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The Economic Times

Muthoot Finance, Manappuram Finance climb up to 5% as MCX gold tops Rs 1.48 lakh/10 grams

AI Market Summary
Weaker-than-expected US June jobs data and downward payroll revisions reduced near-term Fed tightening expectations, pushing spot gold up over 1% and lifting India's MCX gold to around Rs 1.48 lakh/10g. Lower real-rate pressure is supportive for non-yielding metals; silver also rose over 2%. Higher bullion prices improve collateral values for gold-loan financiers, driving gains in related equities.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.60%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Gold-related lenders including Muthoot Finance and Manappuram Finance rose about 5% as gold prices moved back above Rs 1.48 lakh per 10 grams. MCX gold futures for August gained around Rs 2,288 per 10 grams, or nearly 2%, to a high of Rs 1,48,046, while October contracts moved above Rs 1.5 lakh. International spot gold rose more than 1% after U.S. jobs data pointed to a cooling labour market and shifted expectations for the Federal Reserve’s next move.
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