AMFI Data 2026: ‘Gold Rush’ Moment as Gold ETF Inflows Surpass Equity Mutual Fund Inflows in January for the First Time

Net inflows into Gold Exchange Traded Funds (ETFs) crossed a significant milestone during the month, rising to ₹24,040 crore. This marks a sharp jump from ₹11,647 crore in December, effectively more than doubling on a month-on-month basis. The scale of this inflow makes January one of the strongest months ever for gold ETFs.

Gold ETFs: Rising Flows, Growing AUM

Gold ETFs are passive investment instruments that track domestic gold prices and allow investors to gain exposure to the yellow metal without holding it physically. Following the strong inflows in January, the assets under management (AUM) of gold ETFs have climbed to ₹1.84 lakh crore. 

Over the past year, gold has increasingly found favour with investors amid global trade tensions, geopolitical uncertainty, and heightened volatility in Indian equity markets. As risk appetite has moderated, gold has emerged as a preferred hedge and diversification tool.

Equity Mutual Fund Inflows Lose Momentum

In contrast, actively managed equity mutual funds recorded net inflows of ₹24,029 crore in January 2026, marginally lower than gold ETF inflows during the same period. According to AMFI data, equity inflows declined 14% sequentially, largely driven by reduced allocations to mid-cap, small-cap and flexi-cap funds.

Net Flows in Equity-Oriented Schemes (₹ crore)

Notably, gold ETF inflows have now surpassed net inflows into actively managed equity funds, highlighting a shift in investor preference during the month.

Gold ETF Inflows

The January surge did not come in isolation. Gold ETFs have seen a steady build-up in inflows since mid-2025, with momentum accelerating sharply in the final quarter.

Gold ETF Net Inflows Trend (₹ crore)

The sharp rise since September 2025 reflects growing demand for safe-heaven assets as global uncertainties intensified.

What This Shift Signals for Investors

The January data suggests a clear recalibration of portfolios, with investors favouring stability over aggressive risk-taking. While equity markets remain supported by long-term fundamentals, elevated valuations in certain segments and intermittent volatility appear to have prompted investors to rebalance towards gold.

Conclusion: Gold Reclaims Its Role as Portfolio Anchor

The surge in gold ETF inflows in January 2026 reinforces gold’s enduring appeal as a hedge against uncertainty and a stabiliser in diversified portfolios. The fact that gold ETFs attracted higher inflows than actively managed equity funds during the month is telling—it reflects caution, not capitulation.

For investors, this trend highlights the importance of asset allocation discipline. While equities continue to offer long-term growth potential, gold’s role as a counter-cyclical asset remains intact, particularly during periods of market churn and global uncertainty.