he gold market in Uttar Pradesh has seen another round of price swings. Read further on Dynamite News:
Gold market in price swing (Source: Internet)
Lucknow: If you're planning to buy gold or silver during this wedding season or thinking of investing in precious metals, today's price update is important for you. The gold market in Uttar Pradesh has seen another round of price swings, with a drop in gold rates reported across several cities, reports Dynamite News correspondent.
According to local jewellers, the price of 24-carat gold in cities like Lucknow, Noida, Ghaziabad, Meerut, Ayodhya, Gorakhpur, Kanpur, Varanasi, and Agra is around ₹98,330 per 10 grams today. Meanwhile, 22-carat gold is being sold at ₹93,650 per 10 grams. Silver is currently priced at ₹1,22,000 per kilogram.
Experts say the ongoing price fluctuations are due to a combination of international market trends and uncertainties like trade wars. Even though there's some stability in global prices, the domestic bullion market continues to see mild corrections, especially due to festive and wedding demand.
While the retail market in India has seen a drop in prices, the futures market shows a different story with upward trends. Buyers can benefit from these local price corrections, especially if they're purchasing for weddings or long-term investment.
Retail market has seen a drop in prices (Source: Internet)
National Gold & Silver Prices (as per GoodReturns):
24-carat gold rose by ₹10 to ₹1,01,090 per 10 grams.
22-carat gold also went up by ₹10 to ₹92,660 per 10 grams.
Silver jumped by ₹100, now priced at ₹1,12,100 per kg.
Delhi (24-carat gold): ₹1,01,220 per 10 grams
Delhi (22-carat gold): ₹92,810 per 10 grams
Mumbai/Kolkata/Chennai (24-carat gold): ₹1,01,090
Mumbai/Kolkata/Chennai (22-carat gold): ₹92,660
Silver in Delhi/Mumbai/Kolkata: ₹1,12,100
Silver in Chennai: ₹1,22,100
On the international front, gold prices remained steady amid rising tensions in the Middle East. As of early Friday, spot gold was trading at $3,367.60 an ounce, while US gold futures stood at $3,384.20. This comes as Israel and Iran continue their military strikes, raising fears of a prolonged conflict.
Despite the global unrest, the US Federal Reserve kept interest rates unchanged this week. However, the Fed hinted at slower rate cuts in the future, which could affect gold’s long-term movement.
For now, customers in UP are seeing a temporary dip in gold prices, making it a good time for buyers. However, with international markets reacting to geopolitical tensions and monetary policy decisions, price volatility is expected to continue. Keep an eye on daily updates before making big purchases or investments.
