Muthoot Finance, Manappuram Finance shares decline up to 3.5% as gold prices hit multi-month lows (opens original article in a new tab)

Muthoot Finance and Manappuram Finance shares declined as gold prices hit multi-month lows, driven by falling prices and heightened US Federal Reserve rate hike expectations.

• Gold loan NBFCs Muthoot and Manappuram saw stock declines of 3.5% and 3% respectively due to falling gold prices and Fed rate hike expectations.
• Gold prices hit multi-month lows, with MCX near-month futures dropping ₹5,529 per 10 grams to ₹1,40,928, the lowest since March.
• Rising Fed rate hike expectations and stronger dollar demand are pressuring gold prices, affecting gold loan financiers' lending prospects and NPAs.