After nearing ₹1 lakh, gold tanks to ₹96,000 in Lucknow
After soaring to a high of around ₹1 lakh per 10 grams, gold prices in the city have seen a gradual drop over the last five days. On Monday, the same quantity of gold could be bought for ₹96,000 at Sarafa Market.
Jewellers were divided over the reasons for the drop. Many suggested that it was due to the end of a tariff war between the US and China, others hinted at the recent de-escalations between India and Pakistan, along with lower demand.
Indian Bullions and Jewellers' Association (IBJA) director Tanya Rastogi said the upheaval in the international market, especially the trade war between China and the US, had impacted the rate of gold and US dollar.
'The US dollar went down while gold surged by almost 7%. However, a high-level meeting between both the nations in Switzerland was promising and it was like a breakthrough deal. As per the data shared by the Federal Reserve, we can speculate that the gold rates would maintain in the coming days. The rates would increase only when the Fed decides to cut the rates, which is predicted in the July meeting,' said Rastogi.
As per the vice president of Chowk Sarafa Association, Adesh Jain, the gold price on May 8 was ₹98,100 per 10 gms, which had tanked by about ₹2,000 on Monday. 'Changes in the international market are among the major reasons,' said Jain.
Ravindra Nath Rastogi, the general secretary of UP Sarafa Association and the president Lucknow Sarafa Association, said that the reason behind the plumetting gold rates was the reduced tensions between India and Pakistan. 'It shall continue to fall in the coming week,' said Rastogi.
UP coordinator of all-India Jewellers and Goldsmiths Federation Vinod Maheshwari, said that besides the China-US tariff war the decrease in demand in the city market during the ongoing wedding season is also a reason behind the decrease in prices.
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