Inflows into gold Exchange-Traded Funds (ETF) slowed sharply in the month of July 2026, according to the latest data released by the Association of Mutual Funds in India (AMFI).
Gold ETFs received net inflows of Rs 1,559 crore last month, lower by nearly 55% from Rs 3,443 crore in June.
AMFI data shows that inflows into Gold ETFs remained positive for a second consecutive month after witnessing net outflows in May. Gold ETFs had recorded net outflows of Rs 725 crore in May.
Thus, Gold ETFs have sustained positive inflows for two consecutive months following May's single-month profit-booking episode.
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Meanwhile, in the equity segment, actively managed equity mutual funds recorded a net inflow of Rs 24,697.39 crore in July, compared to Rs 28,973.41 crore in June.
Overall industry inflows stood at Rs 2.35 lakh crore versus outflows of Rs 52,948.78 in June.
Vandana Bharti, Head of Commodity Research, SMC Global Securities noted that the key factor behind this moderation in gold ETF inflows was likely the sharp appreciation in gold prices, which may have prompted investors to adopt a more cautious stance and await better entry points.
“At elevated valuations, fresh allocations tend to become more measured by nature,” she said.
Looking ahead, she believes ETF flows remain a supportive pillar for gold, though July's data suggests investment momentum is no longer accelerating at the same rate.
“Sustained ETF inflows, continued central bank buying, and the trajectory of US monetary policy will remain key drivers for gold going forward. In sum, the underlying trend remains constructive, with July reflecting near-term moderation rather than a shift in sentiment,” added Bharti.
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