Jewellery stocks trade lower as Dhanteras struck by slowdown

NEW DELHI: Shares of jewellery companies traded lower on Friday as gold demand remained subdued during Dhanteras, the first day that marks the festival of Diwali in India.
Gold prices hovered around Rs 38,500 per 10 grammes.
Dhanteras is considered as an auspicious day to make new purchases and many Hindus believe that investing in yellow metal will bring prosperity.
Gold is also considered a good hedge against inflation globally, especially in the time of economic slowdown and trade wars.
At 2:15 pm, shares of PC Jeweller were trading 5.67 per cent down at Rs 32.45. Tribhovandas Bhimji Zaveri edged lower by 5.09 per cent at Rs 48.50 while Titan lowered by 2.41 per cent to Rs 1,34.50 per share.
Rajesh Exports, the world’s largest manufacturer of gold products, slipped by 0.09 per cent at Rs 673.75 per share.