Six jewellery stocks rose 0.37% to 5.77% at 11:08 IST on BSE as gold prices extended recent fall to hit five-year low yesterday, 22 July 2015.
Rajesh Exports (up 5.77%), PC Jeweller (up 1.4%), Tara Jewels (up 1.45%), Gitanjali Gems (up 0.69%), Shree Ganesh Jewellery House (I) (up 0.37%) and Titan Company (up 0.74%) edged higher. Thangamayil Jewellery (down 0.85%) and Tribhovandas Bhimji Zaveri (down 0.78%) declined.
Meanwhile, the S&P BSE Sensex was up 16.68 points or 0.06% at 28,521.61
As per reports, the recent fall in gold prices augurs well for jewellery stocks, as the inventory costs for these companies would fall, giving them better leverage in the coming festival season. Also lower price of the yellow metal may perk up jewellery demand and boost revenues for jewellery firms, reports added.
Gold prices edged up from a five-year low today, 23 July 2015 as the dollar weakened, after an early-week rout led to bullion's deepest loss in nearly two years. Spot gold rose 0.5% to $1,098 an ounce, after sliding more than 1% to $1,086.89 yesterday, 22 July 2015, its lowest since March 2010.
US gold for August delivery was up 0.5% at $1,097.10 an ounce, after a 10-session decline.
The recent slide in gold prices is fueled by expectations the Federal Reserve will raise interest rates later this year as the US economy recovers.
Powered by Capital Market - Live News
