Gold Rate in Lucknow

Gold Rate Today in Lucknow

If you are in Lucknow, and are keen on investing in gold or buying it for any festival or occasion, you need to be aware of the Lucknow gold rate today. The gold price in Lucknow fluctuates on a daily basis. Check out the current gold rate in Lucknow below.

22 & 24 Carat Gold Rate in Lucknow for Last 10 Days

There are many different ways to buy gold in Lucknow. Many people in the city buy the yellow metal either as gold coins, gold jewelry, or gold bars. You can choose to do any of these, or you could invest and trade in the yellow metal as a commodity on the many exchanges in the country that facilitate this, like the National Commodity and Derivatives Exchange (NCDEX) and the Multi Commodity Exchange (MCX). 

Whichever option you choose, you need to be aware of the gold rate in Lucknow currently. Here are the gold price in Lucknow with fluctuations in the last few days, is shown below: 

How is the Purity of Gold Determined?

Before you go about buying gold in Lucknow, one of the key things you need to look at, apart from the gold price in Lucknow, is the purity of gold. 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. 

Different Types of Purity Measure of Gold in Lucknow

There are different ways to measure the purity of gold. Here are some of the common techniques that people use to check how pure the gold they have is.

• The Acid Test

Here, a small scratch is made on the yellow metal and liquid nitric acid is placed on that area. The area turns green in fake gold, becomes milky in case of gold plated sterling silver, and remains unaffected if it is real gold.

• The Magnet Test

Gold is not a magnetic substance, so it is not attracted by magnets. So, you can make use of a strong magnet to verify the purity of gold. Fake gold will be attracted by the magnet, while real gold remains unaffected.

• The Stamp Test

Today, most gold items come with a gold jewelry 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.

• Purity Testing Machines

There are also carat testing machines or purity testing machines that help determine the purity of the yellow metal. You can visit a jeweler in Lucknow to find out how pure the gold you have is using this machine.

Points to Remember When Buying Gold in Lucknow

Before you go ahead and buy gold in Lucknow, here are some important points to keep in mind.

• Check the gold rate in Lucknow

The first thing you need to do is check the gold price in Lucknow. This can give you a better idea of the right time to buy the precious metal. You can check the daily gold rate online, since the prices are updated real time on a daily basis. The cost is available per gram, per 8 grams, per 10 grams and per kilogram. This makes it easier for you to make a buying decision. 

• Find out the purity of the metal

You also need to be aware of the purity of gold. As we saw, there are different methods to find out how pure the gold you want to buy is. These days, you can readily find this information on the bar, coin, or jewelry that you plan to buy, making things much easier for you. 

• Look for certification

Before you buy gold, also ensure that it carries a genuine BIS hallmark certification. Whether you are buying gold to use as jewelry or buying it as a coin or a bar for investment, it is advisable to buy certified gold.

Gold as an Investment in Lucknow

People in Lucknow not only purchase gold for ornamental purposes. Gold is also a popular investment option in the city. You can choose to trade in the yellow metal, or hold it as a long-term investment. Whichever option you choose, make sure that you check the current gold rate Lucknow before making your investment decision.

How You Can Make Gold Investments in Lucknow

You can make gold investments in Lucknow in many different ways. Here are some popular options.

• Physical gold

This is the most common investment method. Most people buy physical gold in the form of coins, bars or jewels and invest in the precious metal for the long term.

• Digital Gold

You can also invest in digital gold. It is simply a way to purchase the yellow metal online. Through this channel, you can even invest in gold fractionally.

• Gold derivatives

You can also trade in the commodity through the derivative market. Gold futures and options help you take advantage of the changes in the gold price in Lucknow.

• Gold mutual funds

Gold mutual funds are MFs that directly invest in the precious metal. This option allows you to invest in gold without having to physically own the commodity.

Importing Gold into Lucknow

Since gold is a precious metal, there are many rules and regulations in place regarding the import of gold into the country. Interestingly, a majority of the gold imported into the country is in the form of bars. And the RBI oversees the import of gold and gold bars to India. The central bank issued a circular stating that only the entities notified by the Directorate General of Foreign Trade (DGFT) can import gold to the country. So, you need to keep this in mind when you think of importing gold into Lucknow.

Why Gold Rates in Lucknow Fluctuate

Gold rates in Lucknow depend on a number of factors. And as those influencing factors change, so does the price of gold. Firstly, the forces of demand and supply impact gold prices, and as the demand and supply change, the price of the metal fluctuates. There are also other factors that affect the price of gold, like import duties and taxes. Changes in these tax rates also cause the gold price to fluctuate.

Factors that Affect Gold Prices in Lucknow

To understand why gold rates in Lucknow fluctuate, you need to first be aware of the many factors that affect gold rates in Lucknow. Here are some of them.

• Demand and supply

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

• Inflation

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

• Government gold reserves

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

• Interest rates

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

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

GST Impact on the Gold Rate in Lucknow

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

Additionally, the import duty on gold also impacts gold price. Currently, the import duty on gold bars is 12.5%. This, in addition to GST, has an influence on the price of the yellow metal in Lucknow. So, keep this factor in mind, along with the others discussed in the previous section, before you buy gold. 

Difference Between KDM and Hallmarked Gold in Lucknow

There are two key types of gold in Lucknow, namely KDM and Hallmark gold. Here’s how they are different.

• KDM Gold

KDM gold is an alloy of gold and cadmium. This kind of gold consists of 92% gold and 8% cadmium. So, it has a purity of 92%. However, since it was found to be harmful, the BIS has banned KDM gold. Now, gold is soldered with other metals like zinc or copper.

• Hallmark Gold

Hallmark gold or Hallmarked gold is the kind of gold that has a certification from the Bureau of Indian Standards (BIS). The presence of this certification means that the gold is of the quality that the seller claims.

Gold ETF vs Sovereign Gold Bonds

Gold ETFs and Sovereign Gold Bonds (SGBs) are different ways to invest in gold. Check out the differences between them.

• Gold ETFs

These are funds that are traded on an exchange - or Exchange Traded Funds (ETFs). You need a demat account to buy them. The main features of ETFs are:

1. No lock-in period

2. No specific tenure

3. Minimum investments of 1 gram or 1 unit

4. No maximum investment limit

• Sovereign Gold Bonds

SGBs are government-backed bonds with their value denominated in multiples of grams of gold. The main features of SGBs are:

1. 5-year lock-in period

2. 8-year investment tenure

3. Minimum investment of 1 gram

4. Maximum investment of 4kg per investor

   Gold Rate in Other Locations

   Gold Rate in Pune	Gold Rate in Kolkata	Kolkata  Gold Rate in Kerela
   Gold Rate in Chennai	Gold Rate in Jaipur	Gold Rate in Tamil Nadu
   Gold Rate in Goa	Gold Rate in Bhubaneshwar	Gold Rate in Delhi

Conclusion

So, you now know all the details about the gold rate in Lucknow, how to check the current gold rate in Lucknow, and how to look for the purity of the metal, you can make a more informed purchase decision. If you want to invest in the precious metal, then there are different options to choose from, as you saw earlier. To begin your investment journey, simply head over to Finserv MARKETS and add the precious metal to your investment portfolio.