India's Gold ETF Moment: Nippon India Gold BeES breaks into Global Top 15

India Joins the Big League as Gold ETF Flows Surge Worldwide

India’s growing influence in global investment flows is showing up in an unlikely place: gold ETFs.

 

In the latest World Gold Council rankings for December 2025, Nippon Life India Asset Management’s flagship product, Nippon India ETF Gold BeES, has emerged as India’s largest gold ETF and secured a 15th global rank by fund flows, making it the only Indian gold ETF to feature in the global Top 20.

 

Moreover, according to data compiled by the World Gold Council, global gold exchange-traded funds recorded net inflows of $ 88.5 billion in 2025, as investors worldwide turned to gold amid macroeconomic uncertainty, volatile currencies, shifting interest-rate expectations and heightened geopolitical risks.

 

 

What stands out this time is where the money came from.

 

India emerges as a top global contributor

 

In a significant shift, India ranked third globally in gold ETF inflows, attracting $4.37 billion during 2025. Only the United States and China recorded higher inflows.

 

The global rankings also show that gold ETF inflows were highly concentrated. Despite the presence of hundreds of gold ETFs worldwide, only a small group of funds captured the bulk of new money. The Top 20 gold ETFs globally accounted for a disproportionate share of total inflows, underscoring investor preference for large, liquid and well-established products during periods of uncertainty.

 

Nippon India Gold BeES leads from the front

 

Within this global hierarchy, India had only one gold ETF feature among the Top 20 worldwide by flows, highlighting both the scale achieved by leading domestic funds and the relative concentration of investor demand within India’s gold ETF market. That single fund attracted $1.17 billion in inflows during the year, making it India’s largest gold ETF and placing it 15th globally by fund flows.

 

The broader context explains why gold regained prominence. Throughout 2025, investors navigated currency volatility, evolving interest-rate expectations, persistent inflation risks and heightened geopolitical tensions. Against this backdrop, gold ETFs served as a liquid hedge and portfolio stabiliser, rather than a speculative trade.

 

Notably, it is the only Indian gold ETF to achieve a Top-20 global ranking.

 

What’s driving investor interest?

 

According to Vikram Dhawan, Head – Commodities and Fund Manager at Nippon India Mutual Fund, gold continued to play a strategic role in portfolios through 2025 as markets navigated uncertainty across multiple fronts.

 

The sustained traction in gold ETFs, he notes, reflects a growing preference among Indian investors for regulated, transparent and easily tradable exposure to gold, as opposed to traditional physical holdings.

 

“Gold continued to play a meaningful role in investor portfolios in 2025 as global markets navigated macro uncertainty, currency volatility, evolving interest-rate expectations and heightened geopolitical risks. Globally, gold ETFs witnessed strong investor interest, with net inflows of around USD 88.5 billion during the year, while India emerged as one of the key contributors, ranking among the top three countries worldwide in terms of gold ETF inflows  Consistent traction in gold ETFs in India reflects a growing preference for regulated," said Dhawan.

 

North America still dominates—but Asia surprised 

‘Global Inflows’ refers to the sum of changes of all funds that saw a net increase in ounces held over a given period (eg, month, quarter, etc.). Conversely, ‘global outflows’ aggregates changes from funds that saw ounces held decline over the same p

 

North America remained the anchor of the global gold ETF market, with US$50.65 billion in net inflows and 445.6 tonnes of demand. With 2,096.1 tonnes already held, the region added demand equal to 27% of its holdings, underscoring sustained appetite from US-based investors seeking liquidity and scale.

 

Europe followed with $11.75 billion in inflows and 131.4 tonnes of demand—just 10.2% of holdings—suggesting a more measured allocation approach amid already sizable inventories of 1,419.3 tonnes.

 

The real standout was Asia. Despite a much smaller asset base ($61.8 billion AUM and 436.8 tonnes held), Asian gold ETFs attracted $25.26 billion and added 215.4 tonnes—a striking 97.26% of existing holdings. The data points to aggressive accumulation, reflecting how investors across China, Japan, South Korea and India leaned heavily into gold as a hedge.

 

Elsewhere, the “Other” category (covering smaller markets) saw $902 million in inflows and 8.9 tonnes of demand, about 13.81% of holdings.

 

Inflows were strong—but churn remained

 

 Funds that saw positive demand collectively absorbed $166.74 billion and 1,633.5 tonnes—more than half (50.66%) of total holdings churned during the year. At the same time, funds with negative demand shed US$78.19 billion and 832.4 tonnes, highlighting portfolio rebalancing even as gold’s strategic role strengthened.

 

The funds that captured the most capital 

Source: Bloomberg; Company Filings; World Gold Council

 

A small group of ETFs captured a disproportionate share of inflows—reinforcing the “winner-takes-most” nature of gold ETF demand.

 

At the top was SPDR Gold Shares (US), which drew US$23.36 billion, adding 198 tonnes—about 22.7% of its 1,070.2 tonnes held. Close behind, iShares Gold Trust attracted US$11.15 billion and 101.1 tonnes (25.74% of holdings).

 

Smaller but faster-growing US funds showed outsized percentage gains. SPDR Gold MiniShares Trust added 72.9 tonnes, equal to 66.49% of holdings, while iShares Gold Trust Micro posted an eye-catching 168.78% demand-to-holdings ratio on 27.3 tonnes added.

 

Asia’s funds punch above their weight

 

China’s gold ETFs featured prominently among the top inflows. Huaan Yifu Gold ETF added 49.5 tonnes—more than its starting base (106.7% of holdings). Guotai Gold ETF and Bosera Gold Exchange Trade Open-End Fund ETF recorded demand equal to 160.34% and 69.5% of holdings, respectively. E Fund Gold Tradable Open-end Securities Investment Fund added 15.2 tonnes (71.41%).

 

Japan and South Korea also showed momentum. The Japan Physical Gold ETF absorbed 26.3 tonnes (65.7%), while South Korea’s KIM Ace KRX Physical Gold ETF posted the highest ratio in the table—259.05%—on 13.1 tonnes of demand.

 

Europe and Switzerland add steady weight

 

Europe’s presence was led by the UK’s iShares Physical Gold ETC (45 tonnes, 22.69%) and France’s Amundi Physical Gold ETC (19.9 tonnes, 30.55%). Switzerland’s Pictet CH Precious Metals Fund - Physical Gold added 32.1 tonnes, or 63.47% of holdings.