Are you planning to invest in gold or silver? The gold and silver prices today in Lucknow and Varanasi have dropped, making July 31, 2025, an excellent time to buy! According to Vijay Tiwari, patron of the Varanasi Bullion Association, the bullion market saw significant price reductions in both metals, offering a golden opportunity for buyers in Uttar Pradesh. Whether you’re in Lucknow, Varanasi, or nearby cities, this guide will break down the latest price changes, reasons behind the fluctuations, and tips to make the most of this market dip. Let’s explore the exciting details and help you make a smart investment!
Why Now is the Perfect Time to Buy Gold and Silver
The bullion market in Uttar Pradesh is buzzing with good news for buyers. On July 31, 2025, gold and silver prices fell across major cities, including Lucknow and Varanasi. This price drop is a rare chance to purchase precious metals at a lower cost, whether for investment, jewelry, or gifting during festive seasons. With prices expected to remain volatile due to global and domestic factors, acting quickly could save you thousands of rupees.
Vijay Tiwari from the Varanasi Bullion Association emphasized that such market dips are ideal for buyers looking to capitalize on lower rates. Let’s dive into the specifics of the price changes and what they mean for you.
Gold Price Drop in Lucknow and Varanasi
Gold prices saw a notable decline on July 31, 2025, making it an attractive time for purchases. Here’s a detailed look at the price changes in key cities:
- Lucknow: The price of 24-carat gold dropped by ₹360 per 10 grams, bringing it to ₹101,165 per 10 grams. This reduction makes gold more affordable for buyers in the capital city.
- Varanasi: In the holy city, 24-carat gold fell by ₹450 per 10 grams, now priced at ₹100,180 per 10 grams, down from ₹100,630 on July 30.
- Meerut: The price of 24-carat gold stands at ₹101,175 per 10 grams, reflecting similar market trends.
For those interested in 22-carat gold, Varanasi saw a ₹400 drop, with prices now at ₹91,850 per 10 grams, compared to ₹92,250 the previous day. Similarly, 18-carat gold decreased by ₹330, reaching ₹75,150 per 10 grams. These reductions across different gold purities make it an ideal time for jewelry shoppers and investors alike.
Significant Silver Price Reduction
Silver, often considered a more affordable investment option, also witnessed a substantial price drop. On July 31, 2025, silver prices fell by ₹2,000 per kilogram, bringing the rate to ₹115,000 per kilogram, down from ₹117,000 on July 30. This significant reduction is great news for those looking to buy silver coins, bars, or jewelry.
Silver’s affordability and versatility make it a popular choice for both investment and gifting. With this price dip, you can purchase more silver for the same budget, maximizing your investment potential.
Daily Gold and Silver Price Trends on July 31, 2025
To give you a clearer picture, here’s a breakdown of the gold and silver prices across the day on July 31, 2025, in India:
| Purity | Morning Price (per 10g) | Afternoon Price | Evening Price |
|---|---|---|---|
| 24-Carat Gold | ₹99,017 | ₹98,414 | ₹98,534 |
| 23-Carat Gold | ₹98,620 | ₹98,020 | ₹98,139 |
| 22-Carat Gold | ₹90,700 | ₹90,147 | ₹90,257 |
| 18-Carat Gold | ₹74,263 | ₹73,811 | ₹73,901 |
| 14-Carat Gold | ₹57,925 | ₹57,572 | ₹57,642 |
| Silver (999 Purity) | ₹113,400/kg | ₹111,745/kg | ₹109,950/kg |
These fluctuations highlight the dynamic nature of the bullion market, influenced by both domestic and international factors. Checking prices throughout the day can help you lock in the best deal.
Why Are Gold and Silver Prices Fluctuating?
Several factors contribute to the recent price drops in gold and silver. Understanding these can help you make informed buying decisions:
- Rupee Depreciation: According to Soumil Gandhi, Senior Analyst at HDFC Securities, the sharp fall in the rupee’s value against the U.S. dollar (closing at ₹87.43 on July 31) has impacted domestic gold prices. A weaker rupee makes imported metals more expensive, but local market dynamics led to a price dip on this day.
- U.S. Tariff Threats: U.S. President Donald Trump’s announcement of a potential 25% tariff on Indian goods has created uncertainty in the India-U.S. trade relationship. This has influenced the rupee’s value and, indirectly, gold and silver prices.
- Global Market Trends: Globally, spot gold remained stable at $3,330.33 per ounce, while spot silver declined to $38.09 per ounce. These international prices, combined with domestic demand, play a significant role in local price changes.
- U.S. Economic Data: Investors are awaiting key U.S. macroeconomic data, including Q2 GDP, ADP employment, and the FOMC interest rate decision. Kainaat Chainwala from Kotak Securities noted that these factors, along with comments from Fed Chair Jerome Powell, could influence future price trends.
- Market Speculation: Chintan Mehta, CEO of Abans Financial Services, highlighted that speculative buying and profit-booking in futures markets also contribute to price volatility. For instance, gold futures rose by ₹150 to ₹99,269 per 10 grams, while silver futures fell by ₹28 to ₹113,725 per kilogram on July 31.
