Muthoot Finance shares rise 8% as gold gains 2.5%; Manappuram and IIFL Finance also advance

Shares of three gold-finance companies rose on 4 November, led by an 8% gain in Muthoot Finance, as gold prices climbed 2.5%, according to market data reported at 2:30 PM IST. Muthoot Finance shares were trading at ₹2,728, while the moves came as the US dollar weakened after Democrats won control of both chambers of the US midterm elections.

Muthoot Finance shares trade 8% higher at ₹2,728

Market data reported at 2:30 PM IST on 4 November showed Muthoot Finance shares trading 8% higher at ₹2,728.

Manappuram shares gain 4.5%

Manappuram shares were trading 4.5% higher at 2:30 PM IST on 4 November, according to market data reported at that time.

IIFL Finance shares advance 6.5%

Market data reported at 2:30 PM IST on 4 November showed IIFL Finance shares trading 6.5% higher.

Gold reaches nearly $4,030 an ounce

Reuters reported that bullion advanced as much as 2.5% to nearly $4,030 an ounce, its biggest intraday rise since August.

A weaker dollar made gold priced in US dollars more affordable for overseas buyers, Reuters reported.

The dollar reaches a one-month low after the US election result

The US dollar reached a one-month low after Democrats won control of both the Senate and House in the US midterm elections, Reuters reported.

Global stocks fell after the result, with Reuters reporting concerns about its effect on data-centre construction and technology spending.

World Gold Council sees Indian demand at a six-year low in 2026

The World Gold Council said India's gold demand would fall to a six-year low in 2026 as elevated prices weighed on jewellery sales and investment demand moderated.

Gold fell almost 7% in October, according to Reuters.

Gold had fallen by more than a fifth since the US-Iran conflict began in late February, Reuters reported.

US payrolls report due on Friday

Markets were awaiting the US non-farm payrolls report due on Friday for information about the Federal Reserve's policy path, Reuters reported.