Soaring gold and silver prices have given a boost to jewellery stocks that are trading 2-5% higher this morning.
Gold prices have gone up considerably in the past one week, with the precious metal surpassing prices of platinum in trades on Tuesday. In the Mumbai market, gold prices on Tuesday went up further by Rs 875 to Rs 25,805 per 10 gram. The yellow metal breached the Rs 26,000 mark in intra-day deals, while platinum was quoted at Rs 25,500 per 10 gram.
This is the biggest four-day rally, since the financial crisis in 2008, as investor fears over the threat to the global economy from the European and US debt crises hit assets seen as higher risk. Silver prices were up by Rs 500 to Rs 56,000 per kg, on stockists and speculators buying in line with a firming global trend and rising seasonal demand.
Among individual stocks, Goldiam International has surged 5% to Rs 30. Gitanjali Gems has advanced 2.3% to Rs 299. Rajesh Exports is up 2.5% at Rs 105. Renaissance Jewellery has moved up 3.2% to Rs 98.
Su-Raj Diamonds rose 4%, White Diamond Industries gained 2%, Classic Diamonds jumped 4% and Suashish Diamonds added 1.5% in morning trades.
