcased renewed strength as global demand revived.
Lucknow Gold Prices Reflect Nationwide Uptick
Gold rates across major Indian cities moved in near uniform fashion, with 22k prices ranging between Rs 11,775 and Rs 11,840 per gram. Lucknow’s pricing aligned with Delhi and Kanpur, which also quoted Rs 11,790 for 22k gold and Rs 12,861 for 24k gold.
Globally, precious metals continued their ascent. Comex gold futures for December delivery rose $22.2 (0.53 per cent) to $4,187.4 per ounce. Silver climbed 1.71 per cent to $53.82 an ounce, touching an intraday high of $54.23.
Kalantri highlighted that gold crept close to $4,190 during the Asian session, while silver extended its surge past $54, inching toward lifetime peaks.
Reliance Securities’ Senior Analyst Jigar Trivedi noted that gold now hovers near a five-week high as market participants increasingly anticipate a Fed rate cut in December. He pointed to dovish comments from US central bank officials and soft economic readings as key drivers behind the shift in sentiment.
Strongest Year for Gold in Decades
Expectations of monetary easing continue to solidify. Traders now assign an over 80 per cent chance of a 25-basis-point rate cut next month, compared with just 30 per cent last week. Markets are also pricing in three additional cuts by end-2026. Kevin Hassett, a frontrunner to potentially succeed Jerome Powell, echoed calls from President Donald Trump for a rate reduction, further shaping expectations.
Trivedi said gold is tracking toward its strongest yearly performance since 1979, fuelled by heavy central-bank purchases and consistent ETF demand from retail and institutional investors.
Gold pricing in India remains closely tied to global bullion trends, domestic taxes, import duties, and the rupee-dollar movement. Given India’s dependence on gold imports, even minor currency fluctuations can influence local rates. The cultural significance of gold, from weddings to festivals, ensures steady baseline demand.
As global markets shift rapidly in response to evolving monetary policy expectations, Lucknow’s investors and jewellery buyers continue to track the market carefully, anticipating further price action.
