New Delhi, Feb. 5 -- In 2024, gold delivered 20% gain compared with the Nifty's 8.7% gain. In 2025, the upward momentum continued with gold rising 78% while the Nifty was 10.5%.

Gold price has moved sharply since February 2024 from 64,000 per 10 gm to Rs.168,000 currently, a gain of about 162% in two years. That's a compounded annualised growth rate (CAGR) of 62%.

But one stock has been a disappointment for investors over the last few years: Kalyan Jewellers.

After a stellar run-up in the 2022-2024 period, the stock has languished. It peaked along with the Nifty back in September 2024 and significantly underperformed the market since. A long-term chart of the stock price makes that clear.







So, what explains the decline in the sha...