Amid the global uncertainty over the rising tensions in the Middle East and the economic/trade cost of the skirmishes between Israel and its opponents, there appears to be a frenzy over Gold.
Gold Prices Rise
With the value of crude oil vacillating, many appear to be focusing on the yellow metal for some fiscal stability.
An indication of that has been exhibited in the rise in gold prices. After a lull in the last quarter, the prices have jumped once again; in fact, the prices of the precious metal have zoomed a whopping 31 per cent this year, with over 2 months left in 2024.
The price of 10 grams of gold (24 carats, with 99.9 per cent purity) stands at Rs 79,715.00 in Mumbai. The price of gold in the city stood at Rs 65,195 at the beginning of the year.
Amidst these developments, let's take a look at how the major jewellery stocks listed at the Indian equity markets have behaved in the past week.
PC Jeweller Ltd
PC Jeweller stocks, although closed in red on Friday, gained over 12.50 per cent or Rs 19.63, in the past 5 trading sessions.
This took the overall value of the company shares to Rs 176.72 as the week came to a close on October 18.
Tribhovandas Bhimji Zaveri Ltd
The shares of this renowned jeweller also saw movements as it closed in green on Friday. Even in the past week or 5 trading sessions, the shares of the company rose by a cumulative 5.76 per cent or Rs 16.20.
This took the overall value of the shares to Rs 297.50 per piece.
Kalyan Jewellers India Ltd
One of the most famed jewellers from the southern part of the country, Kalyan Jewellers, had a different story to tell, as the company shares not only ended in red but had red week.
In the past 5 trading sessions, Kalyan Jewellers saw their share price drop by a marginal 0.06 per cent, dropping to Rs 722.50.
Senco Gold Ltd
Although Senco had a blockbuster end to the week, gaining 1.86 per cent on October 18, its overall performance over the past 5 trading sessions was underwhelming, closing in the red.
In the end, the value declined by 1.97 per cent or Rs 27.80. This took the overall value to Rs 1,382.00.
P N Gadgil Jewellers Ltd
The newest entrant to the equity market, the 190-year-old jeweller from Maharashtra, was one of the biggest losers, as it closed in red.
In the past 5 trading sessions, the company shares slumped by a mammoth 2.13 per cent or Rs 16.30. This took the value to Rs 750.00 per piece.
