Gold fails to make impact on gold stock prices

February 06, 2009

Commodity Online
MUMBAI: Even though the Indian stock markets managed to end the week with a happy note with a robust rise of 209 points in Sensex and 63 points in Nifty, the companies dealing in the precious metals could hardly take the chance to make it big for the week.

Companies involved in jewellery making and trading including Gitanjali Gems Ltd and Rajesh Exports Ltd witnessed a negligible rise in their stock prices. Gitanjali Gems closed at Rs.45.85 up by only 0.8% from its previous close.

However, during the day it touched its intra-day high of Rs.52 in the early trades, but later through out the trading sessions it kept slipping on the high gold prices.

Similarly Rajesh Exports Ltd too, could hardly manage to show positive as it closed up mearly 0.2% at Rs.24.05 from its previous close at Rs.24. The companies only followed a positive trend on the Indian bourses despite gold showed a downward trend making it to USD 914.1.

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