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India’s gold exchange-traded funds (ETFs) saw their highest-ever monthly inflows in September, topping Asia’s charts and highlighting investors’ growing tilt toward safe-haven assets.
According to the World Gold Council, net inflows into Indian gold ETFs surged to $902 million in September 2025, a massive 285% jump from $232 million in August. This was the fourth consecutive month of inflows, with all months of 2025 — except March and May — seeing positive momentum.
India ranked fourth globally for the month’s ETF inflows. The US led with $10.3 billion, followed by the UK ($2.23 billion) and Switzerland ($1.09 billion). Total global ETF inflows stood at $17.3 billion in September.
On a year-to-date basis, India’s gold ETF inflows reached a record $2.18 billion, surpassing previous highs of $1.29 billion in 2024, $310 million in 2023, and just $33 million in 2022.
Analysts credited the surge to favourable currency movements, lingering geopolitical and trade risks, and weaker domestic equities, prompting investors to seek stability in gold.
Across Asia, inflows reached $2.1 billion in September, with China ($622 million) and Japan ($415 million) contributing most to regional growth. Other global markets also reported strong demand, including Germany ($811 million), Canada ($301 million), Italy ($234 million), Australia ($182 million), and South Korea ($165 million).
Experts said demand remained resilient through September, buoyed by trade and policy uncertainties, a weaker dollar, and expectations of lower yields following the US Federal Reserve’s 25-basis-point rate cut last month. Markets are now pricing in one to two additional cuts by year-end.
With gold prices hitting record highs, investors appear to be positioning defensively — even as global equities trade near historic peaks — using gold as a trusted hedge against potential market volatility.
