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Below the quote on outlook for Gold & Jewellery stocks from Anil R, Research analyst at Geojit Financial Services.

The recent decline in gold prices (5.4% from all-time high) can be attributed to a slight reduction in global recession concerns and the strengthening of the US dollar. Additionally, with the possibility of an interest rate hike in the US, this trend may persist. According to data from the World Gold Council, Indian gold demand in CY2023 declined by 17% in terms of volume, primarily due to higher prices. Consequently, we anticipate muted retail demand in the short term. It is challenging to determine the day-to-day impact of these factors on stock prices. However, we expect the demand to pick-up in India as the festive season commences. Titan is our top pick from this sector. Considering likelihood of muted demand and premium valuation, we have Hold rating on the stock.

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