Precious metal valuations rebounded sharply, with spot gold climbing 1.9% to $4,134.83 per ounce following US midterm elections. This macroeconomic lift aligns with substantial operational expansion among major domestic jewellers, such as Titan and Kalyan Jewellers, who are actively capturing retail market share in Tier-II and Tier-III cities. Analysts also identify business-to-business manufacturers like Shanti Gold and Shringar House of Mangalsutra as prime beneficiaries of capacity additions and outsourced production.
Key points
The World Gold Council anticipates sustained gold demand driven by central bank buying al…: The World Gold Council anticipates sustained gold demand driven by central bank buying alongside festive and wedding calendars.
Choice Institutional Equities issued target prices of ₹350 for Shanti Gold and ₹330 for S…: Choice Institutional Equities issued target prices of ₹350 for Shanti Gold and ₹330 for Shringar House of Mangalsutra.
Market analysts recommend assessing inventory control, volume growth, and studded jewelle…: Market analysts recommend assessing inventory control, volume growth, and studded jewellery sales instead of solely tracking bullion prices.
Sources checked by our analysis pipeline: 1
Jewellery stocks are in focus on Thursday, 5 November, amid renewed buying interest ahead of Dhanteras, as a sharp recovery in gold prices lifts sentiment towards the sector. Gold prices have rebounded after correcting nearly 12% over the past six months, offering some relief to investors and raising expectations of a recovery in jewellery demand during the festive and upcoming wedding seasons.
According to a Reuters report, spot gold climbed 1.9% to $4,134.83 per ounce by 0316 GMT on Thursday, hitting its highest level since 22 October. US gold futures for December delivery advanced 1.8% to $4,144.20 per ounce. The latest recovery followed a 3.4% surge in spot gold in the previous session, its biggest single-day gain since 19 August.
According to experts, the rebound was driven by a weaker US dollar and declining US Treasury yields following the Democratic Party's strong performance in the US midterm elections. A softer dollar makes gold more affordable for overseas buyers, while lower bond yields improve the appeal of the non-interest-bearing metal.
The recovery in bullion prices comes ahead of Dhanteras, when gold…
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