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Jewellery stocks fall on profit booking as gold prices slip
Kalyan Jewellers dropped as much as 7% intraday and Augmont Enterprises fell up to 6% on the BSE, as traders cited a pullback in gold prices.
Several Indian jewellery stocks declined sharply in intraday trade on 1 September, with profit booking linked to a drop in gold prices following Prime Minister Narendra Modi’s appeal to avoid buying gold unless necessary, according to LiveMint Markets.
Kalyan Jewellers fell as much as 7% in intraday deals, while Augmont Enterprises dropped as much as 6% on the BSE. Other jewellery names including PC Jeweller and Titan Company were down about 2% each.
The article also notes that Senco Gold rebounded about 3.3% from the previous close of ₹348.75 to an intraday high of ₹360.20 after opening around 0.5% lower.
In a video message on social media platform X, Modi urged citizens to prioritize domestic products and consumption, avoid unnecessary foreign trips, and not buy gold if it is not necessary. The piece adds that India’s foreign-exchange reserves reached a record high in the week of 21 August after RBI measures, and that GDP grew 7.8% in Q1FY27, with the government citing resilience despite factors including the conflict in West Asia and uncertainty around US tariff policies.
Latest closeGold $4,509.30 ▲0.7%