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JPMorgan Starts Coverage of Gold Financiers With Price Targets

JPMorgan Chase logoJPMorgan Chase
Sig0.95Sen+1.50Env0.00Soc0.00Gov0.00

JPMorgan initiated coverage on gold financing companies Manappuram Finance, Muthoot Finance and IIFL Finance, setting price targets of ₹750 for IIFL, ₹3,400 for Muthoot and ₹395 for Manappuram. It expects gold loans’ share of system credit to rise to 10% over five years as gold becomes more monetizable, and forecasts gold prices could rebound to $5,000 an ounce by end-2027.

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