Ahead of Dhanteras, gold prices in Lucknow have surged, mirroring a nationwide trend driven by festival demand. Today, 22-karat gold is trading at Rs 11,880 per gram, while 24-karat (999) gold is at Rs 12,959 per gram. India, second only to China in gold consumption, continues to depend largely on imports, with recycled gold forming only a minor portion of the market. The local pricing of gold is highly sensitive to the rupee-dollar exchange rate, given its global valuation in US dollars.
Additional levies such as import duties, GST, and state-specific charges make domestic gold pricier than international benchmarks. Investors and consumers in Lucknow are therefore paying a premium for both jewellery and bullion. Internationally, factors like changes in bond yields, central bank policy decisions, and overall market sentiment drive gold valuations. Its status as a reliable safe-haven asset ensures steady interest, especially during times of economic volatility. As a result, consumers in Lucknow are actively seeking both 22-karat and 24-karat gold for investment and gifting purposes.
Festive Buying and Market Trends
The lead-up to Dhanteras has intensified buying activity in Lucknow, with jewellers reporting heightened demand for gold of both 22-karat and 24-karat purity. Financial advisors highlight that gold remains a preferred avenue for wealth preservation amid fluctuating markets and economic uncertainty. Similar price trends are observed across other cities; Delhi and Ahmedabad list 22-karat gold at Rs 11,880 and Rs 11,870 per gram respectively, while Kolkata and Bengaluru hover around Rs 11,865 per gram. Analysts note that domestic festive demand, coupled with global price movements, is the main driver behind the record highs.
Market experts add that factors like the weakening rupee, rising international gold prices, and geopolitical tensions have strengthened the asset’s appeal. Investors see gold as a protective measure against currency depreciation and inflation. Traders in Lucknow also observe that the jewellery segment is experiencing increased footfall, particularly for ornaments traditionally bought during Dhanteras. This festive momentum is expected to sustain the high gold prices until the end of the season.
In addition, seasoned investors are monitoring global economic cues, such as US bond yields and central bank policy moves, which could affect future price trends. Overall, the combination of cultural significance, market dynamics, and investment appeal continues to support gold’s robust demand in Lucknow, making it an attractive choice for both new and seasoned buyers.
