In New Delhi, February 15 The volatility in gold prices has not deterred Indian buyers. Customers are increasingly viewing price corrections as opportunities to enter the market, similar to equity investors, according to Ajoy Chawla, Managing Director of Titan Company.
Many consumers who had previously hesitated due to rising prices are now changing their strategy, choosing to buy during dips rather than waiting indefinitely.
"People have learned from their experience of waiting, so they are now using every correction to enter the market, just as they do in the stock market," Chawla told news agency PTI.
He acknowledged that volatility continues to characterize the gold market, but demand remains strong. "Customers will try to participate. Those who missed out will try to get in," he said, emphasizing the strong sentiment surrounding gold.
Titan's jewelry division, including the flagship Tanishq brand, has benefited from this trend, supported by product innovation and festive demand in the December quarter.
Gold prices experienced significant volatility in early February 2026, fluctuating between highs near Rs 1.61 lakh per 10 grams and subsequent drops amid global cues and profit-taking.
According to Chawla, many hesitant buyers who waited in the first half of the year began purchasing gold before the festive and wedding season, anticipating that prices would not decline further.
Global uncertainty also contributed to the sentiment, he added, noting that cultural factors continue to underpin demand.
"Therefore, weddings, festivals, and milestones mean that customers, especially women, are telling their husbands that all your investments should be in gold. But see, we have always been wiser, and now you should listen to me when I tell you to buy jewelry. It is an asset, not an expense," he said.
Chawla suggested that this dynamic is playing out in many households, with men becoming more cautious as women assert the security of gold as an investment.
He further noted that a fear of missing out (FOMO) also drove demand.
"So there was a fear of missing out. People jumped in, saying it's better to buy now than regret later. And that continued until January," said Chawla.
However, he also cautioned against making predictions, pointing to the volatility over the past two to three years.
"Sometimes, you cannot predict how a month will go. The first half may go very well, and the second half will see a certain slowdown, and vice versa," he said.
The company's approach, he explained, has been to maximize gains when demand is strong.
"When things are good, and there is an opportunity to buy, whether it's a wedding or festival, we should make the most of it because we don't know what will happen in the next month or 15 days," Chawla said.
He pointed out that gold prices remain connected to broader macroeconomic factors such as US Federal Reserve interest rates, bond yields, and global liquidity.
"We cannot predict it, but... what many investment advisors and financial sector professionals say is that central banks worldwide need to reduce risk, and therefore, they see gold as a structural play," Chawla said.
At the same time, he cautioned that volatility is "inevitable" as there will be corrections from time to time, as in any commodity pricing.
"There will be corrections, there will be ups and downs, and there will be volatility. So, it can be risky, but if you are playing the long game, it may not matter," he added.
Asked about the December quarter, Chawla said it was "fantastic," and the growth was driven by Titan's jewelry division, which reported a 45.6% increase in revenue to Rs 23,492 crore.
Chawla said Titan chose not to compromise on inventory, retail investments, or marketing during the festive and wedding season in the December quarter.
"In fact, we went all out on marketing. We said this is the time to gain market share. So, we were very aggressive on marketing, focusing on visibility, freshness, innovation, and celebrity endorsements," Chawla said.
On the outlook for the jewelry division, he said it has been positive so far, but volatility is expected to continue.
"One good month does not mean the next month will be very good. Now that gold prices are fluctuating, rather than just showing an upward trend, we will wait and see. So far, it's decent. It's good. I am not unhappy about it," he said.
Titan's jewelry division is the largest contributor to the company. In FY25, Titan's revenue reached Rs 57,339 crore, with its jewelry division contributing Rs 46,571 crore – over 81%.