Festive Shine Returns: Gold and Silver Dazzle Lucknow Markets as Dhanteras Boosts Demand

Image Source: The Economic Times

As Dhanteras brings festive cheer, gold and silver markets in Lucknow are regaining momentum despite high prices. With gold hovering around ₹1.32 lakh per 10 grams and silver nearing ₹1.85 lakh per kg, strong footfall in sarafa markets signals renewed consumer confidence. Traders report 75% rebound in festive sales.

Gold and Silver Regain Their Glow in Lucknow

In the City of Nawabs, the glimmer of gold and silver remains unshaken this Dhanteras season. Despite soaring metal prices, Lucknow’s bullion and jewellery markets witnessed a strong festive revival, reflecting buoyant consumer sentiment and traditional enthusiasm for precious purchases.

Jewellery traders in Lucknow reported brisk sales of both gold and silver coins on Saturday. According to the Hindustan Times, the price of 10 grams of 24-carat gold was around ₹1,32,400, while silver traded near ₹1,71,000 per kilogram. The vibrant crowd in the city’s Sarafa Bazaars, including Aminabad and Chowk, reflected how festive emotion often outweighs market volatility.

A member of the Sarafa Association confirmed that the official rate for silver on Friday stood at ₹1.60 lakh per kg, while physical coins and bars carried a premium, reaching up to ₹1.90 lakh per kg. Coins featuring Lakshmi-Ganesh motifs were selling at ₹2,000–₹2,100 for 10 grams.

Broad Market Sentiment

Across cities like Kanpur and Varanasi, jewellers echoed a similar trend. Buyers who held back earlier in the week amid high prices returned to shops on Friday for last-minute festive purchases. The All India Jewellers Association noted that although bulk purchases by investors dominated, festive sentiment ensured Diwali wouldn’t be a washout.

Meanwhile, in Prayagraj, limited silver supply slightly raised premiums, yet jewellers managed to meet most retail demand. Traders attributed the earlier supply crunch to a mismatch between wholesale inflows and sharp consumer demand in the final week before Dhanteras.

Notable Updates

Gold rates in Lucknow: ₹1,32,400 (24-carat per 10g)

Silver rates: ₹1.71–₹1.85 lakh per kg depending on purity and premium

Silver coin sales surged by 75% from weekly lows

Lakshmi-Ganesh coins remained top festive favorites

Retail jewellers expect weekend sales to cross pre-pandemic festive levels

Major Takeaways

Despite skyrocketing gold prices, festive sentiment prevailed across Uttar Pradesh. Strong recovery in footfall just before Dhanteras hints at resilient consumer enthusiasm. Jewellers credit the optimistic turnaround to softer silver prices, cultural sentiment, and pent-up festive demand.

Sources: Hindustan Times; The Times of India (Lucknow Edition)