Indian Gold ETFs see $1.25 billion inflows in December, highest ever

Gold ETF

• Indian gold ETFs had record $1.25B inflows in Dec 2025, up 231%.
• India ranked second globally in gold ETF inflows for December, after the US
• Global gold ETF inflows hit $89 billion in 2025, the highest on record

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India’s gold exchange-traded funds recorded their highest-ever monthly inflows in December, leading Asia and highlighting rising investor interest in the yellow metal.

Data from the World Gold Council showed that Indian gold ETFs attracted $1.25 billion in net inflows in December 2025, a jump of 231 percent from $379 million in November. This marked the seventh consecutive month of inflows, with only March and May seeing outflows during the year.

India ranked second globally in ETF inflows for the month. The US topped the list with $6.07 billion, followed by China at $545 million and the UK at $515 million. Overall, global gold ETF inflows stood at $10 billion in December.

For the full year, inflows into Indian gold ETFs reached $4.68 billion, the highest on record for any calendar year. This compares with $1.29 billion in 2024, $310 million in 2023, and just $33 million in 2022.

The year 2025 proved unprecedented for Asian gold ETFs, with inflows of $25 billion during the year exceeding total flows recorded between 2007 — when the region’s first gold ETF was launched — and 2024 combined. As gold prices hit record highs 53 percent in 2025, global investors channelled unprecedented capital into physically backed gold ETFs.

Globally, annual gold ETF inflows surged to $89 billion, the highest on record, as gold delivered its strongest annual performance since 1979. Assets under management of global gold ETFs doubled to an all-time high of $559 billion, while total holdings climbed to a record 4,025 tonnes from 3,224 tonnes in 2024. This marked the second-strongest year of annual demand, with accumulation remaining below levels seen during earlier periods of market stress.

North American funds accounted for the bulk of global inflows in 2025, while Asian holdings nearly doubled and Europe also recorded sizable demand. Investor interest globally was supported by rising safe-haven demand amid escalating trade disputes, geopolitical tensions, and financial market volatility, momentum buying as gold prices surged, and falling opportunity costs as treasury yields declined and the dollar weakened.

Looking ahead, experts said, the sharp rise in precious metals in December, including silver and platinum, along with commodity index rebalancing, could introduce some near-term volatility. At the same time, upcoming tariff-related rulings by the US Supreme Court are expected to have implications for trade policy, while ongoing geopolitical developments — including recent US actions in Venezuela — continue to support gold’s role as a preferred safe-haven asset, they added.