Tips to Make the Most of the Price Drop
With gold and silver prices dropping in Lucknow and Varanasi, here are some tips to maximize your purchase:
- Check Daily Prices: Gold and silver prices fluctuate throughout the day. Monitor morning, afternoon, and evening rates to find the best deal.
- Choose Trusted Jewelers: Buy from reputable jewelers in Lucknow and Varanasi to ensure authenticity and fair pricing.
- Understand Making Charges: For gold jewelry, making charges can range from 3% to 25%. Factor these into your budget.
- Consider Silver for Investment: Silver’s lower price point makes it an excellent option for diversifying your portfolio.
- Plan for Festive Seasons: With festivals and weddings approaching, buying now could save you money compared to peak season prices.
Gold and Silver in Futures Markets
For investors interested in futures, here’s a quick update:
- Gold Futures: On July 31, gold futures on the MCX rose by 0.15% to ₹99,269 per 10 grams, driven by strong spot demand and speculative buying.
- Silver Futures: Silver futures fell by 0.02% to ₹113,725 per kilogram due to profit-booking and reduced trading volumes.
These trends suggest that while spot prices are down, futures markets remain active, offering opportunities for traders.
Why Invest in Gold and Silver?
Gold and silver are timeless investments with several benefits:
- Safe Haven: Both metals are considered safe-haven assets, protecting against inflation and economic uncertainty.
- Liquidity: Gold and silver can be easily bought and sold, offering high liquidity.
- Cultural Significance: In India, gold and silver hold cultural and emotional value, especially during weddings and festivals.
- Diversification: Adding precious metals to your portfolio reduces risk by diversifying your investments.
With prices dropping on July 31, 2025, now is an excellent time to invest in these valuable assets.
Gold and Silver Prices – 31 July 2025
| Purity/Metal | Morning Price (₹/10g) | Afternoon Price (₹/10g) | Evening Price (₹/10g) |
|---|---|---|---|
| Gold 24 Carat | ₹99,017 | ₹98,414 | ₹98,534 |
| Gold 23 Carat | ₹98,620 | ₹98,020 | ₹98,139 |
| Gold 22 Carat | ₹90,700 | ₹90,147 | ₹90,257 |
| Gold 18 Carat | ₹74,263 | ₹73,811 | ₹73,901 |
| Gold 14 Carat | ₹57,925 | ₹57,572 | ₹57,642 |
| Silver (999 Purity) | ₹113,400/kg | ₹111,745/kg | ₹109,950/kg |
Final Thoughts
The gold and silver prices today in Lucknow and Varanasi present a fantastic opportunity for buyers. With 24-carat gold dropping by ₹360–₹450 per 10 grams and silver falling by ₹2,000 per kilogram, July 31, 2025, is a great day to make your purchase. Whether you’re investing for the future or buying jewelry for a special occasion, these price reductions can help you save significantly.
Stay informed by checking daily price updates and choosing trusted jewelers. With global and domestic factors driving market volatility, acting quickly could secure you the best rates. Visit local jewelers in Lucknow or Varanasi today and take advantage of this exciting market dip!
FAQ on Gold & Silver Price Trends – July 31, 2025
1. Why did gold and silver prices fall on July 31, 2025?
Gold and silver prices dropped due to fluctuations in both domestic and global markets. Factors include:
- Weakening of the Indian rupee
- Rising global crude oil prices
- Uncertainty around India-U.S. trade relations, especially after President Trump announced potential tariffs
2. How much did gold prices drop in Varanasi and Lucknow?
- In Varanasi, 24-carat gold fell by ₹450 per 10 grams, settling at ₹100,180.
- In Lucknow, gold dropped by ₹360, bringing the price to ₹101,165 per 10 grams.
3. What is the current price of silver in major cities?
As of July 31, 2025:
- Silver dropped by ₹2,000 per kg
- Current rate in Varanasi: ₹115,000/kg
- National average (evening rate): ₹109,950/kg
4. What are the prices for different gold purities across India on July 31, 2025?
| Purity | Morning Price | Afternoon Price | Evening Price |
|---|---|---|---|
| 24 Carat | ₹99,017 | ₹98,414 | ₹98,534 |
| 23 Carat | ₹98,620 | ₹98,020 | ₹98,139 |
| 22 Carat | ₹90,700 | ₹90,147 | ₹90,257 |
| 18 Carat | ₹74,263 | ₹73,811 | ₹73,901 |
| 14 Carat | ₹57,925 | ₹57,572 | ₹57,642 |
5. What are the global prices of gold and silver?
- Spot gold: $3,330.33 per ounce
- Spot silver: $38.09 per ounce
6. What’s happening in the futures market?
- Gold futures (August contract) rose by ₹150 to ₹99,269 per 10 grams on MCX.
- Silver futures (September contract) fell by ₹28 to ₹113,725 per kg, due to profit booking and low trading volume.
7. Is now a good time to buy gold or silver?
According to market experts and bullion association leaders, the current price drop presents a favorable opportunity for investors and buyers to make purchases before potential future hikes.
8. What key factors should buyers watch in the coming days?
- U.S. GDP and employment data
- Federal Reserve’s interest rate decision and Jerome Powell’s commentary
- Rupee-dollar exchange rate movements
- Geopolitical developments (e.g., tariffs or sanctions)