Jewellery stocks under pressure on falling gold prices
TBZ, Renaissance Jewellery, PC Jeweller, C Mahendra Exports and Thangamayil Jewellery have dipped more than 5% each on BSE.
Jewellery stocks are under selling pressure falling more than 4% after MCX gold, most active June contract traded at Rs 27,262/10 gm, down Rs 663 or 2.4%.
Among the individual stocks, Tribhovandas Bhimji Zaveri (TBZ), Renaissance Jewellery, PC Jeweller, C Mahendra Exports and Thangamayil Jewellery have dipped more than 5% each on the Bombay Stock Exchange (BSE).
Titan Industries, Gitanjali Gems and Shree Ganesh Jewellery House are trading lower by 4-5%.
On Friday, gold futures closed at their lowest level in 21-months, following a weak batch of US economic data and as the psychological impact of potential selling of the precious metal from Cyprus continued to take a toll.
Analyst at IIFL believes that precious metals would remain under pressure, considering the predominantly bearish tone that has overwhelmed the precious metals and the industrial commodities as well.
Among the individual stocks, Tribhovandas Bhimji Zaveri (TBZ), Renaissance Jewellery, PC Jeweller, C Mahendra Exports and Thangamayil Jewellery have dipped more than 5% each on the Bombay Stock Exchange (BSE).
Titan Industries, Gitanjali Gems and Shree Ganesh Jewellery House are trading lower by 4-5%.
On Friday, gold futures closed at their lowest level in 21-months, following a weak batch of US economic data and as the psychological impact of potential selling of the precious metal from Cyprus continued to take a toll.
Analyst at IIFL believes that precious metals would remain under pressure, considering the predominantly bearish tone that has overwhelmed the precious metals and the industrial commodities as well.