- Gold ETF inflows in India have soared to a record ~250 billion rupees (~$3 billion), surpassing equity mutual fund inflows for the first time.
- This surge represents a more than +900% increase in gold ETF investment since July.
- Ray Dalio emphasized gold’s role as “an important hedge against risks to fiat currencies” and the world’s second-largest reserve currency.
Investors in India are channeling unprecedented capital into gold, with ETF inflows hitting an all-time high of nearly 250 billion rupees (~$3 billion) as of late February 2026, according to reports. This stunning movement has caused gold fund inflows to overtake equity mutual fund inflows for the first time in the country’s history. However, equity fund inflows have declined by 170 billion rupees over the same period, signaling a major shift in capital allocation.
Consequently, gold ETF inflows have skyrocketed by more than 900% since July alone. This trend marks a fundamental change for the world’s second-largest gold consumer and a major importer. Data shows Indian retail investors are now decisively choosing gold over equities.
Meanwhile, investor Ray Dalio has reinforced the strategic case for holding gold. In a recent statement, he described it as “the second largest reserve currency in the world.” Dalio specifically highlighted its function as a vital portfolio hedge. He argued gold is far more than a speculative commodity, calling it “an important hedge against risks to fiat currencies.”
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