Gold ETF Inflows Drop 78% Month-on-Month to ₹5,254 Crore in February: AMFI Data

Inflows into gold exchange-traded funds moderated sharply in February after a strong surge in the previous month, according to data released by the Association of Mutual Funds in India. 

Gold ETF Flows Moderate After January Surge 

Gold ETFs received ₹5,254 crore in February 2026, a steep drop from ₹24,039 crore recorded in January, representing a 78% month-on-month decline. 

Despite the sequential fall, inflows were significantly higher compared with the previous year. In February 2025, gold ETFs had attracted ₹1,979 crore, indicating a 165% year-on-year rise in February 2026. 

Nehal Meshram, Senior Analyst – Manager Research at Morningstar Investment Research India, said “Gold ETFs continued to attract healthy inflows in February 2026, albeit at a slower pace compared to the exceptionally strong surge in January.” 

She added that the moderation likely reflects profit booking by investors, while January’s unusually high inflows may have been driven by start-of-year portfolio allocations and rebalancing activity. 

Performance of Gold ETFs 

A total of 25 gold-based ETFs delivered an average return of 0.19% during February. 

Among them, Aditya Birla SL Gold ETF and Zerodha Gold ETF were the top performers, each gaining 6.93% during the month. 

On the other hand, Union Gold ETF declined 3.67%, making it the worst performer, followed by Nippon India ETF Gold BeES, which fell 3.65%. Meanwhile, Invesco India Gold ETF and LIC MF Gold ETF recorded modest gains of 0.72% and 0.64% respectively. 

Assets under management of gold ETFs edged lower to ₹1.83 lakh crore in February from ₹1.84 lakh crore in January, marking a 1% decline. 

Broader Passive Fund Trends 

Other passive investment categories including gold ETFs, silver ETFs, fund of funds and index funds also recorded weaker inflows. Monthly inflows into these schemes declined 65% to ₹13,879 crore in February from ₹39,954 crore in January. 

Within the segment, silver ETFs saw an outflow of ₹826 crore, while index funds recorded a sharp jump in inflows to ₹3,233 crore from ₹27 crore in January, representing an increase of 11,745%. 

Feroze Azeez, Joint CEO of Anand Rathi Wealth Limited, said “We also saw some moderation in flows towards gold ETFs after the strong inflows witnessed earlier, particularly as gold and silver prices remained volatile during the month.” 

Read More: Gold And Silver ETFs Rise Up To 4% As Precious Metal Prices Climb!  

Conclusion 

Despite the slowdown in February inflows, market experts note that gold continues to play a growing role in investor portfolios as both a tactical hedge and a long-term strategic asset amid global market uncertainty. 

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