Manappuram Finance gains about 2% and Muthoot Finance rises 4% as spot gold tops $4,525 an ounce
AI Market Summary
Gold climbed above $4,525/oz to a two-month high, lifting gold-backed lenders as higher collateral values improve loan buffers. Macro drivers remain mixed: Treasury market volatility, inflation concerns, and Fed minutes showing openness to tighter policy keep rates in focus, while buyback operations and a softer dollar support bullion. The move signals renewed safe-haven demand amid fiscal and financial-stability concerns.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.03%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Shares of India’s gold-financing and jewellery-linked lenders rose, with Manappuram Finance up about 2% and Muthoot Finance gaining 4%. Spot gold climbed above $4,525 per ounce, the highest level since June 2, after rising more than 4% in the previous session. Analysts said the price has broken through the $4,400$4,500 range, and staying above that zone could support further gains. Rising US Treasury yields and inflation concerns kept gold in focus, while Fed meeting minutes showed several policymakers worried about inflation and open to higher rates.
