Gold Rallies In Lucknow Today; Prices Up Amid Global Market Volatility
Gold prices in Lucknow surged on Tuesday, July 8, with 22-karat gold priced at Rs 9,075 per gram, while 24-karat gold, also known as 999 gold, was trading at Rs 9,899 per gram, according to figures reported by Goodreturns.
The pricing comes in the context of a broader softening in bullion markets globally, influenced by easing safe-haven demand and a stronger US dollar.
In comparison, gold rates in Kolkata on the same day recorded a modest uptick, with 22-karat gold at Rs 9,060 per gram and 24-karat gold at Rs 9,884 per gram. This trend was mirrored in several other major cities including Mumbai, Chennai, Pune and Bengaluru, where gold prices remained consistent with those in Kolkata. Ahmedabad posted marginally higher values at Rs 9,065 and Rs 9,889 for 22K and 24K gold respectively. Delhi matched Lucknow’s rates at Rs 9,075 for 22K and Rs 9,899 for 24K gold.
Bullion Movement Reflects Mixed Market Sentiment
The current steady pricing in Lucknow follows a sharp correction in the previous session. On July 7, gold in Delhi fell by Rs 550, settling at Rs 98,570 per 10 grams, down from Rs 99,120 recorded on Saturday. According to the All India Sarafa Association, 99.9 per cent pure gold had gained Rs 100 on Saturday compared to Friday’s level. Meanwhile, 99.5 per cent purity gold declined Rs 500 to Rs 98,100 per 10 grams.
Silver, however, remained unchanged at Rs 1,04,800 per kilogram for the second consecutive trading day. Analysts attributed the recent softness in the bullion market to cautious investor sentiment and profit-booking at elevated price levels. “Gold resumed trading on a weaker note, affected by the recovery of the US dollar and diminishing expectations for an interest rate cut following stronger-than-expected US job market data,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
Also Read : Markets Suffer Heavy Volatility Amid Tariff Uncertainties, Sensex, Nifty Recover From Morning Woes
Central Banks Continue Gold Accumulation Amid Long-Term Demand
While short-term market conditions appear subdued, long-term fundamentals remain firm. Central banks worldwide have continued to bolster their gold reserves, with 2024 purchases estimated at $84 billion—matching the cumulative total between 2000 and 2016. According to DSP Mutual Fund’s July 2025 Netra report, annual central bank purchases since 2022 have averaged around 1,000 tonnes, representing over 25 per cent of global annual mining output.
India accounts for roughly 15 per cent of the global gold market valued at $23 trillion. While the Reserve Bank of India currently holds 880 metric tonnes of gold, it has yet to increase its holdings in FY26, possibly waiting for a market correction after five consecutive years of bullish momentum driven by geopolitical risks and economic uncertainties.
business