Gold prices continued their upward momentum, with MCX gold futures hitting ₹1 lakh per 10 grams on July 23, triggering mixed reactions in stocks linked to the gold and jewellery sector.
As of 9:25 AM, shares of leading gold loan and jewellery companies were trading with a mixed bias:
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Manappuram Finance rose 0.28% to ₹272.80
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Muthoot Finance gained 0.21% to ₹2,680.00
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Kalyan Jewellers edged up 0.08% to ₹593.50
However, several jewellery players and related financials were under pressure:
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Titan slipped 0.44% to ₹3,457.00
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Senco Gold was down 0.51% at ₹360.65
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Thangamayil Jewellery traded lower by 0.12% at ₹1,877.00
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Rajesh Exports declined 0.25% to ₹198.85
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IIFL Finance fell 0.34% to ₹528.00
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PN Gold dropped 0.54% to ₹598.85
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PC Jeweller was the biggest laggard, down 2.11% to ₹14.84
The rally in gold prices has been fuelled by safe-haven demand, global macro uncertainty, and rising bets on interest rate cuts. However, equity market participants remain divided on how much benefit gold-linked businesses will accrue, particularly given recent margin pressures in the jewellery retail segment.
Market watchers are expected to closely track upcoming earnings announcements and management commentary from these companies for further direction.
Disclaimer: The stock price data and market commentary above are for informational purposes only. Please consult your financial advisor before making any investment decisions.
