Gold ETF inflows decline 22% to ₹3,470 crore in October: Are investors turning cautious on gold?
According to data released by the Association of Mutual Funds in India (AMFI), gold ETFs attracted net inflows of ₹3,474.03 crore in October, compared with ₹4,450.61 crore in September, representing a decline of 21.9%.
- Nov 11, 2026,
- Updated Nov 11, 2026 5:28 PM IST
Gold exchange-traded funds (ETFs) witnessed a nearly 22% decline in net inflows in October 2026, even as silver ETFs attracted significantly higher investments. The contrasting trends have raised questions about whether investors are becoming cautious on gold following the recent correction in precious metal prices.
According to data released by the Association of Mutual Funds in India (AMFI), gold ETFs attracted net inflows of ₹3,474.03 crore in October, compared with ₹4,450.61 crore in September, representing a decline of 21.9%.
The moderation coincided with a correction in domestic gold prices, with MCX gold declining approximately 7% during October.
However, despite the slowdown, gold ETFs continued to receive positive net investments, indicating that investors have not abandoned the precious metal.
Silver ETFs outperform gold in attracting investments
According to data released by the Association of Mutual Funds in India (AMFI), gold ETFs attracted net inflows of ₹3,474.03 crore in October, compared with ₹4,450.61 crore in September, representing a decline of 21.9%.
Silver ETFs attracted ₹3,092.22 crore in October, up 56.6% from ₹1,974 crore in September.
Together, gold and silver ETFs received ₹6,566.25 crore during October, compared with approximately ₹6,425 crore in the previous month.
This suggests that overall investor interest in precious metals remained resilient despite fluctuations in allocations between gold and silver.
The latest Equirus mutual fund tracker also highlighted the moderation in gold ETF inflows, placing October investments at approximately ₹3,470 crore against ₹4,450 crore in September.
MUST READ: US debt crisis fears rise after Trump's defeat: Could gold gain as stocks and bonds turn volatile?
Are investors losing interest in gold?
Market experts suggest that the decline in monthly inflows should not necessarily be interpreted as weakening long-term investor confidence.
Saugata Chatterjee, President and Deputy CEO of Nippon India Mutual Fund, observed that while gold ETF inflows moderated, silver ETFs witnessed increased participation.
According to him, the trend indicated continued investor interest in precious metals as part of diversified portfolios.
Suranjana Borthakhur, Head of Distribution and Strategic Alliances at Mirae Asset Investment Managers (India), highlighted that gold ETF inflows declined approximately 22% month-on-month but remained around 45% above their six-month average.
This indicates that demand for gold-backed investment products remained relatively strong compared with recent historical levels.
What does the gold price correction mean for investors?
The approximately 7% correction in MCX gold prices during October may have influenced investor sentiment, although the available data does not establish a direct relationship.
MUST READ: Gold falls 21% globally but only 15% in India: How the rupee protected investors
Some investors may have reassessed their allocations following recent price movements, while others may have continued investing for portfolio diversification.
Gold is generally considered a portfolio diversifier, particularly during periods of economic uncertainty and currency volatility.
Silver, meanwhile, has both investment and industrial demand drivers, potentially making its price movements more volatile.
Should investors continue investing in gold ETFs?
Financial planners generally recommend viewing precious metals as part of a diversified investment portfolio rather than pursuing short-term price movements.
Gold ETFs provide exposure to domestic gold prices without the storage and security concerns associated with physical bullion.
However, investors should consider expense ratios, tracking differences, taxation and market volatility before investing.
Importantly, October's lower gold ETF inflows do not establish a sustained shift towards silver. Investment decisions should depend on individual financial goals, risk tolerance and overall asset allocation rather than a single month's fund-flow data.
ALSO READ: Gold at $3,800–4,000: Could an AI spending crash trigger the next bullion rally? Jefferies explains
Gold exchange-traded funds (ETFs) witnessed a nearly 22% decline in net inflows in October 2026, even as silver ETFs attracted significantly higher investments. The contrasting trends have raised questions about whether investors are becoming cautious on gold following the recent correction in precious metal prices.
According to data released by the Association of Mutual Funds in India (AMFI), gold ETFs attracted net inflows of ₹3,474.03 crore in October, compared with ₹4,450.61 crore in September, representing a decline of 21.9%.
The moderation coincided with a correction in domestic gold prices, with MCX gold declining approximately 7% during October.
However, despite the slowdown, gold ETFs continued to receive positive net investments, indicating that investors have not abandoned the precious metal.
Silver ETFs outperform gold in attracting investments
According to data released by the Association of Mutual Funds in India (AMFI), gold ETFs attracted net inflows of ₹3,474.03 crore in October, compared with ₹4,450.61 crore in September, representing a decline of 21.9%.
Silver ETFs attracted ₹3,092.22 crore in October, up 56.6% from ₹1,974 crore in September.
Together, gold and silver ETFs received ₹6,566.25 crore during October, compared with approximately ₹6,425 crore in the previous month.
This suggests that overall investor interest in precious metals remained resilient despite fluctuations in allocations between gold and silver.
The latest Equirus mutual fund tracker also highlighted the moderation in gold ETF inflows, placing October investments at approximately ₹3,470 crore against ₹4,450 crore in September.
MUST READ: US debt crisis fears rise after Trump's defeat: Could gold gain as stocks and bonds turn volatile?
Are investors losing interest in gold?
Market experts suggest that the decline in monthly inflows should not necessarily be interpreted as weakening long-term investor confidence.
Saugata Chatterjee, President and Deputy CEO of Nippon India Mutual Fund, observed that while gold ETF inflows moderated, silver ETFs witnessed increased participation.
According to him, the trend indicated continued investor interest in precious metals as part of diversified portfolios.
Suranjana Borthakhur, Head of Distribution and Strategic Alliances at Mirae Asset Investment Managers (India), highlighted that gold ETF inflows declined approximately 22% month-on-month but remained around 45% above their six-month average.
This indicates that demand for gold-backed investment products remained relatively strong compared with recent historical levels.
What does the gold price correction mean for investors?
The approximately 7% correction in MCX gold prices during October may have influenced investor sentiment, although the available data does not establish a direct relationship.
MUST READ: Gold falls 21% globally but only 15% in India: How the rupee protected investors
Some investors may have reassessed their allocations following recent price movements, while others may have continued investing for portfolio diversification.
Gold is generally considered a portfolio diversifier, particularly during periods of economic uncertainty and currency volatility.
Silver, meanwhile, has both investment and industrial demand drivers, potentially making its price movements more volatile.
Should investors continue investing in gold ETFs?
Financial planners generally recommend viewing precious metals as part of a diversified investment portfolio rather than pursuing short-term price movements.
Gold ETFs provide exposure to domestic gold prices without the storage and security concerns associated with physical bullion.
However, investors should consider expense ratios, tracking differences, taxation and market volatility before investing.
Importantly, October's lower gold ETF inflows do not establish a sustained shift towards silver. Investment decisions should depend on individual financial goals, risk tolerance and overall asset allocation rather than a single month's fund-flow data.
ALSO READ: Gold at $3,800–4,000: Could an AI spending crash trigger the next bullion rally? Jefferies explains