Trading
Gold rally sparks surge in Manappuram, Muthoot & IIFL shares – investors celebrate!
Mumbai/IBNS: Shares of gold-financing companies soared on Wednesday as gold prices touched an all-time high, media reports said.
The rally in gold comes amid geopolitical tensions and expectations of further rate cuts by the U.S. Federal Reserve, which have boosted demand for the safe-haven metal.
Manappuram Finance shares climbed 6 per cent, hitting a 52-week high of Rs 313.80 per share in early trading.
Muthoot Finance stocks rose over 2 per cent to reach a 52-week high of Rs 3,890 per share, while IIFL Finance gained 4 per cent, touching Rs 597.70, also a 52-week peak.
Gold prices in India have been climbing sharply, remaining near record highs, reflecting a sustained rally in the metal.
Reasons for the surge
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Global safe-haven demand amid geopolitical and economic uncertainties.
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Expectations of U.S. interest rate cuts, making non-yielding assets like gold more attractive.
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Indian demand, though rising prices are moderating some retail purchases.
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