Indian jewellery stocks fall as Modi urges restrained gold buying amid Iran war

Senco Gold

11/05/2026 05:51

** Indian gems and jewellery stocks fall 5.5%-11% after PM Narendra Modi urges people to avoid buying gold to save foreign exchange

** PM's comments come after Donald Trump rejected Iran's response to peace proposal on Sunday, pushing oil prices higher

** Kalyan Jewellers KALN.NS drops ~10% to 382.10 rupees; Titan TITN.NS falls as much as 7.95% to 4,150.10 rupees; Senco Gold SENC.NS sheds ~11% to 325.05 rupees

** Bluestone BLUT.NS, PC Jeweller PCJE.NS fall more than 5% each

** Gold XAU=, traditional safe-haven asset, falls as oil rallied on stalled U.S.–Iran talks

** Broader stock market under pressure; benchmark Nifty .NSEI down ~1.2%

 (Reporting by Bipasha Dey in Bengaluru)

 ((Bipasha.Dey@thomsonreuters.com;))