Lucknow, May 13 -- After soaring to a high of around Rs.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 Rs.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%. Ho...