Gold Prices Fall After Hitting ₹1 Lakh Peak; 22-Carat Now at ₹88,940 per 10g

GG News Bureau
Lucknow, 13th May: After breaching the ₹1 lakh mark per 10 grams last week, gold prices have seen a steady decline over the past five days, driven by cooling global tensions and a dip in local demand. As of Tuesday, the price of 22-carat gold in Lucknow stands at ₹88,940 per 10 grams, according to GoodReturns.

Jewellers remain divided over the reasons behind the sudden drop. Some attribute the fall to the resolution of the US-China tariff war, while others point to the de-escalation of tensions between India and Pakistan, which had caused uncertainty in financial markets. A reduced appetite for physical gold among buyers has also played a role in the recent price correction.

Adesh Jain, Vice President of the Chowk Sarafa Association, noted that the gold rate on May 8 was ₹98,100 per 10 grams. “The price dropped by about ₹2,000 on Monday alone. International market trends are largely responsible for the volatility,” he told Hindustan Times.

The current gold rates in Lucknow reflect the downward trend:

• Per gram (22-carat): ₹8,894 (down ₹1 from yesterday)
• 8 grams: ₹71,152 (down ₹8)
• 10 grams: ₹88,940 (down ₹10)
• 100 grams: ₹8,89,400 (down ₹100)

The correction follows a historic surge where gold crossed ₹1 lakh per 10 grams in India for the first time, fueled by global economic uncertainties and strong domestic demand. However, with geopolitical factors now easing and investor focus shifting, analysts expect gold to stabilise further in the coming days.

Industry experts advise consumers to track international signals and currency fluctuations, as gold prices are likely to remain sensitive to geopolitical developments and global interest rate decisions.