Gold Price Today In Lucknow: Local Gold Prices Strengthen As RBI Holds Rates Steady
Gold prices in Lucknow witnessed a small but notable rise on Tuesday, reflecting ongoing demand for the metal amid broader economic uncertainties. As per the latest data, 22-karat gold in Lucknow is priced at Rs 9,395 per gram, while 24-karat gold (999 purity) is now at Rs 10,248 per gram, representing one of the highest price points among Indian cities.
India, the world’s second-largest gold-consuming nation after China, remains heavily reliant on imports to meet domestic gold demand. Recycled gold forms only a minor part of overall supply, making Indian gold prices extremely responsive to global trends.
Exchange Rate and State Levies Push Local Prices Higher
The cost of gold in India is largely impacted by movements in the rupee-dollar exchange rate, as international gold prices are denominated in US dollars. A weaker rupee increases the import cost, and cities like Lucknow often reflect this rise faster due to regional pricing differences and logistics.
In addition, customs duties, GST, and local state taxes contribute to the final cost of gold. Uttar Pradesh’s tax structure can make gold slightly more expensive compared to metro cities, which partly explains the relatively higher rates in Lucknow.
Gold continues to be viewed as a reliable store of value during times of uncertainty, inflation, or market turbulence. Its global pricing is also influenced by macroeconomic indicators such as bond yields and central bank actions.
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RBI Decision Dampens Market Mood; Boosts Safe-Haven Demand
On August 6, the Reserve Bank of India (RBI) concluded its three-day Monetary Policy Committee (MPC) meeting with a decision to maintain the repo rate at 5.5 per cent. RBI Governor Sanjay Malhotra reaffirmed a neutral stance, which disappointed equity markets and led to widespread selling across rate-sensitive stocks.
The Indian equity markets, already jittery, turned sharply negative after the policy was announced. Sectors like banking, real estate, and autos bore the brunt, pushing investors to explore safer assets such as gold.
Other major cities also saw upward price adjustments. Delhi matched Lucknow’s price levels at Rs 9,395 (22K) and Rs 10,248 (24K), while Mumbai, Chennai, and Hyderabad remained steady at Rs 9,380 and Rs 10,233 per gram, respectively.
As the global and domestic economic outlook remains mixed, gold continues to offer reassurance to investors in Lucknow, who are seeking protection against inflation, currency depreciation, and market volatility.
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