Thangamayil jumps 100%, Kalyan Jewellers drops 17%: Jewellery stocks deliver mixed returns since last Akshaya Tritiya

Jewellery stocks delivered a mixed performance since the last Akshaya Tritiya, with some posting robust returns while others remained subdued, as sharp volatility in gold prices capped demand and shifted investor preference towards gold-based investments.

Among the top performers, Thangamayil Jewellery delivered massive returns of 100%, surging from ₹2,096 to the current level of ₹4,210 apiece. Meanwhile, Titan Company shares rewarded investors with 36% returns, and PN Gadgil Jewellers gained 17.24% during the period. In contrast, Kalyan Jewellers shares slumped 13%, while Senco Gold and Motisons Jewellers, have lost 6% and 3% respectively.

According to a recent commodities insight report by Motilal Oswal Financial Services, gold prices have risen nearly 10% so far in 2026, even as the journey remained volatile with sharp swings during the first quarter.

The report highlights that gold is currently being driven by multiple global factors, including geopolitical tensions, concerns over slowing economic growth, and uncertainty around interest rate movements in the United States. While these factors are supporting gold’s safe-haven appeal, periods of a stronger dollar and elevated bond yields have created intermittent pressure, resulting in a non-linear price trajectory.

Navneet Damani, Head of Research – Commodities at Motilal Oswal Financial Services, said, “Gold is currently navigating a complex global environment. While there are phases of pressure due to interest rate expectations and currency strength, the broader outlook remains supported by uncertainty, inflation concerns, and long-term investment demand. For Indian investors, gold continues to serve as a reliable store of value, especially during periods of volatility.”

Manav Modi, Analyst – Commodities at Motilal Oswal Financial Services, added, “We are seeing a gradual change in how investors participate in gold. While physical buying remains important during occasions like Akshaya Tritiya, there is a clear rise in interest towards more flexible and transparent investment options. This trend is expected to strengthen as investors look for both convenience and liquidity.”

Gold surges over ₹60,000; silver up ₹1.60 lakh since last Akshaya Tritiya

Gold and silver prices have surged significantly over the last year, with a majority of the gains coming during the second half of the year. This sharp rise pushed prices to record levels within a short period, prompting brokerages to revise their target prices.

Gold has surged from around ₹61,610 per 10 grams last year to nearly ₹1.54 lakh this year, rising from ₹92,390, while silver has jumped ₹1,60,149 per kg to an unprecedented ₹2.58 lakh per kg. Earlier this year, gold prices reached a historic high of ₹1.8 lakh, while silver topped ₹4.2 lakh per kilogram.

Historical data over the past nine years indicates that purchases made on the festival day have consistently delivered gains, broadly aligning with gold’s long-term upward trajectory.

Akshaya Tritiya is one of the most popular Hindu festivals, celebrated across the country with great fervour. The festival is also considered an auspicious occasion, with gold purchases surging as many households believe that buying gold during this time brings wealth and prosperity.

Akshaya Tritiya 2026 & beyond

Following the extreme stress test of Q1 2026, the underlying pillars of demand — central bank accumulation, ETF flows, and macroeconomic hedging — remain fully intact, Axis Direct said in its latest report.

The brokerage expects COMEX gold prices to reach between $5,300 and $5,500, while domestic gold prices are projected to rise in the range of ₹170,000– ₹185,000, implying an upside of 10% to over 15%.

In the near term, Motilal Oswal expects gold to consolidate in a broad range. However, the brokerage continues to maintain a "buy on dips" stance from a medium- to long-term perspective, with a target of $6,000, or around ₹185,000, on the domestic front.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.