Today's Gold Rate in Lucknow

You can check the 24k and 22k gold rate in Lucknow using the Gold Rate Calculator. Select the city to Lucknow, choose the purity (24-Karat or 22-Karat), put in the weightage and then hit the calculate button. This would provide you with the gold rate today in Lucknow.

There are certain factors because of which the gold price in Lucknow shoots up or goes down. Here are some of them.

• As the demand for gold increases, the prices increase. And when the supply increases, the prices fall. So, changing demand and supply forces cause price fluctuations.

• Inflation affects the prices of all goods and services. And gold is not immune to this. Increasing inflation decreases the currency's value and forces people to hold their money in gold. This affects gold's demand and its price.

• The government of India has its gold reserves. So do other governments. Central banks are responsible for procuring gold for these reserves, and the price goes up when they buy more gold.

• Rising interest rates encourage people to sell off their gold and hold money as cash, and vice versa. This changes the demand and supply and thereby affects gold prices in Lucknow.

• Other factors like import duties, geopolitical factors and the Indian jewellery market also impact the price of this yellow metal.

The Goods and Services Tax (GST) was introduced in India in 2017. The GST on gold jewellery is 3%. And the GST on the making charges is 5%. This will have an effect on the gold price in Lucknow. This tax has resulted in a marginal increase in the price of gold.

Additionally, the import duty on gold also impacts gold prices. Currently, the import duty on gold bars is 12.5%. This, in addition to GST, influences the price of the yellow metal in Lucknow.

So, keep this factor in mind before you buy gold, along with the others discussed in the previous section.