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Precious metal ETFs surpass equity fund inflows

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In a historic shift for the Indian mutual fund industry, January 2026 witnessed net inflows into precious metal Exchange Traded Funds (ETFs) surpassing equity fund inflows for the first time. Driven by record-breaking rallies in gold and silver, investors pivoted toward “safe-haven” assets amid heightened equity market volatility.

Comparative Inflow Analysis

The month was characterized by a distinct “performance-chasing” trend. Despite robust Systematic Investment Plan (SIP) contributions, equity schemes trailed behind the surge in metal-backed instruments.

Asset ClassNet Inflow (Jan 2026)Key Driver
Gold & Silver ETFs₹33,000 CroreUnprecedented price appreciation
Equity Schemes₹24,029 CroreMarket volatility; downward bias
Total SIP Contribution₹31,002 CroreRecord high; stable growth

Note: Total Industry AUM has now surpassed the Rs.81 lakh crore milestone.

Commodity Price Dynamics

The surge in inflows correlates directly with extreme price movements on both global (COMEX) and domestic markets during the December 31 – January 29 period.

  • Gold: Rallied 23% to an all-time high of $5,586/oz before a late-month correction. Domestically, prices peaked near Rs.2 lakh per 10 grams.
  • Silver: Experienced a spectacular 60% climb, peaking at $121/oz before stabilizing at $84/oz. Domestic prices reached Rs.4 lakh per kg, exacerbated by a depreciating Rupee.

Asset Management & Concentration

The bulk of the metal-centric capital was directed toward Gold ETFs, though Silver ETFs maintained a significant secondary share.

  • Gold ETF Inflows: Rs.24,040 Crore
  • Silver ETF Inflows: Rs.9,000 Crore

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IAGES Accredited Partner Directory Brings Verified Gold Businesses Together on One Trusted Platform

Hosting More than 700 Accredited Outlets Across 200+ cities, the IAGES Directory Serves as a Bridge Between Consumers Seeking Trustworthy Gold Transactions and Accredited businesses

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The Accredited Partner Directory launched by the Indian Association for Gold Excellence and Standards (IAGES) in November, 2025 has gained significant momentum among consumers and gold businesses since its inception. This one-stop digital platform now hosts a growing network of over 700 IAGES partner outlets across 200 cities, allowing consumers to find verified, trusted jewellers nearest to them before they step out to buy or exchange gold.

An IAGES verified business follows a stringent code of conduct that mandates accountability, responsibility and ethical conduct across its entire value chain. IAGES’ Accredited Partner Directory offers consumers trust, confidence and peace of mind, allowing them to explore and choose these verified, third-party assessed gold jewellers nearest to them either by brand name, location, or category.

The accredited entities appearing in the directory include strong national, regional and city-based large, medium and small retailers. The directory not only includes verified gold jewellers, but also lists gold refiners, bullion traders, manufacturers and assaying and hallmarking centres and digital gold retailers.

Kaushlendra Sinha, CEO, IAGES, said:

“The growing list of partners in the IAGES Accredited Partner Directory reflects the gold industry’s readiness to adopt transparent and compliant business practices, building consumer confidence and trust while slowly formalising the gold ecosystem in India. We invite all gold businesses to come forward and join the movement to transform India’s gold industry, one accreditation at a time!”

IAGES is currently running a consumer awareness campaign – ‘Before you exchange or buy gold #PehlaCheckIAGES’ to spread the word about the importance of buying gold only from a verified, credible retailer. The successful campaign has reached 50 million+ consumers through online and offline mediums, while the IAGES website is seeing massive hits every day as consumers check the directory to verify a gold business.


Sumeet Deoda, Vice President – Marketing and Communication, IAGES said:

“Clearly, the IAGES Accredited Partner Directory has been much anticipated by consumers, gold jewellers and gold business entities alike! We are happy to finally share this growing database with the world even as we continue to work towards our goal of changing the gold-buying mindset in India as the first, crucial step towards formalising the industry,”

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