India’s Gold ETFs log record $2.49 bln inflows in January, eight-month streak continues

Gold

• India's gold ETFs saw $2.49 billion inflows in Jan 2026, up 98% from Dec.
• Global gold ETFs recorded $19 billion inflows in Jan, a record monthly intake.
• Geopolitical tensions and Fed uncertainty boosted gold ETF demand worldwide.

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India’s gold exchange-traded funds attracted net inflows of $2.49 billion in January 2026, marking a 98 percent increase from the $1.25 billion recorded in December, according to data from the World Gold Council. The inflows represent the eighth consecutive month of gains for the segment.

Except for March and May, every month of 2025 recorded net inflows into gold ETFs. Total inflows for 2025 stood at $4.68 billion, a rise of 262 percent from $1.29 billion in 2024. By comparison, India’s gold ETFs had received around $310 million in 2023 and $33 million in 2022.

Globally, investors continued to increase allocations to physically backed gold exchange-traded funds at the start of the year. In January, global gold ETFs recorded inflows of $19 billion, the strongest monthly intake on record. Net buying during the month, combined with a 14 percent rise in gold prices, lifted global gold ETF assets under management to a record $669 billion, reflecting a 20 percent increase over the month. Collective global holdings rose by 120 tonnes to 4,145 tonnes, also reaching an all-time high.

Asian gold ETFs reported inflows of $10 billion in January, significantly above their 2025 monthly average and marking their fifth consecutive month of net additions. This was the strongest monthly inflow on record for the region.

All regions reported inflows during January, with North America and Asia driving global demand. North America posted its second-highest monthly inflow on record, while Asia registered its largest. Europe also saw notable inflows amid elevated geopolitical and trade tensions, while other regions extended their positive momentum for a second straight month.

According to the World Gold Council report, despite a decline in gold prices toward the end of the period, all regions except Europe recorded net inflows on both 30 January and 2 February, as investors added exposure during the price dip. Gold prices experienced a sharp pullback late in the month following the nomination of Kevin Warsh as the new Federal Reserve Chair. Prices had risen sharply through January, making a correction more likely. Even amid increased volatility, the region continued to record net positive flows on the final trading day of the month.

During January, inflows were supported by the earlier price rally and heightened geopolitical tensions involving the $ and regions such as Iran, Greenland and parts of Europe. Although the Federal Reserve kept interest rates unchanged and cited expanding economic activity while maintaining a cautious outlook on future policy decisions, uncertainty surrounding central bank independence persisted.

Investor focus remained on whether Kevin Warsh, if appointed, would align more closely with President Trump’s preferences, while the Justice Department’s subpoena of Chair Powell added to uncertainty over the future path of monetary policy. This backdrop, along with expectations of eventual rate cuts, continued to underpin demand for gold ETFs, the report added.