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    Lucknow Gold Prices Remain Strong As Markets Await Fed Clues

    2 days ago

    Gold prices in Lucknow were unchanged on Wednesday, with 22-karat gold at Rs 9,305 per gram and 24-karat gold at Rs 10,150 per gram. The steady pricing reflects the current resilience of the domestic market amid global trade tensions and shifting economic signals.

    The yellow metal has been trading with a positive tone in recent sessions. Gold futures for October delivery rose by Rs 971 or 0.98 per cent on the MCX last week, while COMEX gold climbed $51 or 1.52 per cent to close at $3,413.80 per ounce. Analysts say the momentum was supported by a weaker dollar index and renewed expectations of an interest rate cut by the Federal Reserve.

    Pranav Mer of JM Financial Services said: “In the week ahead, gold prices may continue to trade steady but with a positive bias as focus now will turn on the impact of the US trade tariffs in the American economy and likely trade disruption in the global market… volatility may increase in the coming trading sessions.”

    Also Read : Bank Holidays Next Week: Check How Many Days Banks Will Remain Closed Between August 4-10, See RBI Calendar HERE

    Rupee Weakness Supports Domestic Market

    Analysts suggest that a weaker rupee has shielded Indian bullion prices from deeper corrections seen overseas. Prathamesh Mallya from Angel One explained: “MCX gold prices made highs of Rs 1,00,410 per 10 grams and corrected lower towards Rs 98,047 per 10 grams, down by nearly 2.5 per cent. The fall in gold prices was lower as compared to the global bullion prices on account of rupee depreciation by around Rs 86.5 to Rs 87.5 against the US Dollar in the same time period.”

    The pullback in domestic prices triggered fresh buying by jewellers, according to NS Ramaswamy of Ventura Securities: “India’s domestic gold had generated physical buying after a pullback in prices from Rs 1,00,555 per 10 grams last week to Rs 97,700 per 10 grams.”

    With US tariffs on Indian imports and global trade disruptions still unfolding, experts predict that gold in Lucknow will likely remain firm, with investors continuing to view it as a safe-haven option.

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