India’s physically-backed gold exchange-traded funds (ETFs) saw inflows of US$902 million (about 7.3 tons) in September 2025, pushing total assets under management to US$10 billion—an all-time high. The surge reflects urban investors shifting from jewellery and coins toward ETFs amid weak equities and a weaker rupee. So far this year the annual inflows into gold ETFs have reached US$2.18 billion, surpassing previous years’ totals. Analysts note that while prices are elevated, investor interest remains strong as a safe-haven play, though rising gold imports may pressure India’s trade deficit.