Indian jewellery stocks fall as Middle East conflict pushes gold prices higher

P N Gadgil Jewellers

02/03/2026 09:33

** Shares of Indian jewellery makers down between 2% and 5.7% as gold prices jump amid escalating Middle East conflict

** Prices of gold XAU=, a traditional safe-haven asset, rise after U.S. and Israel launched major strikes against Iran

** Titan Company TITN.NS down 2%, Kalyan Jewellers KALN.NS falls 3%

** Other jewellery makers P N Gadgil PNGD.NS and PC Jewellers fall more than 5% each

** Jewellery stocks tend to move inversely to gold and silver prices as higher prices raise input costs, curb consumer demand, and pressure margins

** India also has strong trade links with the Middle East, including in gems and jewellery

** Indian stock markets under pressure on Monday, with Nifty .NSEI down 1.5%, as rising crude prices and safe-haven flight dent risk appetite

 (Reporting by Nishit Navin in Bengaluru)

 ((nishit.navin@thomsonreuters.com))