Pandora shares continue rally as silver price falls

Pandora A/S

02/02/2026 10:51

Adds analyst comment, adds milestone, updates

** Shares in Pandora PNDORA.CO rise around 7% to the top of STOXX 600 .STOXX index, as the choice of the next U.S. Fed chair set off a wave of selling in risk assets that sent precious metals, the Danish jeweller's key material silver among them, tumbling for a second session

** Gold XAU= slid 5% to its lowest in more than two weeks, while silver XAG= fell more than 7%, following records hit by both metals last week

** "The sharp increase in the silver price has been a key concern in the market over the last couple of months as Pandora could be facing a significant margin headwind in 2027, assuming the price stays at current levels," Jyske Bank analyst Janne Vincent Kjaer says

** She adds that the set-back in silver therefore comes as a relief for investors, despite the silver prices still trading at historical highs

** For Pandora, best known for its charm bracelets, silver is the most used raw material and made up around 68% of the product materials sourced, according to the company's latest stand-alone sustainability report published in 2023

** The stock, on track for its best day since May 2025, is extending Friday's
gains

 (Reporting by Elviira Luoma)

 ((Elviira.luoma@thomsonreuters.com))