Muthoot Finance, Manappuram Finance, other stocks rise up to 5% as gold prices hit Rs 1.48 lakh/10 grams

Gold futures on MCX with August expiry gained nearly 2% to hit Rs 1,48,046 per 10 grams, driven by weaker-than-expected US nonfarm payrolls data that reduced expectations of a near-term Fed rate hike. This rally lifted gold financing stocks Muthoot Finance, Manappuram Finance, and IIFL Finance by up to 5%, as higher gold prices raise the value of pledged collateral and reduce the quantity of jewellery borrowers must pledge for the same loan amount. Silver also rose more than 2% on the day.