The combined AUM, which stood at ₹57,000 crore at the start of 2025, had nearly doubled by September to surpass ₹1 trillion, shows data from the Association of Mutual Funds in India (Amfi).
The sharp rise in AUMs has been supported by record inflows.
In December 2025, estimates show that gold ETFs attracted around ₹11,700 crore, the highest in a calendar month.
Investments in silver ETFs also more than doubled last month from ₹2,154 crore to around ₹4,700 crore.
The December flows take the 2025 net inflows for gold ETFs to ₹43,000 crore. In case of silver ETFs, the yearly tally is at ₹24,200 crore.
Net inflows into gold ETFs in the second half (H2) of 2025 are likely to be the second highest among all mutual fund categories, trailing only flexi-cap funds.
The inflows have come on the back of the ongoing rally in precious metals.
In CY 2025, domestic gold prices rose 75 per cent, while silver jumped 168 per cent.
The rally in precious metals in 2025 was driven by a combination of global and domestic factors.
Persistent geopolitical tensions, expectations of interest-rate cuts by major central banks, and a softer US dollar boosted gold’s appeal as a safe-haven asset.
Silver prices were further supported by strong industrial demand, particularly from the solar and electric vehicle (EV) sectors, alongside supply-side constraints.
“Commodities also woke up from a multi-year slumber to stage a strong comeback in 2025. Precious metals led the charge as investors looked to diversify away from dollar assets,” SBI Mutual Fund said in a note.
The growing investor interest in gold and silver ETFs also reflects in the new account opening data.
In the first 11 months of 2025, investment accounts or folios in gold ETFs grew 53 per cent, while silver ETFs recorded a 4-fold rise in the accounts.
The rally, experts say, could sustain as the run up in prices has been driven by long-term structural drivers and not just speculations.
“Gold’s performance in 2025 reflects a structural shift in how investors and central banks are positioning portfolios. The rally is not driven by short-term speculation but by sustained investment flows into ETFs, alongside continued central bank buying as part of long-term reserve diversification,” said Inderbir Singh Jolly, chief executive officer (CEO), PL Wealth.
“While some consolidation is natural after a sharp run-up, the medium-term outlook remains positive. And, gold continues to play a critical stabilising role in diversified portfolios heading into 2026,” he added.
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