Titan, Kalyan Jewellers and other jewellery stocks rally in last one month on high bullion prices
- 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.
“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|
|Tribhovandas Bhimji Zaveri||15%|
|Kalyan Jewellers India||7%|
AdvertisementGold 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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