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Today's Gold Price in Lucknow
Gold in India is bought primarily as jewelry and ornaments, and secondarily as a means of investment. The case is no different in Lucknow, the capital city of the state of Uttar Pradesh. The “golden city” as it’s called is home to over 4 million people and is a highly developed urban city.
Factors that affect the price of Gold in Lucknow
There are various factors due to which the price of Gold in Lucknow is likely to be affected. Some of them are given below:
- The price of the rupee when compared to today gold rate is one of the factors due to which the price of gold may be affected. If the value of the dollar grows as compared to the rupee, then the value of gold in India will also rise.
- Change in excise duty and import rates also plays a role in the change in the value of gold.
- Apart from government policies, any major economic change, or political movements which may affect the market changes will also change the price of gold in India.
Choices of buying Gold in Lucknow
While gold can be considered a good investment tool, it is important to understand the choices you can avail yourself of while purchasing gold. Apart from purchasing gold ornaments, you can also buy gold bars, gold ETFs etc. Gold ETFs are a good option as you do not need to purchase gold in a physical form and it is more like purchasing shares. If you don’t have high investment capital to start with, you can purchase 22-karat or 18-karat gold which will be cheaper when compared to 24-karat gold.
Things to keep in mind while purchasing Gold in Lucknow
There are certain points you will have to keep in mind while looking to purchase Gold in Lucknow. These points are given below:
- Look to purchase hallmark gold: Make sure you purchase hallmarked gold only. There are various jewelers in Lucknow who sell gold to their customers and are authentic and pure in nature. Make sure the gold you are purchasing is pure.
- Check the market movement: You must be aware of the market movement before you invest in gold. In case the market is down, it can be a good time for you to buy gold. Once the price of gold goes up, you can sell your gold to get the profit.
Why should one buy Gold in Lucknow?
Apart from purchasing gold for investment reasons, it is considered very auspicious to purchase gold. During various events such as weddings, festivals, etc., people tend to purchase gold for themselves.
Gold is also considered to be a safe haven. It means that when the markets are down, investors tend to turn towards Gold as they are low risk and less volatile when compared to oil or the dollar. Gold can be used as a hedge to protect yourself in future in case you run out of cash or are facing a severe financial crunch.
These are some of the reasons which you can consider if you are a resident of Lucknow and want to invest in Gold.
Some of the Gold Jewelers stores in Lucknow
Some of the jewelery stores in Lucknow from whom you can purchase Gold are:
- Kalyan Jewelers
- Tanishq Jewelers
- Malabar Gold and Diamonds
- P Prem Jewelers
- Mahalaxmi Jewelers
FAQs on Gold Rate in Lucknow
When should I buy gold in Lucknow?
You can purchase gold for investment purposes or simply when you need it. In case of any immediate financial requirement, you can sell your gold, and use it for weddings, education, vacation, etc.
How is the price of gold determined in Lucknow?
There are various factors which determine the price of gold such as the policies introduced by the government, rate of interest, the demand for gold, etc. There are external factors too that determines the cost of gold in India such as the rate of Indian currency with respect to US dollar, price of oil, important political events, etc.
What things should I keep in mind before purchasing gold in Lucknow?
Some of the things that you should look for when purchasing gold for yourself are the weight of the gold, hallmark, and the gold making company. Make sure that you purchase your gold from a reputable company. These factors do affect the cost of gold and also determine the purity of the metal.
Why is the price of gold in Lucknow different than the price of gold in other cities?
The price of gold in Lucknow will differ from the price of the yellow metal in other cities due to reasons such as the demand for the precious metal. Gold is purchased for generally auspicious events and as such the demand will be higher, while in some cities the demand for it may be low, hence the price of gold differs.
What is the difference between 22-karat and 24-karat gold in Lucknow?
The difference between 22-karat gold and 24-karat gold is the level of purity between them. A bar of 24-karat gold is 99.9% pure, while a bar of 22-karat gold is 92% pure and may contain some metal in it. A bar of 24-karat gold will contain no metal mixed in it.