Muthoot Finance, Manappuram Shares Rise Up to 3%

MUTHOOTFIN Shares of gold loan financiers surged on Monday as gold prices rebounded in both domestic and global markets. Muthoot Finance jumped 3% to Rs 2,938.50 on the NSE, while Manappuram Finance gained 0.45% to Rs 324.40. IIFL Finance also edged up nearly 0.4%.On the Multi Commodity Exchange, gold futures for December delivery climbed Rs 1,801, or 1.26%, to Rs 1,44,353 per 10 grams, with turnover of 1,007 lots. Analysts linked the rise to fresh buying amid firm spot ***** gold futures advanced 1.43% to $4,128.83 per ounce in New York. The rally was driven by softer oil prices, which eased inflation concerns after US President Donald Trump indicated he was unlikely to order further attacks on Iran amid ongoing negotiations. Lower oil prices reduced expectations of prolonged high interest rates, lowering the opportunity cost of holding gold.