Jewellery stocks tank up to 20% on weakening gold price
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Jewellery stocks tank up to 20% on weakening gold price

Last Updated: Monday, June 24, 2013, 23:06
 
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Jewellery stocks tank up to 20% on weakening gold price
Mumbai: Shares of jewellery makers on Monday fell sharply by up to 20 percent following dip in global prices of gold.

Gitanjali Gems stock nosedived 19.99 percent to Rs 405.35, while PC Jeweller fell 8.55 percent to Rs 89.35. Shares of Tribhovandas Bhimji Zaveri dropped 6.88 percent to Rs 181.95 on the BSE.

Among others, Shree Ganesh Jewellery House slumped 9.52 percent, Tara Jewels 2.27 percent, Thangamayil Jewellery 1.48 percent and Titan Industries 0.47 percent.

"Jewellery stocks fell amid gold's bleak future," said CNI Research Chairman and Managing Director Kishor Ostwal.

Gold today tumbled by Rs 320 to Rs 27,320 per 10 gm in the national capital.

The sentiment turned bearish after gold fell in global markets on the prospect that reduced monetary stimulus from the US Federal Reserve may spur a stronger dollar and erode demand for a store of value.

In addition, sluggish demand due to off-marriage and festival season amid a weak trend at futures market, where speculators offloaded their positions, also dampened the sentiment.

Gold demand has also slowed in the country following measures taken by the government to curb gold imports.

PTI


First Published: Monday, June 24, 2013, 23:06


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