Shares of gold financiers declined as a sharp fall in gold prices and a stronger US dollar weighed on sentiment. Expectations of further US Federal Reserve rate hikes pressured bullion, raising concerns over collateral values and loan demand for gold-backed lenders such as Manappuram Finance, Muthoot Finance and IIFL Finance.
Gold financier stocks like Manappuram Finance and Muthoot Finance saw declines of up to 3%. This drop was triggered by a sharp fall in gold prices and a strengthening US dollar. Expectations of further US Federal Reserve rate hikes fueled concerns over collateral values and loan…
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