Jewellery stocks extended the positive momentum for the second straight day and rallied up to 4% on Monday, Aug. 24 tracking a sharp rise in gold prices. Shares of Senco Gold, PC Jeweller, Kalyan Jewellers India and other jewellery stocks gained amid heightened investor interest in the sector. The rally in jewellery stocks was supported by the sharp upmove in gold prices, which boosted sentiment towards companies operating in the precious metals and jewellery segment.
Senco Gold share price gained over 3% while Kalyan Jewellers India shares advanced more than 2%.
Gold prices in Indian on the Multi Commodity Exchange (MCX) traded higher on Monday, following gains in international bullion prices, amid a weak US dollar.
MCX gold rate for October futures contracts traded higher by Rs 908, or 0.56%, at Rs 1,63,346 per 10 grams.
In the global markets, gold prices hit their highest levels in more than three months. Investors now await key US inflation data and a speech later this week by Federal Reserve Chair Kevin Warsh.
More to come
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