Global spot gold climbed 1.9% to a two-week high of $4,134.83 per ounce as declining Treasury yields boosted non-yielding assets, lifting domestic prices on the Multi Commodity Exchange. The broader Indian stock market tracked this optimism, with the Sensex surging 1,621 points and the Nifty 50 gaining 431 points. Market sentiment was further reinforced by Brent crude sliding to $94 per barrel alongside massive foreign portfolio inflows. However, market watchers caution that potential Federal Reserve rate hikes in December could cap future gains.
Key points
A weakening U.S. dollar and declining Treasury yields created strong global support for p…: A weakening U.S. dollar and declining Treasury yields created strong global support for precious metal valuations.
Indian benchmark indices gained around 2% amid falling oil prices and substantial foreign…: Indian benchmark indices gained around 2% amid falling oil prices and substantial foreign capital inflows.
Analysts caution that expectations of a December Federal Reserve rate hike could restrain…: Analysts caution that expectations of a December Federal Reserve rate hike could restrain extended upside moves.
Sources checked by our analysis pipeline: 1
Jewellery stocks rallied on Thursday, November 5, as gold prices climbed nearly 2% to a two-week high, supported by a weaker US dollar and declining US Treasury yields following a Democratic wave in the US midterm elections. Broader gains across Dalal Street, a sharp decline in crude oil prices and renewed foreign investor buying further lifted investor sentiment.
Motisons Jewellers shares surged 3.9% to ₹15.55, while Senco Gold gained 3.7% to ₹322.65. PC Jeweller advanced 3.2% to an intraday high of ₹16.32, while Kalyan Jewellers rose 2.7% to ₹544.70. Titan shares gained 2.3% to ₹4,858.90.
Among smaller jewellery-related stocks, Swarnsarita Jewels India traded at ₹40.80, up 3.3%, while Omara Ventures India was trading at ₹327, up 2.5%. Nityas Gems and Jewels gained 2.5% to ₹65.50, while Dev Labtech Ventures advanced 2.2% to ₹23.40.
Meanwhile, Indian stock markets also soared around 2% after Trump's loss as well as a crash in crude oil prices. Sensex surged 2%, or 1,621 points, to an intraday high of 78,922.44, while the Nifty 50 advanced 431 points, or 1.8%, to touch 24,391.95.
A sharp retreat in global crude oil prices alongside favorable geopolitical shifts drove Indian equities higher, marking a sixth consecutive day of broad market advances. The rally was underpinned by persistent foreign institutional buying, which helped bolster domestic risk sentiment despite ongoing tax-related investor concerns. Consequently, the upward momentum substantially lifted overall equity valuations and strengthened the domestic currency against the US dollar.
Southeast Asia's largest economy accelerated on the back of manufacturing gains, driven partly by mandatory palm oil processing for the national biodiesel program. This pickup occurred despite ongoing challenges with investor sentiment, fiscal scrutiny, and stock market downgrade risks. The performance provides momentum toward the administration's ambitious long-term target of reaching eight percent expansion by 2029.
Technical scanning data from StockEdge flagged five Nifty 50 constituents after each delivered gains exceeding 3% during the November 4 trading session. The identified equities formed a specific candlestick setup indicating sustained buying pressure from the opening bell to the market close. Market participants track this technical signal to gauge whether the prevailing upward momentum is poised to continue.