India's Gold ETF Inflows Extend to Eleven Consecutive Months, Fueling Sector Growth

Indian Gold ETFs Register 11th Consecutive Month of Inflows

India's gold exchange-traded funds (ETFs) continued their streak of inflows, extending it to 11 consecutive months in April. Despite the volatility seen in gold prices, net inflows into Indian gold ETFs rose sharply to $297.2 million in April from $176.6 million in March, marking a 68 percent increase.

Gold prices experienced significant volatility during the month, falling 1 percent after an 11.6 percent fall in March, which was the steepest monthly decline since October 2008. This decline in gold prices was followed by a rebound in the first half of April, as gold recovered from its March lows and broader market pressures eased.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Globally, physically backed gold ETFs recorded inflows of $6.6 billion in April, following notable outflows in March. All regions registered positive flows, with European funds leading others. North America reversed course in April, recording inflows of $1 billion.

According to World Gold Council data, the rebound was concentrated in the first half of the month, as gold recovered from its March lows and broader market pressures eased. Flows softened again in the second half of April as the US-Iran conflict showed signs of further escalation and higher opportunity costs re-emerged through a stronger dollar and higher yields.

In Asia, China led the region with funds in Hong Kong SAR adding $732 million, a record month supported by new product listings. Gold ETFs in Mainland China continued to draw inflows of $498 million amid elevated geopolitical tensions, falling yields, and continued official-sector gold buying announcements. Japan attracted $246 million.

European funds saw a large inflow of $3.7 billion in April, flipping their year-to-date total from negative to positive. The UK led the surge, while Switzerland and Germany also contributed meaningfully. Positive flows in the region appeared linked to heightened geopolitical and geoeconomic risks, as investors assessed the inflationary implications of a more protracted Iran conflict and the associated pressure on energy prices.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

The April expansion lifted global gold ETFs' total assets under management to $615 billion, 1 percent higher month-on-month. Collective holdings also rose 1 percent to 4,137 tonnes, the third highest ever and just below the record high of 4,176 tonnes set on February 27, 2026.