Titan, Kalyan Jewellers and other jewellery stocks rally in last one month on high bullion prices

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Titan, Kalyan Jewellers and other jewellery stocks rally in last one month on high bullion prices
BCCL
  • Shares of most jewellery companies have rallied in the last one month as gold prices have been rising continuously on inflation concerns.
  • Moreover, as the festive season is upon us, demand for gold goes up.
  • Check out the latest news updates on Business Insider.
Rise in gold prices have boosted shares of jewellery companies in the last one month wherein most companies have delivered double digit returns.

“The bullion metal gained strength in yesterday’s session as increasing inflation concerns and a weaker dollar boosted appeal for safe haven gold,” said Prathamesh Mallya, assistant vice president -- research, non-agri commodities and currencies at broking house Angel One.

Moreover, with the wedding and festive season on the go, demand for gold got a boost.
Companies % return in last one month
Atlas Jewellery27%
Titan17%
Renaissance Global19%
Tribhovandas Bhimji Zaveri15%
Thangamayil Jewellery16%
PC Jeweller14%
Rajesh Exports9%
Kalyan Jewellers India7%
Goldiam International5%

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Gold futures continued to trade higher on Wednesday, October 20. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen trading higher by 0.15% at ₹47,352.

One of the leading jewellery companies, Titan, confirmed that there has been a strong comeback in gold demand in the last three months.

“The demand postponement triggered by the second wave of the pandemic in avenues like gift purchases, occasions I milestone buying, weddings, investments in gold etc., witnessed a strong comeback in Q2,” said Titan in a statement to exchanges.

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