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Precious Metals Surge On A Weakening US Dollar, Tumbling Crude Oil Prices

Gold: Expected To Trade Largely Sideways/Range-Bound This Week, Lacks An Aggressive Directional Trigger

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Precious metals surged in early Monday trading, driven by a weakening US dollar, tumbling crude oil prices, and shifting geopolitical narratives surrounding US-Iran peace negotiations. While silver led the rally with a substantial ~4% intraday gain globally, gold rebounded over 1%, recovering from previous minor losses. Markets are balanced between optimism over relaxed energy inflation and structural caution regarding the Federal Reserve’s interest rate trajectory.

Early trading on the domestic and international exchanges reflects a strong, broad-based rally across precious metals. On the Multi Commodity Exchange (MCX), domestic gold futures for June 2026 delivery climbed by Rs. 821 to reach Rs. 1,59,500 per 10 grams, while July 2026 silver contracts posted a substantial gains of 1.8%, spiking by Rs. 5,042 to settle at Rs. 2,76,888 per kilogram. In the Indian retail spot market, 22K gold is holding at Rs. 14,625 per gram, with spot silver trading at Rs. 2,850 per 10 grams and platinum priced at Rs. 60,120 per 10 grams. This domestic momentum tracks sharp upward moves in global markets, where international spot gold advanced 1.1% to $4,560.09 per ounce, spot silver rallied 3.1% to $77.81 per ounce, and spot platinum gained 2.1% to sit at $1,963.30 per ounce.

Gold: Expected to trade largely sideways/range-bound this week. It lacks an aggressive directional trigger as traders await concrete resolution on the US-Iran nuclear stand-off.Silver: Projected to maintain a stronger, positive undertone relative to gold, buoyed by industrial demand and lingering macroeconomic volatility.

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Quarterly Update: Q1 FY2027- Kalyan Jewellers

Q1 FY2027 highlights robust revenue growth, expanding global footprint, and continued investment in festive season readiness.

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The recently concluded quarter has been a very satisfying one, recording consolidated revenue growth of approximately 38% when compared to the same period in the previous financial year.

We saw revenue growth in excess of 38% for our India operations during Q1 FY2027 as compared to Q1 FY2026, led by robust operating momentum on the ground with healthy same-store-sales-growth across all the key markets in the country despite the 28-day Adhik Maas period falling fully in the recently concluded quarter. Adhik Maas is a once in a 3-year phenomenon during which wedding-related demand tends to take a pause in certain parts of the country. The recently concluded quarter recorded same-store-sales-growth of approximately 28%.

We launched our ‘Shine with India’ Gold Recirculation Campaign during the second half of May with the larger objective of increasing the share of recycled gold and thereby reducing dependence on imported gold. The initiative has been well received by customers, helping us increase the share of recycled gold as a percentage of revenue to over 46% during Q1 FY2027. For the month of June, the share of recycled gold as a percentage of revenue was in excess of 55%.

Our international operations recorded revenue growth of approximately 35% for the recently concluded quarter when compared to the same period during the previous financial year. Within the Middle East specifically, we witnessed revenue growth of approximately 30% for Q1 FY2027 as compared to Q1 FY2026, driven predominantly by same-store-sales-growth despite the impact on footfall during April due to the geopolitical tensions in the region.

International markets contributed approximately 14% to our consolidated revenue for the recently concluded quarter.

Our digital-first jewellery platform, Candere, recorded a revenue growth of approximately 112% during the recently concluded quarter as compared to the same period during the last year.

During the recently concluded quarter, we launched 12 Kalyan showrooms and 5 Candere showrooms in India.

The ongoing quarter has started off well and we are upbeat about the new showroom launches, gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country.

As of June 30, 2026, our total number of showrooms across India and international markets stood at 524:

  • Kalyan India – 354
  • Kalyan Middle East – 38
  • Kalyan USA – 2
  • Kalyan UK – 1
  • Candere – 129

The metrics and other details provided above are subject to the Limited Review process by our Statutory Auditors. Post approval of the results for the quarter ended June 30, 2026 by the Board of Directors, a detailed information update will follow. Revenue figures provided above refer to revenue from sale of goods (excluding bullion).

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