In a historic month for Indian commodities, the combined Assets Under Management (AUM) of Gold and Silver ETFs officially crossed the ₹3 lakh crore milestone in January 2026. This surge represents a nearly threefold increase in just five months, up from ₹1 lakh crore in August 2025.
According to data released by the Association of Mutual Funds in India (AMFI) on February 10, 2026, the month was defined by a “gold rush” that saw precious metal inflows outperform actively managed equity funds for the first time.
The Milestone Breakdown
The rapid ascent to ₹3 lakh crore was driven by record-breaking monthly inflows as investors pivoted toward defensive assets.
| Category | AUM as of Jan 31, 2026 | Jan 2026 Net Inflow |
| Gold ETFs | ₹1.84 lakh crore | ₹24,040 crore |
| Silver ETFs | ₹1.17 lakh crore | ₹9,463 crore |
| Combined | ₹3.01 lakh crore | ₹33,503 crore |
Key Drivers of the Record Surge
1. Outperforming Equities
For the first time in Indian mutual fund history, the combined monthly inflow into gold and silver ETFs (₹33,503 crore) significantly exceeded the inflows into equity-oriented schemes (₹24,029 crore). This shift highlights a strategic rebalancing by retail and institutional investors amid high equity valuations and global trade uncertainty.
2. Extreme Price Volatility
The AUM growth was fueled by explosive price action in January:
- Gold: Prices surged by 24% during the month, hitting an all-time high of ₹1,75,930 per 10 grams on January 29.
- Silver: Prices jumped a staggering 45% in the same period, briefly crossing the ₹4 lakh per kg mark before a sharp 25% correction in the final two days of the month.
3. Massive Folio Growth
Investor participation reached a new peak, showing that the interest is not just from large institutions but also from retail “performance chasers”:
- Gold ETF Folios: Rose to 1.14 crore (from 80.34 lakh in August).
- Silver ETF Folios: Skyrocketed to 47.85 lakh (from 11.31 lakh in August), a 323% increase.
Top Performing Schemes (Jan 2026)
Silver ETFs, in particular, delivered eye-popping returns in the first month of the year despite the month-end crash.
- Tata Silver ETF: Offered the highest monthly return of 52.28%.
- Axis Silver ETF: Gained 46.09%.
- Nippon India Silver ETF: Remains the largest in the category, managing over ₹47,000 crore.
Industry Perspective: Caution vs. Growth
AMFI CEO Venkat Chalasani noted that the surge reflects a “risk-off” sentiment globally. Analysts suggest that while the AUM milestone is a sign of market maturity, the sharp correction in February (where silver dropped 22%) serves as a warning. Experts currently recommend a disciplined allocation of 10–15% in precious metals to act as a portfolio anchor rather than a primary return driver.
