Muthoot Finance, Manappuram shares gain up to 3% as gold prices rebound

Muthoot Finance, Manappuram shares gain up to 3% as gold prices rebound

Shares of gold financing companies rose by up to 3 per cent on Monday as gold prices rebounded in domestic and international markets.

On the National Stock Exchange (NSE), shares of Muthoot Finance gained 3 per cent to Rs 2,938.50 at 11:45 am. Manappuram Finance shares were trading 0.45 per cent higher at Rs 324.40. IIFL Finance shares also rose nearly 0.4 per cent.

In the futures market, gold prices climbed Rs 1,801, or 1.26 per cent, to Rs 1,44,353 per 10 grams on the Multi Commodity Exchange (MCX) for December delivery. The contract recorded a business turnover of 1,007 lots.

Analysts attributed the rise to fresh positions created by market participants amid firm spot demand.

In international markets, gold futures rose 1.43 per cent to USD 4,128.83 per ounce in New York.

Globally, gold prices gained as softer oil prices eased inflation concerns, while investors awaited key US inflation data and fresh signals from the Federal Reserve on its monetary policy outlook.

Oil prices declined after US President Donald Trump said he was highly unlikely to order further attacks on Iran, as negotiations to end the confl...