Jewellery Stocks Soar Amid Gold Price Surge

Jewellery stocks soared as Tribhovandas Bhimji Zaveri shares rose over 6% following a significant surge in gold prices, which eclipsed Rs 1 lakh for 10 grams. The rise in gold demand ties to Akshaya Tritiya, wedding seasons, and global economic uncertainties driving safe-haven investments in precious metals.

In an exciting development for investors, jewellery stocks witnessed a significant rise on Tuesday. Notably, Tribhovandas Bhimji Zaveri (TBZ) saw shares shoot up by 6.12%, following a dramatic surge in gold prices. The precious metal has crossed the Rs 1 lakh threshold for 10 grams in the national capital.

The increase in stock prices was mirrored by other jewellery brands. Sky Gold shares climbed 4.92%, Senco Gold rose 3.37%, and Thangamayil Jewellery increased by 1.47%. Alongside, Rajesh Exports, PC Jeweller, and Titan also saw gains on the BSE, as gold prices spiked by Rs 1,800.

This upward movement is attributed to heightened local buying activity, spurred by traditional gold-buying festivals like Akshaya Tritiya, and amplified by macroeconomic uncertainties, as noted by experts including Manav Modi, a Senior Analyst at Motilal Oswal Financial Services Ltd.

(With inputs from agencies.)