Gold prices hover around all-time peak; here is how jewellery stocks are performing

A day after touching a record high, gold prices on Wednesday continued with their bull run as investors remained on the edge ahead of US President Donald Trump announcing reciprocal tariffs. Falling US dollars and rising geopolitical tensions also led the rally in the gold prices.

The yellow metal has been one of the strongest performing commodities this year. Geopolitical updates, global market rates, import duties and fluctuations in exchange rates primarily influence gold prices in India.

The precious metal rose as much as 0.7%. In the international market, the spot gold price was around $3,125 per ounce.

On Tuesday, gold prices surged ₹2,000, the steepest in nearly two months, to hit a fresh peak of ₹94,150 per 10 grams in the national capital on Tuesday amid persistent buying by stockists and jewellers, according to the All India Sarafa Association.

Gold prices on Wednesday declined ₹154 to Rs 90,721 per 10 grams in futures trade amid muted spot demand. On the Multi Commodity Exchange, gold contracts for June delivery traded lower by ₹154, or 0.17%, to ₹90,721 per 10 grams in a business turnover of 18,583 lots.

Analysts attributed the fall in gold prices to weak global cues.

In the international markets, gold futures rose 0.12% to $3,117.1 per ounce in New York.

Shares of Kalyan Jewellers soared 4.8% during the early trades on Wednesday as gold prices edged higher. Over the last month, the stock has gained over 7.3%.

At 1:30 PM, shares of the firm was trading at ₹491.20 per share, jumping 7.24% on NSE,

PC Jeweller shares advanced 1.46% to ₹13.88 apiece on the National Stock Exchange. Recently, the Delhi-based jeweller has reduced bank loans by more than half to about ₹1,800 crore this fiscal year and aims to become debt-free by March next year on better sales and fundraising.

This also made the stock attractive to the market investors.

Meanwhile, shares of Titan Company were trading 3.62% higher at ₹3,094.95 per share on NSE. The stock had touched its 52-week low of ₹2,971.15 apiece during the session.

The stock fall comes as investors remain concerned about the company’s growth in the Q4 quarter, as weaker revenue is expected for Titan’s jewellery business, Tanishq, during the last quarter of FY25 amid a record surge in the gold and silver prices.

A day after touching its upper circuit, shares of another jewellery firm, Senco Gold, were trading 0.51% lower at ₹284.50 apiece on the 50-share index.

Further, festival demand on the occasion of Gudi Padwa remained robust for gems and jewellery businesses across India. Shares of Tribhovandas Bhimji Zaveri (TBZ) were trading 0.40% higher on NSE at ₹193.23 apiece.