Gold ETFs alone recorded ₹24,050 crore in inflows, nearly double December’s ₹11,647 crore, while silver ETFs pulled in ₹9,463 crore, highlighting broadening investor appetite for exchange-traded products beyond equities.
Other ETFs — including thematic and index-linked products — also saw higher participation, attracting ₹15,006 crore versus ₹13,199 crore in December.
| Category | January 2026 (₹ crore) | December 2025 (₹ crore) |
| Gold ETFs | 24,050 | 11,647 |
| Silver ETFs | 9,463 | 3,962 crore |
| Gold + Silver ETFs | 33,503 | 11,647 + 3,962 (15,609) |
| Equity MF | 24,013 | 28,035 |
Equity fund inflows moderate
Equity mutual funds recorded a modest slowdown in net inflows, down 14% from December. Large-cap funds drew ₹2,005 crore compared with ₹1,567 crore in December, while mid-cap and small-cap funds saw inflows decline to ₹3,185 crore and ₹2,942 crore, respectively.
Sectoral and thematic funds attracted ₹1,043 crore versus ₹946 crore in the previous month.
Monthly SIP contributions remained steady at ₹31,002 crore, underscoring consistent retail participation.
Global backdrop supports domestic gold demand
The surge in gold ETFs aligns with global trends.
Data from the World Gold Council shows that January inflows alone accounted for 12.5% of total gold ETF assets under management in India. Analysts attribute the surge to a mix of macroeconomic uncertainty, market corrections, and investor appetite for a hedge against volatility.
Rochan Pattnayak, Chief Investment Officer at Choice AMC, said, “Gold-linked ETFs experienced a near-term pullback after strong gains in 2025 and early 2026, creating what investors viewed as a buying opportunity. Despite short-term volatility, gold’s long-term relevance remains intact, supported by limited supply growth, persistent geopolitical risks, and steady central bank demand.”
He added that investors should maintain disciplined exposure of 10–15% of a diversified portfolio, depending on risk profile, noting that prices are likely to remain well supported unless financial flows reverse sharply.
Sandeep Bagla, CEO of TRUST Mutual Fund, noted that the strong SIP engine is continuing, but a noticeable shift is underway from equity to gold ETFs. He attributed the move to recent equity underperformance, global market volatility, and geopolitical uncertainties, which encouraged investors to seek safer, high-performing avenues.
Bagla added that renewed clarity and foreign institutional investor (FII) participation in the current month could influence the next wave of inflows.
Nehal Meshram, Senior Analyst, Morningstar Investment Research India, observed that the January surge in gold ETFs reflects strong ongoing demand, driven by safe-haven and diversification motives.
“Part of the strength likely reflects fresh allocations at the start of the year, as investors rebalance portfolios and add hedges after a volatile period across risk assets,” he said.
Meshram added that gold ETFs benefit from their regulated, liquid, and cost-efficient structure, making them an easy “add-on” allocation in uncertain macro conditions. The persistence of strong flows also indicates gold’s structural role in Indian portfolios, as investors remain mindful of inflation, currency volatility, and global geopolitical uncertainty.
FYTD flows
Year-to-date (FYTD), gold ETFs alone have attracted ₹61,000 crore, stressing sustained investor interest in precious metals as an asset class, even as equity markets remain volatile.