Gold ETF inflows fall 22% to ₹3,474 cr in Oct amid price correction; silver ETFs see 56% jump: AMFI data

Gold exchange-traded funds (ETFs) witnessed a moderation in investor inflows in October 2026, with net investments declining nearly 22% month-on-month (MoM) to ₹3,474.03 crore from ₹4,450.61 crore in September, amid a correction in domestic gold prices.

Silver ETFs, however, bucked the trend, attracting ₹3,092.22 crore in October, up 56.6% from ₹1,974.32 crore in the previous month, according to the latest data released by the Association of Mutual Funds in India (AMFI).

The moderation in gold ETF inflows came as gold prices on the Multi Commodity Exchange (MCX) corrected nearly 7% during October. MCX gold futures declined from around ₹1,46,200 per 10 grams at the beginning of October to approximately ₹1,38,419 by November 1. The correction in gold prices was driven by rising expectations of higher US interest rates, elevated crude oil prices amid the West Asia crisis, and a stronger US dollar.

Despite the month-on-month decline, gold ETFs continued to attract substantial investments, with October marking another month of positive net inflows.

On a cumulative basis, gold ETFs attracted approximately ₹49,399 crore during January-October 2026, surpassing the ₹42,961 crore mobilised during the entire calendar year 2025.

Nehal Meshram, Senior Analyst, Morningstar Investment Research India, said gold ETFs continued to attract healthy investor interest, with October inflows remaining well above historical averages despite moderating from September's record levels.

"Investor interest in gold remained supported by ongoing geopolitical uncertainty, concerns around global growth, and expectations surrounding the future path of global monetary policy," Meshram said.

She added that while gold prices experienced periods of volatility during the month, investor allocations continued to reflect the metal's role as a portfolio diversifier and defensive asset rather than a purely tactical trade.

Silver ETF inflows jump 56%

While gold ETF inflows moderated, silver ETFs witnessed a sharp increase in investor demand, attracting ₹3,092.22 crore in October compared with ₹1,974.32 crore in September.

The strong inflows could reflect growing investor interest in silver's dual role as a precious metal and an industrial commodity, particularly amid expectations of rising demand from renewable energy, electric vehicles and electronics-related applications, analysts said.

Meshram said the strong inflows into silver ETFs reflected increasing investor interest in the metal's industrial demand prospects alongside its traditional role as a precious metal.

Nitin Agrawal, CEO, Mutual Funds, InCred Money, said gold ETF inflows moderated to ₹3,474 crore from ₹4,451 crore in September but remained structurally elevated. Together, gold and silver ETFs attracted ₹6,566 crore in October, marking the third consecutive month in which combined inflows into precious metals ETFs exceeded ₹6,000 crore.

"This is no longer a thematic trade. It is a structural allocation that a growing number of retail investors have incorporated into their portfolio framework," Agrawal said.

MF industry's net inflows surge to ₹1.74 lakh crore

Meanwhile, India's mutual fund industry attracted net inflows of ₹1.74 lakh crore in October, reversing the ₹1.33 lakh crore in net outflows recorded in September, largely driven by a turnaround in debt fund investments.

Equity mutual funds continued to attract positive investments, although net inflows moderated nearly 14% month-on-month to ₹32,994 crore from ₹38,307 crore in September. Meanwhile, equity ETFs attracted around ₹12,974 crore during October, taking total ETF inflows above ₹20,000 crore, according to AMFI data.

Suranjana Borthakhur, Head of Distribution & Strategic Alliances, Mirae Asset Investment Managers (India), said the systematic investment plan (SIP) book had remained steady for several months and had emerged as a stabilising force for the market.

She noted that gold ETF inflows declined 22% month-on-month but remained around 45% above their six-month average.

"Rather than reading too much into any single month, we would encourage investors to stay anchored to their goals, risk appetite and time horizon," Borthakhur said.

Sumit Singhania, Head of Research, Bajaj Broking, said the more durable signal was the resilience of domestic equity investments. Equity mutual fund net inflows of ₹32,993 crore in October remained healthy despite declining around 14% from September.

He pointed out that SIP contributions stood at ₹32,160 crore during the month, helping domestic investors absorb foreign selling in Indian equities.