Gold and silver Exchange Traded Funds recorded inflows of ₹33,503 crore during the month, more than twice the ₹15,600 crore seen in December. The momentum has been building since November, when inflows stood at ₹5,896 crore. In comparison, equity mutual fund inflows softened, declining 14 per cent to ₹24,029 crore in January, although systematic investment plan contributions remained stable at ₹31,002 crore.
“Performance chasing behaviour is clearly visible in data,” says Viraj Gandhi, CEO, Samco Mutual Fund.
Investor appetite also strengthened for multi-asset allocation funds, which invest across equities, precious metals, international equities and fixed income instruments. These funds witnessed inflows rise to ₹10,485 crore in January from ₹7,426 crore in the previous month.
Among precious metal products, gold ETFs accounted for the larger share of inflows, attracting ₹24,040 crore in January compared with ₹11,647 crore in December. Silver ETFs also saw strong participation, drawing ₹9,463 crore during the month against ₹3,962 crore earlier. Over the past year, gold has delivered returns of 80 per cent, while silver has recorded a sharper gain of 158 per cent in rupee terms.