Gold is as essential a part of festivities and celebrations in India as it is for investment. So, if you are considering purchasing gold in Lucknow or investing in it, it is pertinent to be aware of the gold rate in Lucknow.
The gold price in Lucknow fluctuates on a daily basis. Check out the current gold price in Lucknow below.
24 Carat Gold Rate Today
24 Carat Gold Rate Yesterday
Daily Price Change
|1 Gram||₹ 5,982||₹ 5,960||₹ 22|
|8 Gram||₹ 47,856||₹ 47,680||₹ 176|
|10 Gram||₹ 59,820||₹ 59,600||₹ 220|
|100 Gram||₹ 5,98,200||₹ 5,96,000||₹ 2,200|
There are many different ways to buy gold in Lucknow. Many people in the city purchase yellow metal, either as gold coins, gold jewellery, or gold bars. You can choose to do any of these.
You could also invest and trade in the yellow metal as a commodity on exchanges that facilitate this, like:
National Commodity and Derivatives Exchange (NCDEX)
Multi Commodity Exchange (MCX)
Whichever option you choose, you need to be aware of the gold price today in Lucknow. The gold rate in Lucknow, with fluctuations in the last few days, is shown below:
STANDARD GOLD 22K
PURE GOLD 24K
|Sep 15, 2023||₹ 5,485.00||₹ 54,850.00||₹ 5,982.00||₹ 59,820.00|
|Sep 14, 2023||₹ 5,465.00||₹ 54,650.00||₹ 5,999.00||₹ 59,990.00|
|Sep 13, 2023||₹ 5,465.00||₹ 54,650.00||₹ 5,960.00||₹ 59,600.00|
|Sep 12, 2023||₹ 5,499.00||₹ 54,990.00||₹ 5,999.00||₹ 59,990.00|
|Sep 11, 2023||₹ 5,499.00||₹ 54,990.00||₹ 5,999.00||₹ 59,990.00|
|Sep 10, 2023||₹ 5,500.00||₹ 55,000.00||₹ 6,000.00||₹ 60,000.00|
|Sep09, 2023||₹ 5,500.00||₹ 55,000.00||₹ 6,000.00||₹ 60,000.00|
|Sep08, 2023||₹ 5,515.00||₹ 55,150.00||₹ 6,015.00||₹ 60,150.00|
|Sep07, 2023||₹ 5,505.00||₹ 55,050.00||₹ 6,004.00||₹ 60,040.00|
|Sep06, 2023||₹ 5,515.00||₹ 55,150.00||₹ 6,020.00||₹ 60,200.00|
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-carat or 22-carat), put in the weightage and then hit the calculate button. This would provide you with the gold rate today in Lucknow.
People mostly buy gold in the form of jewellery in Lucknow. However, it is not the only form in which gold is purchased. This metal is also a popular investment option in the city. You can trade the metal or hold it as a long-term investment.
You can also trade in the commodity through the derivative market. For example, gold futures and options help you take advantage of the changes in the gold price in Lucknow.
Another investment option is gold mutual funds. These are MFs that directly invest in this precious metal. This option allows you to invest in gold without physically owning the commodity.
Whichever option you choose, you need to be aware of the gold prices today in Lucknow for both these options.
Before you go ahead and buy gold in Lucknow, here are some important points to keep in mind.
The first thing you need to do is check the gold price today in Lucknow. This can give you a better idea of when to buy this precious metal. The cost is available per gram, 8 grams, 10 grams or kilogram.
You also need to find out the purity of this precious metal. you can readily find this information on the bar, coin, or jewellery you plan to buy, making things much easier.
Before buying gold, ensure it carries a genuine BIS hallmark certification. Whether you are buying gold to use as jewellery or coins, or a bar for investment, it is advisable to buy certified gold.
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.
Gold price in Lucknow is an essential factor to look at when you are planning to purchase this metal. However, the purity of gold is as important to check before buying it.
The government body responsible for determining the purity of gold is the Bureau of Indian Standards (BIS). You may have come across the phrase 'BIS hallmark' in advertisements for the yellow metal. Hallmarking is nothing but the process of certifying the purity of gold.
There are different ways to measure the purity of gold. However, here are some standard techniques people use to check their gold's purity.
A small scratch is made on the yellow metal for the acid test, and liquid nitric acid is placed on that area. As a result, the area turns green in fake gold and becomes milky in the case of gold-plated sterling silver. It remains unaffected if it is real gold.
Gold is not a magnetic substance, so magnets do not attract it. So, you can use a strong magnet to verify the purity of gold. The magnet will attract fake gold while real gold remains unaffected.
Today, most gold items come with a gold jewellery stamp on them. This stamp contains the details of the karat of that gold item, which symbolises its purity. When you buy gold, you can look for this stamp to check the purity of the metal.
There are also carat testing machines or purity testing machines that help determine the purity of the yellow metal. You can visit a jeweller in Lucknow to find out how pure the gold you have is using this machine.
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.
The gold rate in Lucknow is determined by many factors, as noted above. These include inflation, government policies, interest rates and the demand and supply of this metal.
In addition, geopolitical situations can also affect the gold price in Lucknow. For instance, the exchange rate of the Indian Rupee for the US Dollar, crude oil prices, and political situations.
As mentioned above, the price of gold depends on the demand and supply factors. So, the gold price in Lucknow may differ from other cities, as demand here can be higher or lower than in those cities.
24-carat gold differs from 22-carat gold in the level of purity. While the former is 99.9% pure gold, the latter is 92% with some amount of other metals mixed with it. On the other hand, there is no mixture in 24-carat gold.