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Gold prices stimulate demand,Indian jewelry stock soar

Gold prices stimulate demand,Indian jewelry stock soar

Josephine wang Yadao 2014-09-23 19:13:25

Gems and jewelery company's stock soared as high as 20 percent on Monday, while it fell sharply in the expected growth of the upcoming festivals and wedding season the price of gold. With the current account deficit (CAD) within controllable limits, traders will bet the government may want to put in the relaxation of gold imports.

BNP Paribas Financial Services research director Vinod Nair said: some of the leading jewelry stocks such as PC and Tribhovandas Bhimji Zaveri jewelery buying huge because they attractive pricing, FY16 expected return is about 10 times its price profit ratio. With the promotion during the festival and wedding season for sales, profits in the next quarter jewelry company may increase.

Demand recovery will be accompanied by gold prices fell. International spot gold has dropped to its lowest point since the eight and a half ounce of approximately $ 1,210 (about 72,600 rupees per 28.3 grams). In India Multi Commodity Exchange (MCX), In 2014  gold for October delivery in the United States and 10 g 26400 rupees.

Analysts said the decline in year-end pre-season festival of Diwali and wedding gold prices could trigger a surge in demand for gold jewelry. In the holiday buying season ago and weak prices could trigger more buying demand for gold in India, the premium is likely to rise by 7 from current levels - $ 10 an ounce, up 12 - $ 15 per ounce.

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