Titan Company’s domestic sales rose 19% in the first quarter led by higher gold prices, outpacing the 9.3% growth from a year ago, the Indian jewellery and watch maker said on Monday.

Its mainstay domestic jewellery business, which contributes close to 90% to its overall revenue, grew 18% year-on-year, the company said in a business update.

Gold prices have risen in the past two quarters, as investors fled to the safe haven amid U.S. President Donald Trump’s shifting trade policies and tensions in the Middle East.

Spot gold was up 5.5% in the three months ended June 30.

For Titan, higher prices of the precious metal led to a growth of low double digits percentage in like-to-like domestic sales across its brands Tanishq, Mia and Zoya, the company said.

Its watches business, the second largest by revenue, clocked a sales growth of 23%, driven by higher prices and volumes, Titan said.

News Credits- FASHION NETWORK