Gold Price in Lucknow today - 22 May

last updated on 22 May 2022

India

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The capital of Uttar Pradesh, Lucknow is a city oozing of rich Mughal culture in food, hospitality and architecture even today. Lucknow people held their biriyanis and kebabs too dearly. It is evident from the monuments that stand today that Lucknow was a stronghold of the British empire, especially during the sepoy mutiny. The many existing cultural and educational research institutes like CSIR, prove that the people of Lucknow respect arts and education. The city is known for its eloquent blend of traditional and modern techniques in a lot of aspects. Gold jewellery sells like hot cakes in this city and due to this reason the locals mostly enquire about the gold rate in Lucknow. Some popular tourist spots in Lucknow are Jama Masjid, Rumi Darwaza, Shaheed Smarak, and Lucknow Museum, Bara Imambara and Chota Imambara.

Gold Prices in Lucknow for different purity

PurityGold price 1 gramGold price 10 gram

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Gold Prices in Lucknow for last 7 days

DateGold price 1 gramGold price 10 gram
20 May, 2022₹ 5,400₹ 54,000
19 May, 2022₹ 6,000₹ 60,000
18 May, 2022₹ 6,500₹ 65,000
17 May, 2022₹ 7,000₹ 70,000
16 May, 2022₹ 7,500₹ 75,000
15 May, 2022₹ 6,500₹ 65,000
14 May, 2022₹ 7,500₹ 75,000

What is QE and how does it affect Gold Prices?

Quantitative easing, or commonly known as QE, is an economic policy. It comes into action, in case other policies have run out of steam and stopped working.

  • Definition of Quantitative Easing:QE is monetary policy that promotes the idea of injecting money into an economy not by regulations, but instead via printing currency. Typically QE is regarded as a short-term solution to boost the economy after a crisis.
  • Significance of QE:Typically, Central Banks around the world uses interest rate manipulation as the primary technique to control the flow of money in an economy. However, lowering interest rates did not work during the economic downturn of 2008 and countries resorted to this method.
  • The Methodology of QE:As already mentioned, central banks inject money into an economy with this method. In case, the inflation is low, and banks are not lending, central banks then print new money and buy assets. This sudden increase in money drops interest rates and the value of a currency, which prompts banks to lend at a lower rate. Resultantly, economic activities increase.

The connection between QE and Gold is inversely proportional. It means, with the implementation of quantitative easing, the price of gold drops and vice versa. Thus, conservative investors, who believe gold is the future, advises investing more in gold, instead of other modes.

How is Gold’s purity determined?

Gold is one of the most precious metals that do not corrode with time. Thus, from time immemorial, gold has been used to make jewellery and as a substitute to currency. Therefore, it is imperative to assess the gold’s purity to derive its actual value.

Following are some of the most commonly used methods to determine gold’s purity.

  • Karat or “K” is considered as one of the gold purity units. There are 0 to 24 grades on this Karat system, and each number denotes the gold purity of varying items. One can also convert this Karat to a percentage by dividing the Karat number by 24 and then multiplying it by 100. Nevertheless, 24K gold is considered to be the purest form of gold.
  • Gold merchants, however, use different techniques to measure gold purity. They either use traditional acid test where the gold of different purity are dipped into nitric acid and then matched with known K-labelled samples. Alternatively, they also use a digital gold tester that shows the most accurate result.
  • The buyers, nevertheless, can refer to the hallmark that is tattooed in the inner portion of any gold article. It rightly shows the purity, Karat weight, etc., of that particular gold article.

Individuals need to check gold purity before buying or selling.

How is gold rate determined?

The price of gold in India depends on multiple factors. This includes, but is not limited to the following factors:

  1. Gold production
  2. Inflation
  3. Government's gold reserves
  4. Demand and supply of gold in the global commodity market
  5. Import rates
  6. Interest rates
  7. Taxes and levies
  8. Local demand.

As a denizen and fellow gold loan borrower, it is imperative for you to stay updated about the latest gold rate in cityname. It is not unusual to find a little variation between the market gold price and the gold valuation offered by the lender. The difference in price primarily occurs because the lender calculates the average gold price of 22-Karat gold based on the rates from the past thirty days and extrapolates the gold gram rate. Hence, the value of the gold you get depends on the average gold price and the lender's loan to value ratio. As per the recent directive of the RBI, lenders can give loans of up to 90% of the gold's market value till March 31, 2021.

Benefits of investing in gold

In its 3000 year history of trade, the price of gold has never dipped below zero. This is a very compelling fact when you pit gold against cash, whose value keeps is in a constant state of flux. This is only one of several reasons to put your gold to good use! Some of the other benefits of investing in gold are:

  1. High Yield Returns: Gold is the best choice of investment if one is looking to make a low-risk investment for a high yield return.

  2. Demand for Gold: In the wake of gold ETFs and Sovereign Gold bonds, the demand for gold has been constantly increasing.

  3. Hedge Function- Gold functions as a hedging instrument against financial market fluctuations. This makes it a safe bet in the face of recession.

  4. Liquid Asset- Being a liquid asset that can be transported and stored anywhere, gold can easily be sold or pledged against an instant loan.

  5. Authenticity- Gold is a precious metal well known for its purity and value. This makes it easy to recognize high-quality gold which can simply be bought after verifying if the seller is authorized to do so.

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