India’s gold exchange-traded funds (ETFs) attracted $850 million in net inflows in October, pushing the year-to-date total to a record $3.05 billion—the highest ever for a single calendar year—according to data released by the World Gold Council. While October’s inflows were about 6 percent lower than September’s $911 million, they still marked the second-largest monthly inflow in Asia.
The sustained momentum over five consecutive months has propelled India’s gold ETF assets under management (AUM) to $11.3 billion. Globally, gold ETFs saw a robust $8.2 billion in inflows during October, positioning the bullion market for one of its strongest years on record.
India ranked third worldwide in ETF inflows for the month, trailing only the United States, which led with $6.33 billion, and China with $4.51 billion. Japan followed India with $499.5 million in inflows, while France recorded $312 million. In contrast, several European markets experienced significant outflows, with the United Kingdom leading the decline at $3.5 billion, followed by Germany and Italy.
Total global gold ETF AUM rose 6 percent month-on-month to $503 billion by the end of October, with total holdings increasing 1 percent to 3,893 tonnes.
Despite the bullish ETF flows, the price of 10 grams of 24-carat gold slipped to ₹1,20,231 on Friday, according to the India Bullion and Jewellers Association, as investors engaged in profit booking. Technical indicators suggest gold’s critical make-or-break level stands at $3,855. Domestically, gold has support at ₹1,19,870–₹1,19,280 and resistance at ₹1,21,090–₹1,21,600. Silver is holding its ground at the ₹1,46,450–₹1,45,750 support zone, with resistance levels at ₹1,48,340 and ₹1,49,280, according to Rahul Kalantri, Vice President of Commodities at Mehta Equities.
Analysts attribute the surge in gold demand to a softening dollar index, which has retreated from its three-month peak, and growing investor anxiety over a potential U.S. government shutdown. Rising geopolitical tensions are also reinforcing gold’s appeal as a safe-haven asset, further fueling the rally.
