The assets under management (AUM) of gold and silver exchange-traded funds (ETFs) surged to over Rs 3 lakh crore in January, as reported by the Association of Mutual Funds in India (AMFI). This marked a significant increase from Rs 1 lakh crore in August 2025, driven by strong investor inflows despite price volatility. The number of gold ETF folios rose to 1.14 crore from 80.34 lakh, while silver ETF folios increased to 47.85 lakh from 11.31 lakh during this period.
January witnessed all-time high inflows, with gold ETFs attracting Rs 24,039 crore and silver ETFs receiving Rs 9,463 crore, according to AMFI data. These combined inflows surpassed equity fund inflows for the month. In December, inflows into gold and silver ETFs amounted to Rs 15,609 crore, compared to Rs 28,055 crore for equity funds.
Analysts noted a shift towards defensive assets by investors amidst uncertainty in the macroeconomic environment, leading to a temporary reallocation. They recommended maintaining disciplined allocations of around 10–15% of a portfolio to precious metals for long-term investors. It was advised to make staggered investments through systematic plans rather than lump-sum purchases at high levels.
The AUM of open-ended equity-oriented schemes reached Rs 34.86 lakh crore by January end, with open-ended debt-oriented schemes managing Rs 18.90 lakh crore. Himanshu Srivastava from Morningstar Investment Research India mentioned that despite market volatility, flows remained positive, supported by steady SIP contributions and confidence in the long-term growth prospects of Indian equities. The moderation in overall inflows was attributed to a slowdown in the mid and small-cap segments, while large-cap and focused funds saw increased inflows in January compared to December.
