Shares of PC Jeweller rose nearly 5% in early trade on April 7 after the company reported a strong business update for the March quarter.

In opening trade, the stock rose about 4-6% to the Rs 8.45-Rs 8.65 zone and later pared some gains. It has risen about 7% over the previous five sessions.

The rally follows the company's announcement of a 32% year-on-year jump in standalone revenue for the fourth quarter of FY26, signalling improving demand. For the full fiscal year, revenue grew approximately 49% YoY, reflecting a steady recovery, particularly in wedding-led jewellery demand.

The company also highlighted continued efforts to strengthen its balance sheet, with a further 23% reduction in bank debt during the quarter under a joint settlement agreement. It reiterated its goal of becoming debt-free in the near term.

On the business front, PC Jeweller is expanding its footprint and exploring backward integration, with its subsidiary incorporating a mining entity in Chad to tap precious metal resources. It also signed an agreement with the National Skill Development Corporation to support the development of up to 2 lakh micro-entrepreneurs in the jewellery sector over the next five years.

Looking ahead, the company remains optimistic on demand driven by the upcoming wedding season and festivals like Akshaya Tritiya, while continuing to focus on retail expansion and market share gains.

Meanwhile, gold prices edged lower, extending a two-day decline, as markets assessed fresh geopolitical risks and their potential economic fallout. Investors remained cautious after Donald Trump warned of possible strikes on Iranian infrastructure, including power plants and bridges, if a deal with Tehran is not reached.

Bullion slipped as much as 0.7% to fall below $4,620 an ounce, after dropping over 2% in the previous two sessions. The escalating rhetoric has added to concerns around a prolonged conflict, which is already straining global fuel supplies and fuelling inflation worries.

Now in its sixth week, the conflict has increased expectations that central banks may delay rate cuts or even consider tightening policy further. Bond markets reflected this sentiment, with US Treasury yields holding firm as traders bet the Federal Reserve will likely keep interest rates elevated for longer. Higher rates typically weigh on gold, as the metal does not offer any yield.

Gold has declined roughly 12% since tensions in the Middle East intensified in late February. Its traditional safe-haven appeal has also been dented, as investors sell holdings to cover losses in other asset classes. Meanwhile, the metal has been moving largely inversely to oil prices, which have continued to rise in recent sessions.