The Indian investment landscape has reached a historic turning point as the combined Assets Under Management (AUM) for gold and silver Exchange-Traded Funds (ETFs) officially crossed the ₹3 lakh crore mark in January 2026. This surge represents a near-tripling of assets in just five months, signaling a massive shift in investor sentiment toward precious metals.
Record-Breaking Growth: From ₹1 Lakh to ₹3 Lakh Crore
According to the latest data from the Association of Mutual Funds in India (AMFI), the momentum for precious metal ETFs accelerated at an unprecedented pace. In August 2025, the combined AUM stood at approximately ₹1 lakh crore. By the end of January 2026, that figure skyrocketed to over ₹3,00,000 crore.
AUM Breakdown (January 2026)
| Asset Class | Estimated AUM |
| Gold ETFs | ₹1.84 Lakh Crore |
| Silver ETFs | ₹1.16 – ₹1.17 Lakh Crore |
| Combined Total | Exceeding ₹3 Lakh Crore |
Investors Pivot: ETFs Outshine Equity Inflows
For the first time in Indian market history, monthly net inflows into precious metal ETFs surpassed those of equity mutual funds.
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Total Monthly Inflow: January 2026 saw a combined net inflow of roughly ₹33,503 crore into gold and silver ETFs.
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Gold vs. Equity: Gold ETFs alone attracted record inflows of ₹24,040 crore, edging out equity mutual fund inflows, which hovered around ₹24,029 crore for the same period.
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Silver Surge: Silver ETFs witnessed a staggering 139% month-on-month growth in inflows, rising from ₹3,962 crore in December to ₹9,463 crore in January.
Why the Rush to Precious Metals?
Market analysts attribute this “bullion fever” to a perfect storm of global and domestic factors. While the broader mutual fund industry grew to an AUM of ₹81 lakh crore, the specific focus on gold and silver highlights a move toward “safe-haven” assets.
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Price Volatility: Fluctuating global bullion prices have encouraged investors to enter the market via the liquid and transparent ETF route.
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Global Economic Concerns: Expectations of US rate cuts and geopolitical tensions have bolstered the appeal of gold as a hedge against inflation.
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Digital Convenience: Indian investors are increasingly favoring ETFs over physical gold due to the lack of storage costs, high liquidity, and ease of trading on stock exchanges.
Surge in Investor Accounts (Folios)
The number of investor accounts, or folios, tells the story of retail participation. Silver ETF folios saw a meteoric rise of 323% in five months, jumping from 11.31 lakh to 47.85 lakh. Meanwhile, Gold ETF folios crossed the 1 crore milestone, ending January at 1.14 crore accounts.
This milestone confirms that gold and silver are no longer just traditional ornaments in India; they have become core components of the modern digital portfolio.
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