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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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National News

Kangana Ranaut Unveils PNG Jewellers New Showroom In Ayodhya~

The Store Is PNG Jewellers’ 81st Overall and Its Fifth In UP following Lucknow, Kanpur, Gorakhpur and Varanasi.

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Member of Parliament and Indian film actor Kangana Ranaut inaugurated PNG Jewellers new store in Ayodhya. The store is PNG Jewellers’ 81st overall and its fifth in UP following Lucknow, Kanpur, Gorakhpur and Varanasi. Located next to Rikabganj Women Police Station, the new store gives Ayodhya customers access to PNG Jewellers’ products, collections, and quality service closer to home.

Dr. Saurabh Gadgil, CMD- PNG Jewellers, said:

“Opening a store in Ayodhya is a special moment for us. We have received an encouraging response from customers across Uttar Pradesh, and we are pleased to bring PNG Jewellers closer to people in and around Ayodhya. We look forward to being part of their weddings, festivals and family celebrations, while offering the legacy, trust and craftsmanship that our brand has stood for over generations.”

Kangana Ranaut added:

“Ayodhya holds a special place in the hearts of so many people, and I am delighted to be here for the opening of PNG Jewellers’ new store. Jewellery is closely woven into how we celebrate our traditions, weddings and important moments with family. I wish the PNG team every success in Ayodhya.’’

The occasion also marks the debut of Ram Katha, an exclusive collection inspired by the Ramayana and the historical, cultural and spiritual heritage of Ayodhya. Launched by Kangana Ranaut, the collection is being introduced in its initial phase across PNG stores in North India

The store also showcases a range of gold, diamond, temple and bridal jewellery for weddings, festive occasions and everyday wear. Customers can explore PNG Jewellers’ collections, including Saptam, Katha, Pratha, Eiina and Polmi, with designs crafted for local tastes.

Ayodhya, revered as the birthplace of Lord Shree Ram, draws people from across the country for its temples, festivals and deeply rooted traditions. Jewellery is closely tied to weddings, festivals and family celebrations in the city. The new store allows PNG Jewellers to serve local customers more conveniently while continuing its expansion in Uttar Pradesh. To celebrate the opening, the brand introduced limited-period inaugural offers of up to 50% off on gold jewellery making charges and up to 100% off on diamond jewellery making charges*, valid till 15th November, 2026.

Adding to the excitement of the festive season, PNG Jewellers brings together its brand ambassadors Madhuri Dixit-Nene and Ranbir Kapoor for the first time in a special festive television commercial. The campaign marks a significant moment, bringing together two of Bollywood’s most iconic stars in a celebration of tradition, elegance and contemporary appeal. This much-awaited collaboration also reflects PNG Jewellers’ vision of connecting its nearly two-century-old legacy with a new generation of consumers.

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