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Combined Gold and Silver ETFs Outpace Equity ETFs in FY26
Investors put a lot more money into gold and silver ETFs during FY26.
Together, these funds received more money than equity ETFs.
Gold ETFs attracted ₹68,868 crore, and silver ETFs received ₹30,412 crore.
Gold ETF assets also grew sharply to ₹1.71 lakh crore by March 2026.
People may have preferred precious metals because markets were uncertain and prices were rising.
Silver also benefited from industrial demand and safe-haven buying.
However, gold and silver prices can move up and down for different reasons than company profits.
Experts therefore suggest thinking about a suitable mix of investments rather than choosing commodities instead of stocks.
Passive funds received ₹2.07 lakh crore in net inflows in FY26, according to the CRISIL-AMFI Factbook 2026.
A separate AMFI-data analysis put total ETF inflows at ₹1.81 lakh crore, with gold and silver ETFs attracting ₹99,280 crore combined.
Gold ETFs received ₹68,868 crore, while silver ETFs drew ₹30,412 crore during FY26.
Combined gold and silver ETF inflows represented about 55% of total ETF inflows, compared with 42.9% for equity ETFs.
The data points to stronger diversification demand, but does not by itself justify replacing equity investments with commodities.
- Who
- Indian investors, through gold, silver and equity ETFs.
- What
- Gold and silver ETFs together received more FY26 inflows than equity ETFs.
- Where
- India’s ETF and passive-fund market.
- When
- During FY26, with asset figures reported as of March 2026.
- Why
- Elevated global uncertainty, rising precious-metal prices, silver’s industrial demand and safe-haven buying encouraged demand for commodity ETFs.
Diversification Argument
Allocation Caution
Role of commodities
Diversification Argument
The flow data suggests investors are using commodity ETFs to diversify beyond stocks and bonds, especially during periods of market uncertainty.
Allocation Caution
Strong flows should not automatically be interpreted as a reason to replace equity allocations with gold or silver.
Investment risks
Diversification Argument
Gold and silver can provide exposure to assets influenced by factors different from corporate earnings, potentially broadening a portfolio.
Allocation Caution
Precious-metal prices can be volatile, and the appropriate allocation depends on an investor’s risk profile and investment horizon.
Key facts
- Total ETF inflows
- ₹1.81 lakh crore in FY26, according to a Zerodha Fund House analysis of AMFI data.
- Gold ETF inflows
- ₹68,868 crore in FY26.
- Silver ETF inflows
- ₹30,412 crore in FY26.
- Combined commodity ETF inflows
- Gold and silver ETFs together received ₹99,280 crore, or about 55% of total ETF inflows.
- Equity ETF inflows
- ₹77,780 crore, representing 42.9% of total ETF inflows.
- Gold ETF assets
- Gold ETF AUM rose from about ₹59,000 crore in March 2025 to ₹1.71 lakh crore in March 2026.
- Passive-fund inflows
- The CRISIL-AMFI Factbook 2026 reported ₹2.07 lakh crore in net passive-fund inflows in FY26.
Sources
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