Overview

• World Gold Council data show India gold ETFs drew $902 million in September, lifting holdings to a record 77.3 tons and pushing AUM past $10 billion.
• AMFI reports combined gold and silver ETF/MF assets near Rs 1.3 trillion after record monthly inflows, with folio counts up about 50% over the past year.
• Over the past year to September, gold rose roughly 53% and silver nearly 60% in India, with domestic prices touching fresh highs.
• Fund houses are expanding dual‑metal options, led by Kotak’s new Gold Silver Passive FoF (subscriptions open until Oct 20) that uses a quantitative allocation model.
• Analysts and fund managers cite central bank buying, a weaker rupee, and broader uncertainty as key drivers, with policymakers watching potential pressure on imports, the trade deficit, and the currency.