Inflows into gold Exchange-Traded Funds (ETFs) declined in October 2026, according to the latest data released by the Association of Mutual Funds in India (AMFI).
Gold ETFs attracted net inflows of Rs 3,474.03 crore in October, down nearly 22% from Rs 4,450.61 crore in September.
The slowdown in inflows comes amid a 7% fall in MCX gold prices durinhg the month of October.
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“The moderation in inflows relative to September may partly reflect some profit-taking following gold's strong performance earlier in the year. Nevertheless, demand remained resilient, suggesting that investors continue to maintain strategic allocations despite elevated valuations,” said Nehal Meshram, Senior Analyst, Morningstar Investment Research India.
Strong central-bank purchases globally, persistent macroeconomic uncertainty, and demand for safe-haven assets have continued to provide a supportive backdrop for the precious metal, Meshram added.
On a cumulative basis, Gold ETFs have attracted approximately Rs 49,399 crore during January-October CY2026, already surpassing the Rs 42,961 crore collected during the entirety of CY2025.
“The sustained strength in flows highlights investors' increasing willingness to incorporate gold as a long-term portfolio allocation, particularly within diversified and multi-asset portfolios,” said Meshram.
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In contrast, silver ETFs witnessed a sharp increase in investor interest, with inflows rising over 56% month-on-month (MoM) to Rs 3,092.22 crore, compared with Rs 1,974.32 crore in the previous month.
According to Meshram, the strong inflows may reflect growing investor interest in silver's dual role as both a precious metal and an industrial commodity, particularly amid expectations of rising demand from renewable energy, electric vehicle, and electronics-related applications.
“The sustained inflows into both gold and silver ETFs suggest that investor appetite for precious metals remains strong despite elevated price levels,” Meshram added.
Meanwhile, equity ETFs recorded an increase of over 30% in inflows to Rs 12,973.78 crore during October. Debt ETFs also witnessed a turnaround, attracting inflows of Rs 751.11 crore, compared with net outflows of Rs 883.9 crore in September.
Monthly mutual fund inflows through systematic investment plans (SIPs) declined marginally to Rs 32,160 crore in October, compared with Rs 32,490 crore in September and Rs 32,297 crore in August.
Overall, the mutual fund industry recorded net inflows of Rs 1.73 lakh crore in October, reversing the trend of the previous month, when it witnessed net outflows of Rs 1.33 lakh crore.
The industry's assets under management (AUM) increased 0.9% month-on-month to Rs 83.39 lakh crore in October, compared with Rs 82.64 lakh crore in September.
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