Jewellery Stocks Post Mixed Results Following Akshaya Tritiya Sales Period

Gold Prices Continue to Soar Amid Volatility

Gold jewellery stocks delivered a mixed performance since the last Akshaya Tritiya, with some companies posting robust returns while others remained subdued. Sharp volatility in gold prices capped demand and shifted investor preference towards gold-based investments.

Thangamayil Jewellery was one of the top performers, with its shares surging 100% from ₹2,096 to the current level of ₹4,210 apiece. Titan Company shares rewarded investors with 36% returns, while PN Gadgil Jewellers gained 17.24% during the period. In contrast, Kalyan Jewellers shares slumped 13%, while Senco Gold and Motisons Jewellers, have lost 6% and 3% respectively.

According to a recent commodities insight report by Motilal Oswal Financial Services, gold prices have risen nearly 10% so far in 2026, even as the journey remained volatile with sharp swings during the first quarter. The report highlights that gold is currently being driven by multiple global factors, including geopolitical tensions, concerns over slowing economic growth, and uncertainty around interest rate movements in the United States.

While these factors are supporting gold's safe-haven appeal, periods of a stronger dollar and elevated bond yields have created intermittent pressure, resulting in a non-linear price trajectory. Gold prices have surged from around ₹61,610 per 10 grams last year to nearly ₹1.54 lakh this year, rising from ₹92,390, while silver has jumped ₹1,60,149 per kg to an unprecedented ₹2.58 lakh per kg.

| Company | Last Year | Current Price | Return | | --- | --- | --- | --- | | Thangamayil Jewellery | ₹2,096 | ₹4,210 | 100% | | Titan Company | - | ₹4,210 | 36% | | PN Gadgil Jewellers | - | ₹4,210 | 17.24% | | Kalyan Jewellers | - | ₹4,210 | -13% | | Senco Gold | - | ₹4,210 | -6% | | Motisons Jewellers | - | ₹4,210 | -3% |

Gold and silver prices have surged significantly over the last year, with a majority of the gains coming during the second half of the year. This sharp rise pushed prices to record levels within a short period, prompting brokerages to revise their target prices.

Following the extreme stress test of Q1 2026, the underlying pillars of demand — central bank accumulation, ETF flows, and macroeconomic hedging — remain fully intact, Axis Direct said in its latest report. The brokerage expects COMEX gold prices to reach between $5,300 and $5,500, while domestic gold prices are projected to rise in the range of ₹170,000– ₹185,000, implying an upside of 10% to over 15%.

Motilal Oswal expects gold to consolidate in a broad range. However, the brokerage continues to maintain a "buy on dips" stance from a medium- to long-term perspective, with a target of $6,000, or around ₹185,000, on the domestic front.