Indian gold ETF inflows cooled after a record September as local prices fell about 7%, while silver funds had their best month of the year.
MoneyTurkey Commodities Desk | 11 November 2026
Key points
- Net inflows into Indian gold exchange-traded funds fell 22% to 3,474.03 crore rupees (about $370 million) in October, from 4,450.61 crore rupees (about $474 million) in September, according to Association of Mutual Funds in India (AMFI) data.
- Silver ETFs took in 3,092.22 crore rupees (about $329 million), up 56.6% from 1,974.32 crore rupees (about $210 million).
- Gold ETFs have drawn about 49,399 crore rupees (about $5.3 billion) so far in 2026, already more than the 42,961 crore rupees (about $4.6 billion) raised in all of 2025.
India’s gold ETF inflows slowed in October as domestic gold prices on the Multi Commodity Exchange fell about 7% over the month, AMFI data published on Wednesday showed. Money kept coming in, though: October was another month of net inflows, and silver funds moved the other way, with inflows up 56.6% from September.
What happened
Together, gold and silver ETFs attracted about 6,566 crore rupees (about $699 million) in October, the third month in a row that combined precious-metals ETF inflows topped 6,000 crore rupees, said Nitin Agrawal, chief executive for mutual funds at InCred Money.
The wider fund industry swung back to net inflows of about 1.74 lakh crore rupees (about $18.5 billion), after net outflows of about 1.33 lakh crore rupees (about $14.2 billion) in September, mainly because money returned to debt funds. Equity fund inflows eased about 14% to 32,994 crore rupees (about $3.5 billion) from 38,307 crore rupees (about $4.1 billion).
What is driving prices
Fortune India linked the October fall in domestic gold prices to rising expectations of higher US interest rates, high crude oil prices during the West Asia crisis and a stronger US dollar.
Gold steadied on Wednesday after sliding nearly 3% on Tuesday, CNBC reported, as hotter-than-expected US inflation data left traders pricing in a Federal Reserve rate rise in December, according to CME’s FedWatch tool.
Why it matters
Gold ETF inflows stayed well above historical averages despite the monthly drop, said Nehal Meshram, senior analyst at Morningstar Investment Research India, pointing to geopolitical uncertainty, worries about global growth and the outlook for monetary policy. Suranjana Borthakhur of Mirae Asset Investment Managers (India) said October’s gold ETF inflows were still about 45% above their six-month average, Fortune India reported.
Analysts tied the jump in silver ETF buying to the metal’s dual role as a precious metal and an industrial input, with demand expected from renewable energy, electric vehicles and electronics.
Global flows
Worldwide, gold ETFs added $2.7 billion in October, lifting their holdings by 19 tonnes to a month-end record of 4,275 tonnes, the World Gold Council said on 5 November. European funds took in about $1.8 billion and Asian funds about $1.3 billion, while North American funds saw outflows of about $512 million. In the first ten months of 2026, global gold ETFs added $41 billion, the third-strongest start to a year on record.
What to watch
- The Federal Reserve’s December decision and its effect on gold
- Domestic gold prices on the Multi Commodity Exchange
- AMFI’s November data on gold and silver ETF flows
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For information only. Not investment advice.
Sources
- Fortune India: https://www.fortuneindia.com/markets/gold-etf-inflows-fall-22-to-3474-cr-in-oct-amid-price-correction-silver-etfs-see-56-jump-amfi-data/169732
- NDTV Profit: https://www.ndtvprofit.com/markets/gold-etf-inflows-fall-22-to-rs-3-474-crore-in-october-inflows-in-silver-etfs-jump-56-mom-12311435
- CNBC TV18: https://www.cnbctv18.com/personal-finance/gold-etf-inflows-fall-22-pc-october-silver-etfs-see-57-pc-jump-20031517.htm
- Upstox: https://upstox.com/news/personal-finance/mutual-funds/amfi-october-2026-data-8-key-takeaways-on-equity-mf-inflows-debt-funds-gold-and-silver-et-fs/article-203285/
- Reuters: https://www.reuters.com/business/indias-gold-etf-inflows-drop-22-october-fund-houses-halt-bulk-subscriptions-2026-11-11/
- CNBC: https://www.cnbc.com/2026/11/11/gold-edges-higher-after-sharp-selloff-fed-hike-bets-weigh.html
- World Gold Council: https://www.gold.org/goldhub/research/gold-etfs-holdings-and-flows/2026/11
- FXStreet: https://www.fxstreet.com/analysis/etf-gold-flows-slow-in-october-but-remain-positive-202611082140
