Gold ETF Inflows Fall 22% in October 2026; Silver ETF Investments Rise 57%: AMFI

Gold exchange-traded fund (ETF) inflows fell 22% to ₹3,474.03 crore in October 2026 from ₹4,450.61 crore in September, according to data released by the Association of Mutual Funds in India (AMFI) on Wednesday, November 11. Silver ETF inflows, meanwhile, rose nearly 57% to ₹3,092.22 crore from ₹1,974.32 crore in the previous month.

The latest AMFI data showed contrasting investment trends in precious metal ETFs during October. While gold ETFs continued to attract net investments, inflows were lower than in September. Silver ETFs, meanwhile, recorded a sharp increase in monthly investments.

Fund houses, including HDFC Mutual Fund, Kotak Mahindra Mutual Fund and UTI Mutual Fund, announced restrictions on certain fresh investments around October 15 and 16. The measures did not amount to a complete suspension of gold ETF trading on stock exchanges, and redemptions were not restricted.

Despite the fall in monthly inflows, gold ETFs continued to receive more money than silver ETFs. Together, the two categories attracted ₹6,566.25 crore in October.

The latest AMFI figures also showed that overall ETF inflows increased to ₹20,303.98 crore in October from ₹15,501.40 crore in September, even as investments in gold ETFs slowed.

The data was released against a backdrop of falling gold prices in October. The precious metal had declined nearly 10% over the two months ended October 31, according to market data cited by Business Standard.

Gold ETF Inflows Decline After September High

Several asset management companies restricted fresh investments in gold ETF fund-of-funds schemes during October following discussions with market regulator Securities and Exchange Board of India (SEBI).

The restrictions covered certain fresh subscriptions and bulk investments, with the exact conditions varying across schemes.

A gold ETF fund-of-funds scheme invests in units of an underlying gold ETF. Investors can purchase units of these mutual fund schemes without opening a demat account.

Gold ETFs, on the other hand, are traded on stock exchanges and generally require a demat and trading account for buying and selling units.

The restrictions on fund-of-funds subscriptions did not mean that investors were barred from trading existing gold ETF units on exchanges.

According to Reuters, the measures came amid concerns about the impact of gold imports on India’s trade deficit and the rupee. India depends heavily on imports to meet domestic gold demand, particularly during the festive and wedding seasons.

The restrictions were introduced shortly before the festive period, when demand for physical gold and gold-backed investments typically increases.

Gold ETF inflows had reached ₹4,450.61 crore in September, their highest level in seven months, before declining by ₹976.58 crore in October.

The AMFI data records the change in net investments but does not separately quantify how much of the decline resulted from the subscription restrictions or movements in gold prices.

Silver ETF Inflows Jump 57% in October

Silver ETFs attracted ₹3,092.22 crore in October, an increase of ₹1,117.90 crore from September’s ₹1,974.32 crore.

This represented a month-on-month rise of 56.6%, even as gold ETF inflows declined over the same period.

Silver ETFs invest primarily in physical silver or silver-related instruments, allowing investors to gain exposure to the metal without purchasing and storing it directly.

The increase in silver ETF inflows came despite volatility in precious metal prices during October.

Equity ETFs also recorded higher investments during the month. Net inflows increased to ₹12,973.78 crore from ₹9,959.96 crore in September.

Overall ETF inflows rose by ₹4,802.58 crore, or nearly 31%, to ₹20,303.98 crore.

Across the broader mutual fund industry, equity mutual fund inflows declined nearly 14% to ₹32,993.64 crore, while debt mutual funds attracted ₹1.13 lakh crore.

Total mutual fund industry net inflows stood at approximately ₹1.74 lakh crore in October, reversing September’s net outflows.

The October figures show that gold ETFs continued to attract net investments despite the monthly decline, while silver ETFs recorded stronger inflows compared with September.

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