PM Modi asks citizens to avoid buying gold

Most jewellery stocks, including Kalyan Jewellers, Titan, and Augmont, suffered losses in intraday trade on Tuesday, 1 September, due to profit booking amid a decline in gold prices, a day after Prime Minister Narendra Modi's appeal to avoid buying gold if not necessary. Shares of Kalyan Jewellers plunged as much as 7% in intraday deals, while those of Augmont Enterprises crashed 6% on the BSE. Other jewellery stocks, such as PC Jeweller and Titan Company, declined 2% each during the sessions. However, shares of Senco Gold rebounded 3.3% from the previous close of ₹348.75 to hit an intraday high of ₹360.20 after opening 0.50% lower at ₹346.95. This came after PM Modi urged citizens to avoid buying gold