New Delhi: There was a huge inflow of Gold exchange-traded funds (ETFs) in January 2026 as it recorded Rs 24,040 crore inflow. Notably, in December 2025, more than Rs 11,647 crore was pumped in Gold ETF. Importantly, it was for the first time that inflows into gold ETFs marginally surpassed those into equity mutual funds.

Commenting in the record inflows in gold ETFs in the previous month, he said the inflow was “driven by the superior one-year performance of gold and silver relative to other major asset classes”.

Varun Gupta, CEO of Groww Mutual Fund, opined that the Gold ETF inflows reflect the increasing financialisation of gold as an investment asset.

Nehal Meshram, Senior Analyst at Morningstar Investment Research India said that the investor appetite for gold remained robust, driven by its appeal as a safe-haven and diversification tool.

“Part of the strength likely reflects fresh allocations at the start of the year, as investors rebalance portfolios and add hedges after a volatile period across risk assets. Gold ETFs continue to benefit from their positioning as a regulated, liquid, and cost-efficient way to hold gold versus physical formats, making them an easy ‘add-on’ allocation during uncertain macro phases,” Meshram added.

Equity Mutual Funds inflows fall

Rs 24,029 crore was invested in the equity mutual funds in January, a decline of of 14 per cent from the previous month. The inflow was less as investor remained cautious amid subdued market conditions and ongoing geopolitical concerns.

The investors moved towards Gold and Silver which resulted in the decline in equity inflows. Swapnil Aggarwal, Director, VSRK Capital, said that a portion of investor money shifted toward commodities during this period which resulted in the decrease in MFs.

Association of Mutual Funds in India (Amfi) informed that equity inflows was recorded at Rs 28,054 crore in December and Rs 29,911 crore in November.

The retail participation through systematic investment plans (SIPs) remained steady at Rs 31,000 crore in January.

Total assets under management (AUM) stood at Rs 81.01 lakh crore in January.

Debt mutual funds recorded net inflow of Rs 74,827 crore in January. It recorded significant outflow in December.

Hybrid category witnessed inflow of Rs 17,356 crore, while Multi Asset Allocation Funds recorded strong investments of around Rs 10,485 crore.

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