Gold prices in Lucknow traded flat on Wednesday, reflecting the quiet tone seen across global markets ahead of the US Federal Reserve’s highly anticipated monetary policy announcement. On the Multi Commodity Exchange (MCX), gold futures for December delivery fell Rs 176, or 0.15 per cent, to Rs 1,19,470 per 10 grams in a turnover of 13,116 lots. The yellow metal has now posted losses for four straight sessions as investors awaited a clear policy signal from the Fed.
Silver, meanwhile, managed to recover from earlier declines, gaining Rs 451, or 0.31 per cent, to Rs 1,44,793 per kilogram for December delivery.
Investors Eye Fed Decision Amid Global Uncertainty
Internationally, gold futures on Comex slipped $15.9, or 0.4 per cent, to $3,967.2 per ounce, continuing a four-day losing streak. “Gold prices traded around USD 3,970 per ounce on Wednesday, as the attention turned to the Federal Reserve’s expected rate cut later in the day,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities. He added that market participants were closely watching Fed Chair Jerome Powell’s remarks for insights into future monetary easing, with traders already expecting another rate cut in December.
Silver prices on Comex gained 0.32 per cent to $47.47 per ounce. Optimism over a potential US-China trade breakthrough also influenced trading sentiment, with reports indicating that Presidents Donald Trump and Xi Jinping are nearing a framework agreement to halt new tariffs and reduce export barriers.
Gold Prices in Lucknow Stay Resilient
In Lucknow, 24-karat gold (999 purity) was priced at Rs 12,173 per gram, while 22-karat gold stood at Rs 11,160 per gram. Despite muted movement, gold remains one of the best-performing assets of 2025, having gained nearly 50 per cent this year amid macroeconomic challenges, strong central bank purchases, and persistent inflation concerns.
India’s dependence on gold imports continues to play a critical role in determining local prices, with the rupee’s fluctuations against the US dollar exerting a direct impact. When the rupee weakens, import costs rise, pushing up domestic prices.
As investors in Lucknow and across India await the Fed’s next move, the precious metal continues to be viewed as a safe-haven asset, offering both stability and long-term value during uncertain times.
