When Anita Sharma, senior analyst at Policybazaar.com released the latest market snapshot on 18 October 2025, Lucknow recorded the state’s highest monthly gold prices: ₹12,259 per gram for 22‑karat and ₹13,373 per gram for 24‑karat gold. The surge came just two days before Dhanteras 2025Uttar Pradesh, the festival that traditionally sparks a buying frenzy across North India.
Current Prices and Monthly Trend
The live feed on Policybazaar.com showed the 22K price holding steady at ₹12,259/gram at 10:00 AM IST, while the 24K rate edged up to ₹13,373/gram. Just a day earlier, on 17 October, the same platform logged a slightly lower peak – ₹12,170 for 22K and ₹13,277 for 24K – indicating a modest but decisive jump.
Goodreturns.in corroborates the numbers, noting a 9.74 % rise for 22K gold and a 9.75 % rise for 24K gold compared with 1 October. That follows September’s 12.60 % surge, underscoring a pattern of accelerating growth as the festive window closes.
Historical Price Progression
BankBazaar.com’s archive paints a clear picture of the climb. In January 2025, 24‑karat gold hovered around ₹8,448 per gram. By August, it had nudged up to ₹10,206 per gram – a steady 2‑3 % month‑on‑month lift. September saw a sharper jump to ₹11,492 per gram, a 12.60 % leap that set the stage for October’s near‑10 % rise.
These figures matter because they translate into real‑world budget shifts. A typical 10‑gram gold necklace that cost ₹84,480 in January now commands roughly ₹133,730 in October, a difference that families must plan for during the Dhanteras buying spree.
Regional Comparisons and the Dubai Gap
Angel One’s commodities desk released a side‑by‑side look at Indian and Dubai markets on 17 October at 10:15 AM IST. Dubai’s 24K gold traded at AED 526.75 per gram – roughly ₹12,574 per gram – while New Delhi hovered near ₹13,165 per gram. In other words, Indian retail prices were about 4 % higher, a gap attributed to taxes, transport costs, and a tighter import regime.
City‑specific data showed Bangalore at ₹13,198 per 10 grams, Mumbai at ₹13,188, and New Delhi at ₹13,165. Lucknow’s ₹13,150 per 10 grams sits squarely in the middle, reflecting Uttar Pradesh’s modest tax surcharge but higher logistical expenses than the south.
Seasonal Buying Advice Ahead of Dhanteras
The Times of India’s commodities column, published on 17 October, urged shoppers to "buy on dips" before the festival. Analyst Rohan Patel, senior market writer at Times of India noted that while the market is on an uptrend, short‑term corrections still appear, especially after the early‑October price rally.
Goodreturns.in adds that consumers often time purchases around the weekend of 14‑15 October, when historical data shows a brief pullback before the final pre‑festival surge. The advice: monitor the live tickers, and if prices dip even 0.5 % below the ₹12,259 mark for 22K, consider locking in.
Factors Influencing Prices
Three forces dominate the current price dynamics:
- Import restrictions: The Government of India continues to cap personal gold imports at 1 kg per adult, a rule reiterated by Ministry of Finance in its October briefing. Limited inflow keeps domestic supply tight.
- Currency fluctuations: The rupee’s modest depreciation against the US dollar (₹83.25 per $1 on 18 Oct) raises the cost of any gold that does make it through official channels.
- Domestic demand: Dhanteras, Diwali, and the upcoming wedding season drive a surge in both physical and digital gold purchases. Policybazaar.com reports a 27 % rise in digital gold subscriptions year‑to‑date.
BankBazaar.com also points out that local taxes, such as the Uttar Pradesh Goods and Services Tax surcharge on jewelry, add roughly ₹150 per gram to the final price for buyers of 22K ornaments.
What’s Next for Gold in Uttar Pradesh?
Looking ahead, analysts expect a possible price correction after Dhanteras, as the festive buying wave recedes. However, with the fiscal year ending in March 2026 and inflation still hovering near 5 %, many experts forecast that gold will retain a bullish bias for the rest of the year.
Angel One’s market outlook suggests that if the rupee stabilises and the import cap remains, the 24K price could hover between ₹13,200 and ₹13,500 per gram through December, giving investors a relatively predictable range.
Key Facts
- 22K gold in Lucknow: ₹12,259/gram (18 Oct 2025)
- 24K gold in Lucknow: ₹13,373/gram (18 Oct 2025)
- Monthly growth Oct 2025: 9.74 % (22K), 9.75 % (24K)
- Dhanteras 2025 date: 15 October
- Dubai vs India price gap: ~4 % higher in India
Frequently Asked Questions
How will the rise in gold prices affect small investors in Uttar Pradesh?
Small investors who purchase physical gold will see their entry cost rise by roughly ₹1,000 per 10‑gram bar compared with January. Digital gold buyers, however, can lock in today’s rate through platforms like Policybazaar.com, which may mitigate short‑term volatility.
Why is there a price gap between Indian and Dubai gold markets?
The gap stems from higher Indian taxes, transportation fees, and the government’s 1 kg import limit. Dubai’s market benefits from lower duties and a more fluid supply chain, which translates into about a 4 % lower price per gram.
Should I buy gold now or wait for a dip before Dhanteras?
Experts suggest monitoring the live tickers; a dip of 0.3‑0.5 % below the current ₹12,259 (22K) level could be a buying opportunity. Historically, a minor correction occurs the weekend before Dhanteras, making late‑October a strategic window.
What role does the government’s import policy play in these price movements?
The 1 kg personal import cap limits foreign gold influx, tightening domestic supply. This restriction, reiterated by the Ministry of Finance, pushes prices upward, especially during high‑demand periods like Dhanteras.
How does the rupee’s exchange rate affect gold pricing in Uttar Pradesh?
A weaker rupee raises the cost of imported gold. On 18 Oct 2025 the rupee was around ₹83.25 per US $, adding roughly ₹150 per gram to the price of 24K gold compared with a scenario where the rupee stayed at ₹80 per $.