Gold Buyers Turn Price Corrections into Buying Opportunities, Says Titan MD Ajoy Chawla

Indian Gold Demand Remains Strong Despite Price Volatility​

New Delhi, February 15: Volatility in gold prices has not discouraged Indian consumers. Instead, buyers are increasingly treating price corrections as entry opportunities, mirroring strategies commonly seen in the equity markets, according to Ajoy Chawla, Managing Director of Titan Company.

Chawla said that many customers who once delayed purchases amid rising prices are now adopting a more tactical approach. Rather than waiting indefinitely for a steep fall, they are stepping in during price dips.

"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 said.

Volatility Continues, but Sentiment Favors Gold​

While gold prices continue to fluctuate, demand remains resilient. Chawla noted that consumers who previously missed buying opportunities are keen to participate whenever corrections occur.

"Customers will try to participate. Those who missed out will try to get in," he said, highlighting the strong sentiment surrounding gold as an asset.

Gold prices witnessed sharp swings in early February 2026, moving between highs near Rs 1.61 lakh per 10 grams before retreating due to global cues and profit taking.

Titan’s Jewelry Business Gains Momentum​

Titan’s jewelry division, anchored by its flagship brand Tanishq, has benefited from this shift in buying behavior. The division reported a 45.6 percent rise in revenue to Rs 23,492 crore in the December quarter.

Chawla described the December quarter as “fantastic,” attributing growth to strong festive and wedding season demand, product innovation, and aggressive marketing efforts.

The company chose not to scale back on inventory, retail investments, or promotional spending during the peak season.

"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," he said.

Festive Demand, Cultural Factors and FOMO Support Buying​

Chawla said that many hesitant buyers who had delayed purchases earlier in the year eventually entered the market before the festive and wedding season, anticipating that prices would not fall further.

Global uncertainty has also influenced buying sentiment, though cultural factors remain a core driver of demand. Weddings, festivals, and personal milestones continue to reinforce gold’s position in Indian households as both a traditional and financial asset.

He also acknowledged the role of fear of missing out in supporting 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," Chawla said.

Macro Factors and Long Term View on Gold​

Gold prices remain closely linked to global macroeconomic factors, including US Federal Reserve interest rates, bond yields, and liquidity conditions.

Chawla cautioned that predicting short term movements remains difficult, especially given the volatility seen 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.

He added that corrections and price swings are inevitable in commodity markets. However, for long term investors, short term volatility may not be decisive.

"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 said.

Jewelry Division Drives Titan’s Revenue​

Titan’s jewelry business remains the largest contributor to its overall performance. In FY25, the company reported revenue of Rs 57,339 crore, with the jewelry division contributing Rs 46,571 crore, accounting for over 81 percent of total revenue.

On the near term outlook, Chawla said performance has been positive so far, though volatility in gold prices is expected to persist.

"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.