Gold exchange-traded funds (ETFs) witnessed a moderation in investor inflows in October, even as silver ETFs gained traction, signalling a shift in the distribution of investments within the precious metals category.
The decline in gold collections came alongside a 7 per cent fall in Multi Commodity Exchange (MCX) gold prices during the month, although cumulative investments in gold ETFs remain ahead of the previous year’s full-year total.
According to the latest data released by the Association of Mutual Funds in India (AMFI), gold ETFs attracted net inflows of Rs 3,474.03 crore in October, nearly 22 per cent lower than the Rs 4,450.61 crore recorded in September.
However, the monthly slowdown does not indicate a loss of investor interest in the category. Gold ETFs have garnered approximately Rs 49,399 crore between January and October 2026, already exceeding the Rs 42,961 crore collected during the whole of 2025.
Silver ETFs moved in the opposite direction. Inflows into these funds increased more than 56 per cent month on month to Rs 3,092.22 crore in October, compared with Rs 1,974.32 crore in September.
Together, gold and silver ETFs attracted around Rs 6,566 crore during the month, reflecting sustained demand for precious metals despite the moderation in gold-related investments. Nitin Agrawal, Chief Executive Officer, Mutual Funds, InCred Money, said the combined inflows into precious metals ETFs have remained above Rs 6,000 crore for the third consecutive month.
“Gold ETF inflows moderated to Rs 3,474 crore from September’s Rs 4,451 crore but remain structurally elevated. Silver ETF inflows accelerated to Rs 3,092 crore. Together, precious metals ETFs attracted Rs 6,566 crore in October, the third consecutive month above Rs 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.
The broader ETF segment also recorded stronger collections. Equity ETF inflows rose more than 30 per cent to Rs 12,973.78 crore in October. Debt ETFs returned to positive territory, attracting Rs 751.11 crore after witnessing net outflows of Rs 883.9 crore in September.
Overall ETF inflows crossed Rs 20,000 crore during October, highlighting continued investor participation across asset classes.
Suranjana Borthakhur, Head of Distribution and Strategic Alliances at Mirae Asset Investment Managers (India), said the steady flow of investments through systematic investment plans (SIPs) and the rise in ETF collections reflected the resilience of domestic investors.
“The SIP book has also been steady for several months and has become a stabilising force for the market. ETF inflows crossed Rs 20,000 crore, with equity ETFs rising to about Rs 12,900 crore. Gold ETF inflows fell 22 per cent month on month but were about 45 per cent above the 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.
Mutual Fund Industry Returns To Net Inflows
Beyond ETFs, the broader mutual fund industry staged a significant recovery in October. The industry recorded net inflows of Rs 1.73 lakh crore, reversing the net outflows of Rs 1.33 lakh crore seen in September.
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“October’s rebound is best read as a liquidity swing, not a broad shift in investor appetite. Debt flows reversed from Rs 1.83 lakh crore of outflows to Rs 1.13 lakh crore of inflows, which reflects corporate and institutional treasury money returning to liquid, overnight and money market funds after September’s outflows,” said Sumit Singhania, Head of Research, Bajaj Broking.
The key things to watch are whether liquid-fund inflows hold up beyond the quarter-end cycle, and whether equity inflows stay above Rs 30,000 crore while FPI selling continues, he added.
SIP contributions, however, eased marginally to Rs 32,160 crore in October from Rs 32,490 crore in September. Collections had stood at Rs 32,297 crore in August, indicating that monthly contributions have remained broadly stable above Rs 32,000 crore.
The industry’s assets under management (AUM) increased 0.9 per cent month on month to Rs 83.39 lakh crore in October, compared with Rs 82.64 lakh crore in September.