Commodity Online
MUMBAI: Akshaya Trithiya, a gold buying festival in India fails to give a shine to the gold stocks on the bourses even as the yellow metal prices remained low today.

Gold prices stayed at Rs.14,656 per 10 gram on the Indian commexes while the international prices hovered around USD 910 per ounce down by USD 2.4 per ounce.

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Gold had witnessed a fresh spurt in the prices in anticipation of high buoyancy of the precious metal in the form of bar and jewellery both as the day was considered to be an auspicious one to buy gold. But at the higher levels, profit booking caused the prices to stabilize at lower levels and remain range bound between USD 910 to USD 914 per ounce.

At higher prices gold companies anticipated greater buying due to the on going marriage season. Companies expected heavy profits coming through the sale of jewellery and bars.

Considering the Akshaya Trithiya, some of the companies were reported to have announced special discount on labour charges for gold jewellery as well as special offers for gold coins and bars. But the market response remained low as people preferred to en-cash their gold holdings at higher gold prices.

Gold stocks on the Bombay Stock Exchange (BSE) traded negative today. Gitanjali Gems Ltd traded at Rs.66 down by 1.27% from its previous close. The stock continued trading in red throughout the day. Similarly, Rajesh Exports Ltd was trading weak at Rs.28.80 down by over 1.5%. Renaissance Jewellery Ltd shed by close to 4% at Rs.27.05.

Leader in branded jewellery market, Titan Industries Ltd too witnessed a fall of over 3.3% to Rs.732. Jewellery market showed no signs of recovery despite the festive season along with marriage season took off in India.

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