Gold prices in Lucknow witnessed a remarkable surge on Tuesday as the domestic market tracked global bullion’s record-setting rally. Futures contracts on the MCX touched lifetime highs, driven by heightened geopolitical uncertainty, fears of a US government shutdown, and optimism around possible rate cuts by the Reserve Bank of India.
December gold futures surged Rs 1,217 or 1.04 per cent to settle at Rs 1,17,561 per 10 grams, marking the fourth consecutive day of gains. The February 2026 contract moved even higher, gaining Rs 1,314 or 1.12 per cent to close at Rs 1,18,788 per 10 grams. Silver also joined the upward trajectory. December contracts jumped Rs 1,101 or 0.77 per cent to Rs 1,44,200 per kilogram, while March 2026 futures scaled Rs 1,45,858 per kg, up Rs 1,127 or 0.78 per cent.
Analysts Point to Safe-Haven Rush
“Gold and silver extended their bullish momentum as safe-haven demand surged amid concerns over a potential US government shutdown, and additional tariff measures, coupled with expectations of further Fed rate cuts, are driving precious metal prices higher,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
Internationally, gold for December delivery breached the $3,895 per ounce level, up more than 1 per cent, marking the biggest monthly gain in 14 years. Silver prices also advanced to $47.41 per ounce. “Gold prices rose to a fresh record high of USD 3,895 per ounce, heading for their biggest monthly gain in 14 years, as investors rushed to safe-haven assets amid mounting concerns over a looming US government shutdown,” added Jigar Trivedi, Senior Research Analyst at Reliance Securities.
According to Augmont’s Renisha Chainani, gold exchange-traded funds attracted $10.5 billion in September, bringing the yearly total to nearly $50 billion, underscoring the extent of investor appetite for the metal.
Gold Rate in Lucknow Today
In Lucknow, the price of 22-karat gold stood at Rs 10,860 per gram on Tuesday, while 24-karat (999 purity) gold was priced at Rs 11,846 per gram. The city, where jewellery demand typically spikes during weddings and festivals, is witnessing record price levels just ahead of the festive season.
Adding to investor anxiety, political uncertainty in the US has escalated. Talks between President Trump and congressional leaders ended without agreement, raising the likelihood of a shutdown from Wednesday. Such a development could delay critical data releases like the nonfarm payrolls report. Additionally, fresh US tariffs targeting heavy trucks and pharmaceutical products will also take effect this week.
“Last week, the US macroeconomic data reinforced bets that the Federal Reserve could deliver additional rate cuts at its two remaining meetings this year,” Trivedi remarked.
With economic headwinds intensifying globally, gold remains a pillar of financial security in Lucknow. Households and investors are turning increasingly to the yellow metal as protection against volatility, reinforcing its reputation as a safe-haven asset.
