India’s gold exchange-traded funds (ETFs) saw $902 million in September, a 285 percent increase from August and the fourth consecutive month of inflows.
India Tops Gold Inflows
September saw the largest monthly inflows into gold exchange-traded funds (ETFs) in Asia, highlighting investors’ increasing interest in the yellow metal.
Indian gold exchange-traded funds (ETFs) had net inflows of $902 million in September 2025, up 285 percent from $232 million in August, according to data from the World Gold Council. With the exception of March and May, every month of 2025 had positive traction, making this the fourth consecutive month of inflows.
In terms of ETF inflows for the month, India came in fourth place worldwide. First place went to the United States ($10.3 billion), then the United Kingdom ($2.23 billion) and Switzerland ($1.09 billion). In September, the total amount of ETF inflows worldwide was $17.3 billion.
Record-Breaking Gold ETF Surge
Inflows into Indian gold ETFs have totaled $2.18 billion so far this year, which is the most ever for a single year. This is in contrast to merely $33 million in 2022, $1.29 billion in 2024, and $310 million in 2023.
As investors seek stability in the face of declining local stocks and ongoing geopolitical and trade worries, analysts credit the spike to favorable currency moves and a growing demand for safe-haven assets.
Asia ended the quarter on a high note thanks to $2.1 billion in inflows into gold exchange-traded funds (ETFs) across the region in September. The majority of these increases were in China ($622 million) and Japan ($415 million).
Global Demand Fuels Gold Rush
Germany ($811 million), Canada ($301 million), Italy ($234 million), Australia ($182 million), and South Korea ($165 million) were among the other large donors worldwide.
A weaker currency, persisting trade and policy uncertainty, and expectations of lower rates after the US Federal Reserve’s 25 basis point rate decrease in September, according to experts, helped sustain demand throughout the month and quarter.
By the end of the year, markets are already factoring in one or two further rate cuts.
Investor interest has increased as gold prices have been hitting record highs on many occasions. Since gold is a reliable hedge against future market volatility, many investors seem to be taking a protective stance even as global stocks remain close to all-time highs.