Gold ETFs kept attracting high investor interest in October with net inflows of ₹7,743 crore, after a record-setting September with ₹8,363-crore inflows, showed data from the Association of Mutual Funds of India (Amfi). Cumulative net inflows in gold ETFs hit ₹27,573 crore in 2025.
“Gold continued to attract tactical allocations, supported by an improving global sentiment,” said Kartik Jain, MD & CEO, Shriram AMC. Total assets under management for the gold ETF category surpassed ₹1.02 lakh crore in October. Gross flows to index funds, gold and other ETFs collectively stood at Rs 42,113 crore.
India ranked third globally in gold ETF inflows in October. Returns from major gold ETFs were above 60% in the last one year.
“Lacklustre equity performance since September 2024 ushered investors’ preference for hybrid investments,” said Vaiibhavv Chugh, CEO, Abakkus Mutual Fund.
“The trends we are seeing clearly indicate a shift in asset allocation in favour of commodities such as gold and silver. In the last two months, net sales of gold ETFs have gone up 300% to over Rs 7,500 crore last month,” said Akhil Chaturvedi, executive director and chief business officer, Motilal Oswal Asset Management Company.
Asset allocation funds such as multi-asset funds with exposure to gold are also witnessing sustained flows. Gold and silver have outperformed Indian equities over one year and the shift in the allocation pattern is on expected lines.
On Tuesday, the safe haven asset rallied ₹850 to trade at ₹1,24,800, up 0.70%, on optimism around the possible reopening of the US government. This could strengthen the Federal Reserve’s case for maintaining lower rates in the December meeting, which is a positive for bullion, said experts.
The metal had cooled off slightly after hitting record highs. Global interest rate expectations shape near-term prices of gold and silver. While central banks continue to accumulate gold despite high prices, prolonged US government shutdown and trade negotiations between the US and China will influence the price of bullion, said analysts.
“Volatility is expected to remain elevated. Gold is likely to trade within a broad range of ₹1,22,500–₹1,26,000,” said Jateen Trivedi, VP – commodity and currency, LKP Securities. Gold ETFs are among more resilient compared to other ETFs.
Silver, supported by supply tightness and industrial demand, had outperformed gold this year. The momentum could continue given rising demand from EVs and solar manufacturing, said experts. Meanwhile, base metals, particularly copper, rallied on tightening supply and strong demand from renewables.
Domestic investors are increasingly adopting diversified, goal-oriented approaches for wealth creation, said experts.