MUMBAI: Gold stocks in India have turned gold mine for investors as the stock prices zoomed over 200% during past three months, with gold prices remaining almost stable with high volatility during the period.
Gold stocks including Gitanjali Gems Ltd (BOM:532715), Rajesh Exports Ltd (BOM:531500) and Renaissance Jewellary Ltd (BOM:532923) recorded a whopping rise in the stock price since March 17th, 2009. Gitanjali Gems zoomed past Rs.125 recently from Rs.37.40 on 17th March, three months back, a whopping jump of over 238%.
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Similarly, Rajesh Exports Ltd too witnessed over 100% rise in the stock price during the said period, as the stock prices rose from Rs.22.05 to Rs.48.60 recently. Renaissance Jewellary Ltd recorded a rise of over 55% during the period from Rs.21.05 to Rs.33.85 recently.
All the stocks were trading at loss on the BSE today following across the board weakness on bourses. Rajesh Exports was down by over 1%, while Renaissance Jewellary too was marginally down by over 0.5%. Gitanjali Gems too was marginally down by 0.24% during the afternoon trading session on BSE.
However, gold prices stood almost at the same level after the three month period, although with high volatility during the period.
Gold prices surged from around USD 930 per ounce on 17th March, to USD 960 during the same month, however, it fell below USD 900 to make it around USD 870 per ounce during mid-April. But prices once again shot up to make it over USD 980 per ounce at the start of June but stabled at USD 930 recently.
The three month volatility in gold prices did not yield much returns, while gold stocks proved gold mine for the investors with heavy returns accrued to it.
