Titan’s profit jumps over 50% as gold prices climb

Titan, home to the Tanishq and CaratLane jewellery brands, posted a profit of 10.91 billion rupees (nearly $125 million) for the quarter, compared with a profit of 7.15 billion rupees a year earlier.

Spot gold prices rose 5.5% in the quarter, continuing its bullish run fuelled by investor flight to safe-haven assets due, in part, to U.S. trade jitters and tensions in the Middle East.

Overall, the company’s revenue rose 21% to 148.14 billion rupees.

Though there was no improvement in the number of customers, like-for-like domestic sales growth was still in the “double digits”, Titan said in July, citing steeper prices as consumers bought investment-grade gold coins and turned to lower-carat gold jewellery.