Whalesbook
Record Gold ETF Holdings in India
Indian gold exchange-traded funds (ETFs) have witnessed an unprecedented surge in holdings, climbing 65% to reach 95 tonnes by the end of 2025. This significant expansion propels Indian ETFs to the sixth position globally in terms of gold reserves. This marks a substantial leap from their eighth-place ranking at the close of 2024, when holdings stood at 57.5 tonnes.
India Becomes Top Tier ETF Market
The nation solidified its status as a major player in the precious metals investment arena, emerging as the third-largest market worldwide for ETF net inflows. In 2025, Indian gold ETFs attracted an estimated $4.4 billion, a more than threefold increase from the $1.3 billion recorded in the preceding year. The United States and China remain the dominant markets, with inflows of $50 billion and $15.5 billion, respectively.
Assets Under Management Skyrocket
The growth in investor interest is vividly reflected in the assets under management (AUM) for gold and silver ETFs, which collectively surpassed ₹2 trillion in December 2025. This represents nearly a fourfold increase from the beginning of the year. Specifically, gold ETF AUM tripled during the year, growing from ₹44,600 crore to an impressive ₹1.3 trillion.
Rallying Gold Prices Fuel Demand
This dramatic increase in gold ETF popularity coincides with a strong performance in gold prices, which returned over 60% in 2025. Analysts attribute this rally to a confluence of factors including elevated geopolitical and economic uncertainties, a weakening U.S. dollar, and positive price momentum. Both individual investors and central banks have boosted their gold allocations to enhance diversification and seek stability.