Global gold prices have declined by over 6% in 2026 after touching record highs in 2025. According to data from TradingView, gold’s year-to-date (YTD) return stood at -6.36%, with the metal trading at around $4,045 per troy ounce on 11 November.
However, the correction in global gold prices has not translated into losses across Indian gold ETFs. Several funds have delivered positive returns this year, with the top performers generating gains of over 7.5%.
This is partly because a weaker Indian rupee against the US dollar can cushion the impact of falling international gold prices. Since India imports most of its gold, a weaker rupee makes gold imports more expensive, supporting domestic prices.
According to Quantum Mutual Fund Gold Outlook report, gold ended 30 October at $3,875 per troy ounce, registering a monthly decline of approximately 6.87%. The correction also pulled prices nearly 30% below the record high recorded in late January.
Despite the price decline, investor interest in gold remained strong. Global gold ETFs recorded cumulative net inflows of $1.2 billion through 23 October, while their aggregate holdings increased by approximately 10 tonnes during October, according to the report.
How much could you have earned by investing in top gold ETFs in India in 2026?
Despite the decline in international gold prices, Indian gold ETFs have remained in positive territory on a year-to-date basis.
Among the top performers, 360 ONE Gold ETF delivered a return of 7.54%, followed by Choice Gold ETF at 6.68%.
| Gold ETF | YTD return (%) |
| 360 ONE Gold ETF | 7.54 |
| Choice Gold ETF | 6.68 |
| Kotak Gold ETF | 6.60 |
| Invesco India Gold ETF | 6.57 |
| SBI Gold ETF | 6.45 |
*Source: Morningstar, Returns as on 9 November 2026, INR Returns
A ₹1 lakh investment in 360 ONE Gold ETF would have grown to approximately ₹1,07,540, based on its YTD return of 7.54%.
Which gold ETFs delivered lowest returns in 2026?
Not all gold ETFs generated returns at the same pace. LIC MF Gold ETF recorded a YTD return of 1.98%, the lowest among the funds listed. UTI Gold ETF followed with 2.73%, while DSP Gold ETF delivered 5.19%.
| Gold ETF | YTD Return (%) |
| LIC MF Gold ETF | 1.98 |
| UTI Gold ETF | 2.73 |
| DSP Gold ETF | 5.19 |
| Motilal Oswal Gold ETF | 5.50 |
| Baroda BNP Paribas Gold ETF | 5.52 |
*Source: Morningstar, Returns as on 9 November 2026, INR Returns
Why did gold prices fall despite continued investor demand?
According to the Quantum Mutual Fund report, the 6.87% correction in October was driven by a combination of rising oil prices, persistent inflation, expectations of tighter US monetary policy, and elevated real bond yields.
Although the US Federal Reserve held interest rates in the 3.75%-4.00% range on 28 October, markets continued to anticipate the possibility of another rate hike in December.
Higher real yields and a relatively strong US dollar generally make gold less attractive because the precious metal does not generate interest income. These factors therefore put pressure on gold prices.
Can global gold prices recover from the correction?
Quantum Mutual Fund believes the fundamentals supporting gold remain intact, even though prices have corrected. Elevated government debt, global economic uncertainty and geopolitical tensions could continue to support demand for the precious metal.
The report also highlights the possibility of a stagflationary scenario if US economic growth slows while inflation remains elevated. Such conditions could bring investors back to gold as a portfolio diversifier.
However, the near-term direction will depend on inflation trends, Federal Reserve policy, and movements in real yields and the US dollar.
Disclaimer: This is for informational purposes only and does not constitute investment advice. Investors should assess their financial goals and risk appetite before making investment decisions.