Shares in Gold Jewelery companies rose sharply after gold prices in the international markets plunged to a 5 year low.
Shares in TBZ were up a huge 11 per cent, while while Gitanjali Gems surged 12 per cent and P C Jeweller was up 3 per cent. On Monday, international gold prices slumped to a 5 year low as investors worried that the US Federal Reserve would hike interest rates.
Spot gold in the international market was down to $1,106 an ounce after falling as low $1,089, its lowest since March 2010. Indian gold prices tend to track international prices of gold.
Gold Prices on the MCX (futures market) slumped to Rs 25,000, while gold prices at the retail jeweller were also trading around the same levels.