Gold Prices Slip In Lucknow On July 29; 24K Gold Nears Rs 10,000

Gold prices in Lucknow edged down on July 29, in sync with a nationwide easing in rates. In the Uttar Pradesh capital, 22-karat gold is priced at Rs 9,165 per gram, while 24-karat gold is now Rs 9,997 per gram, hovering just below the Rs 10,000 threshold. The slight decline mirrors the pattern seen across most Indian markets.

India’s heavy reliance on imported gold makes domestic prices extremely responsive to shifts in the rupee-dollar exchange rate. A stronger dollar tends to push up costs for Indian buyers, while a stronger rupee can have the opposite effect. Recycled gold contributes only a minor share of the supply, meaning import dynamics largely drive price trends.

Taxes and Market Drivers

Local pricing does not depend solely on international markets. Import duties, GST, and state-level levies all add layers to the final price consumers see in shops. These taxes, combined with fluctuating global rates, ensure gold remains one of the most volatile yet trusted commodities in India. The influence of these levies is significant enough to sway day-to-day pricing for jewellery buyers and investors.

Long viewed as a hedge against inflation and economic uncertainty, gold continues to attract investors even as prices dip. Factors such as global bond yields, monetary policy shifts, and geopolitical tensions keep influencing demand and pricing.

Also Read : Bank Holiday Alert: Will Banks To Remain Open Or Shut On Nag Panchami, July 29, 2025?

Price Comparison Across India

Delhi matched Lucknow’s rates at Rs 9,165 for 22K and Rs 9,997 for 24K. Cities like Chennai, Mumbai, Pune, Hyderabad, Bengaluru, and Kolkata reported slightly lower rates, with 22K at Rs 9,150 and 24K at Rs 9,982. Meanwhile, Ahmedabad and Indore were only marginally higher at Rs 9,155 and Rs 9,987.

For buyers in Lucknow, the slight dip may offer a good entry point for long-term investment or jewellery purchases, but market experts suggest keeping a close eye on global signals and currency fluctuations in the weeks ahead.

business