
Today Gold Rate in Lucknow is Rs. 0.00 per 10 grams for 24 Karat
(10 grams = 1 tola gold)
Today Gold Rate in Lucknow is Rs. 0.00 per 10 grams for 24 Karat
(10 grams = 1 tola gold)
Gold holds a special place in the economy of the country. Lucknow being the city of nawabs is no exception as far as gold usage is concerned. Gold here is primarily bought in the form of gold ornaments and secondly as a means of investment. Gold in any form is known to be the safest form of investment among various others, especially in times of economic volatility. Gold rate in Lucknow is affected by a wide range of factors such as political scenario, prevailing market conditions and the strength of the currency.
Gold Rate Today : Hyderabad | Kerala | Mumbai | Delhi | Bangalore | Pune | Kolkata | Chennai
Silver Rate Today : Bangalore | Hyderabad | Delhi | Chennai | Mumbai | Ahmedabad | Jaipur
India relies heavily on imports to meet existing gold demand. Across the world, the Gold rate is decided by the London bullion association and IBA publishes the gold prices in US dollar twice in a day which serves as a benchmark worldwide for bankers and bullion traders.
In India, the Indian Bullion Jewellers Association (IBJA) takes the international price of the gold as a base and adds import duty and other applicable taxes. Later, an organization of bullion sellers decide at which rate the gold will be given to retailers which makes the gold price in Lucknow and across India volatile and subject to change.
With the introduction of GST, excise duty and VAT has been replaced with 3% GST on the value of gold.
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Some of the factors which causes the gold prices in Lucknow to fluctuate:
Interest Rates: Increase in rates makes fixed income investments more attractive for a while as more and more people flock to fixed-income investments that generate a fixed return unlike gold where gold rates always fluctuate.
Rupee-dollar equation: Performance of the US dollar highly influences the gold rates in Lucknow and across India. A falling dollar will likely appreciate the price of gold in rupee terms and vice versa.
Geo-political crises: Gold usually does well during geopolitical turmoil and often seen as an alternative investment during times of political and financial uncertainty. It is because gold is considered as a safe haven and during such crises; people want to hold money in the form of gold which also impacts the demand for gold to Increase.
Inflation Index: Increase in inflation index leads to increase in the demand of gold in Lucknow as having money in the form of gold becomes a tool to hedge against inflationary conditions during those times.
Gold rates generally vary from state to state and listed below are some of the reasons behind this:
Gold is considered a perfect portfolio diversification tool which can help you hedge against inflation. Here are the ways through which you can invest in gold in Lucknow:
Before investing in Gold or in gold jewellery, one should know certain aspects about gold and here they are:
Bureau of Indian Standards (BIS) is the governing body which certifies the purity of gold and hallmarks gold coin and jewellery. BIS sign ensures the gold used for making jewellery adheres to the international standards of purity. As per the website of BIS, one needs to look at the following components on the gold jewellery and coins:
For Gold Jewellery,
For gold coins
Note: Aforementioned details are engraved on the hallmark gold. From 15 Jan 2021, it will be mandatory for jewellers to sell only 14 carat, 18 carat, 22 carat hallmarked jewellery.
In case of financial emergency, you can use your gold jewellery as collateral to get loan against gold jewellery in Lucknow. Various banks and financial institutions offer loans against jewellery in Lucknow. One needs to approach the bank and based on the purity and weight of the gold jewellery, loan amount will be sanctioned. In return, the borrower needs to pay the interest and capital back .
Hallmark sign certifies the purity of the gold mixed with yellow, rose, white and ensures the piece of jewellery conforms to a set of standards laid by the Bureau of Indian Standards.
The costing of the gold jewellery depends primarily on the purity of the gold which has been used. White gold jewellery will be more expensive than yellow gold because of the presence of Zinc and silver in white gold. In yellow gold jewellery, copper gets added in the composition which costs less than zinc and silver.
Gold prices are expected to maintain upward momentum owing to different factors such as the recent Coronavirus outbreak, US-China trade war, and rising tension between the US-Iran. It is seen that gold prices always seem to benefit whenever the global economy faces a crisis. It was last seen in the first week of January when the escalating tension between the US and Iran fueled the demand for gold.