As Diwali, the festival of lights, is on its active mode, many Indians apart from celebrations, sweets, and sparkling diyas are also eyeing gold prices with renewed interest.
Traditionally, gold purchases spike during this festive season as families and investors alike seek auspicious acquisitions.
Gold Price Today (October 31): 24-Carat Gold Inches Up, 22-Carat Follows
The precious yellow metal, 24-carat gold price surged Rs 8,134.3 per gram, an rise of Rs 710 from previous rates, while 22-carat gold also saw a price jump, climbing to Rs 7,458.3 per gram, up by Rs 650.
In Mumbai, the gold rate now stands at Rs 81,197 per 10 grams, compared to Rs 79,817 the day before.
Jewellery Stocks React to the Gold Price Rise
In the meanwhile the spike in gold prices may signal good news for investors, the stock prices of leading Jewellery brands and gold finance companies have faced a downward trend.
Kalyan Jewellers India saw a dip in stock prices today, with shares trading at Rs 658.60, a 2.32 per cent fall at 12:26 PM IST. It opened at Rs 674.00 and reached a low of Rs 656.70. The market cap stands at Rs 67,870 crore.
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Titan Company Ltd, known for its stronghold in the premium jewellery market, is trading at Rs 3,267.60, a decrease of 1.23 per cent today at 12:26 PM IST.
While its 52-week high was Rs 3,886.95 and low was of Rs 3,055.65.
PC Jeweller Ltd saw a sharper decline, down by 2.45 per cent at Rs 156.60 during its intraday trading.
Despite recent dips, the company holds a steady market cap of Rs 7,300 crore, though it faces increased competition and market pressures.
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Senco Gold Ltd, another major player, is currently priced at Rs 1,204.40, down by 0.98 per cent at 12:27 PM IST on Thursday.
The company’s stock has traded as high as Rs 1,544.00 in the last year.
Manappuram Finance Ltd and Muthoot Finance Ltd, leading financiers of gold, have also been impacted. Manappuram Finance’s stock slid by 3.83 per cent, trading at Rs 155.11, while Muthoot Finance is down by 2.39 per cent at Rs 1,921.40 at 12:27 PM IST.