Lucknow Gold Rates Rise As Global Rally Boosts Prices; Silver Hits Record High
Gold prices continued their upward trend across major Indian cities on Friday, with Lucknow recording a notable increase. On July 12, the price of 22-carat gold in the Uttar Pradesh capital was quoted at Rs 9,155 per gram, while 24-carat gold (commonly referred to as 999 gold) was priced at Rs 9,986 per gram.
The upward revision in domestic prices aligns with the rally in international bullion markets, which has been driven by global economic uncertainty and a renewed preference for safe-haven assets. Analysts attribute the price gains to geopolitical tensions and shifting investor sentiment amid tariff-related concerns.
Prices Firm in Other Major Cities
Gold rates remained elevated in several metropolitan centres. In Delhi, prices mirrored Lucknow, with 22-carat gold also at Rs 9,155 per gram and 24-carat gold at Rs 9,986 per gram. In Chennai, Bengaluru, Mumbai, Pune, Hyderabad, and Kolkata, 22-carat gold stood at Rs 9,140 per gram, while 24-carat gold was quoted at Rs 9,971 per gram. Ahmedabad reported slightly higher rates, with 22-carat gold at Rs 9,145 and 24-carat at Rs 9,976 per gram.
Silver prices, meanwhile, witnessed a dramatic spike, climbing Rs 2,356 within a day to reach an all-time high of Rs 1,10,290 per kilogram, surpassing the previous record of Rs 1,09,550 set on June 18.
According to the India Bullion and Jewellers Association (IBJA), “The price of 24-carat gold climbed Rs 465 to Rs 97,511 per 10 grams, up from Rs 97,046 a day earlier.” Similarly, “the 22-carat gold rose to Rs 89,320 per 10 grams, and 18-carat gold reached Rs 73,133 per 10 grams.”
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Global Rally Supports Domestic Sentiment
Gold on the international market surged 1.01 per cent to $3,358 per ounce, while silver rose 2.92 per cent to $38.40 per ounce. This surge in global prices has directly influenced local pricing, especially in import-dependent countries like India.
India remains the world’s second-largest consumer of gold after China, with most of its demand met through imports. Since gold is traded globally in US dollars, fluctuations in currency exchange rates heavily impact domestic pricing. Local duties—including import tariffs, GST, and other levies—also contribute to the retail cost of gold.
Recent data from the Reserve Bank of India (RBI) shows that India’s gold reserves rose by $342 million, reaching $84.846 billion in the week ending July 4. The overall foreign exchange reserves now stand at $699.736 billion. The RBI noted that Special Drawing Rights with the IMF increased by $39 million, while India’s reserve position with the Fund grew by $107 million.
As both domestic and global factors remain in flux, gold is expected to maintain its status as a preferred hedge amid ongoing market volatility.
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