Gold crosses ₹80K, silver eyes ₹1L: Will buyers hold or fold?
Gold prices set a new record and with the festive and wedding season unfolds, buyers and sellers in Lucknow are navigating the rising prices
Gold prices soared past ₹80,000 mark this week, setting a new record. As the festive and wedding season unfolds, buyers and sellers in Lucknow are navigating the rising prices while continuing with their celebrations and purchases.
Recycling old gold
Vinod Maheshwari, UP President of the All India Jewellers Federation, says, “With the festive and wedding season in full swing, high prices will undoubtedly increase the recycling of old gold for new purchases, as many see this as their best option. The market is volatile right now. It was expected that gold would cross ₹80,000 per 24-carat mark, given the global challenges. While gold may stabilise around this range, silver is likely to keep climbing beyond Rs1 lakh per kilogram.”
Desperate buying
Experts anticipate a surge in urgent purchases. “Many are waiting for gold to hit ₹1 lakh, while others prefer to buy before prices rise further. Investment-driven buying will continue, and weddings or traditions won’t be affected —though gifting might take a hit as people will try to cut down there,” says Vinayak Rastogi of BD Jewellers, Alambagh.
Price-lock for careful buyers
Kunal Raj Singh, an IT firm owner, emphasises tracking market trends before buying. “Monitoring prices is essential. Some jewellers offer a price-lock feature, which allows buyers to secure today’s rate for future purchases. This can be helpful for buyers like me, especially with my sister’s wedding next month. I’m being extra cautious right now.”
Hoping for offers
Many buyers are holding out for discounts and festive offers. “I always buy gold for my daughters on Diwali, even if it’s just a small ring. But with prices this high, I’m waiting to see if we get any offers, maybe on making charges,” says Anjali Sharma, an HR professional.
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