Gold ETF AUM Jumps 150% Year-on-Year as Passive Funds Log 61st Straight Month of Inflows (Nov 2025)

India's passive-investing engine has rarely looked this loud. According to the Association of Mutual Funds in India (AMFI) monthly note for November 2025, gold exchange-traded funds ended the month with assets under management of Rs 1,10,518 crore, up 149.8% from Rs 44,245 crore a year earlier and 8.2% higher month-on-month. Layered on top, the broader passive segment logged its 61st consecutive month of net inflows, a five-year streak that has quietly reshaped how Indian households buy the market. For anyone watching the Nifty and Sensex this morning, the more durable story is not a single day's tick but where the money is actually going.

Market Snapshot

The headline number from AMFI's November 2025 disclosure is the scale of the gold rush. Gold ETF AUM of Rs 1,10,518 crore now sits 8.2% above October's level, with net inflows of Rs 3,742 crore during November alone. That single-month figure is larger than the entire gold ETF category was worth in several earlier years, and the 149.8% year-on-year jump from Rs 44,245 crore is the clearest signal that retail and institutional buyers treated bullion as a core allocation through 2025 rather than a tactical hedge.

Silver ETFs, a much younger category, added Rs 2,154 crore in November 2025, accounting for roughly 14% of total passive flows for the month. Taken together, gold and silver commodity ETFs pulled in close to Rs 5,900 crore, a reminder that the precious-metals trade extended well beyond the yellow metal.

The aggregate picture is equally striking. Total passive AUM grew 3.0% month-on-month to Rs 14.07 lakh crore in November 2025, with net inflows of Rs 15,385 crore across the segment. Within that, "Other ETFs" (chiefly equity index ETFs) led with inflows of Rs 9,721 crore and closed the month at Rs 9.36 lakh crore, while index funds held Rs 3.25 lakh crore. The table below sets out the composition.

Source: AMFI Monthly Note, November 2025. Figures rounded as reported.

The passive segment also saw 15 new fund offers (NFOs) in November 2025, mobilising Rs 418 crore between them. That is a modest sum against the Rs 15,385 crore of total flows, confirming that November's growth came from existing schemes compounding rather than a wave of fresh launches. If you want to understand what "AUM" and "ETF" mean before reading further, our glossary entry on AUM sets out the definitions used throughout this note.

What Moved Yesterday

The defining move of the November 2025 data was the continuation, not the interruption, of the passive inflow streak. Sixty-one consecutive months of net inflows means the last time Indian passive funds saw a net outflow month, the count stretches back roughly five years. The Rs 15,385 crore that entered the segment in November 2025 kept that record intact and pushed segment AUM through Rs 14 lakh crore for the first time on this reading.

Gold did the heavy lifting on the commodity side. The Rs 3,742 crore of gold ETF inflows in November 2025 arrived even as AUM was already elevated, meaning buyers added to a category that had appreciated sharply over the preceding twelve months. The 149.8% year-on-year AUM expansion reflects both fresh money and price appreciation in the underlying metal; AMFI's disclosure does not split the two, so we do not attribute the rise to either factor alone.

Silver's Rs 2,154 crore of November 2025 inflows stood out because the category is far smaller than gold, making its ~14% share of passive flows disproportionately large relative to its history. Investors treating silver as an industrial-plus-precious hybrid appear to have followed the gold trade down the risk curve.

On the equity side, the Rs 9,721 crore that flowed into "Other ETFs" during November 2025 confirms that index-tracking remains the single largest passive channel by flow. At Rs 9.36 lakh crore, this bucket is more than eight times the size of the entire gold ETF category, a useful corrective to the perception that 2025 was purely a bullion story. Index funds, at Rs 3.25 lakh crore, continue to serve the do-it-yourself SIP investor who prefers a fund structure to a demat-based ETF.

Source: AMFI Monthly Note, November 2025.

What to Watch Today

The near-term question for pre-open positioning is whether the passive streak survives into a 62nd month. Three things will shape the answer. First, precious-metal prices: because gold and silver ETF AUM moves with the spot price, any sharp reversal in bullion would show up in December 2025 AUM even if unit-holding stays flat. AMFI's November figure of Rs 1,10,518 crore embeds a price component that the note does not isolate.

Second, watch the systematic-investment pipeline that feeds index funds. In a companion data point, SIP inflows held near a record at Rs 29,445 crore in November 2025 across 9.43 crore active accounts, and a meaningful slice of that money is routed into passive index schemes. A persistent SIP book is what has kept the 61-month streak alive; a stall there would be the first warning sign. You can model your own contribution using our SIP calculator or a step-up SIP calculator if you plan annual increases.

Third, regulation. The Securities and Exchange Board of India (SEBI) governs ETF and index-fund structure, disclosure and expense caps, and any change to the passive-fund framework would ripple through these flows. SEBI's mutual-fund regulations are published at sebi.gov.in, and AMFI's own monthly notes at amfiindia.com remain the primary public source for the flow data cited here.

For investors deciding between a one-time deployment and a staggered entry into these categories, the arithmetic matters. A lumpsum calculator shows the compounding on a single upfront investment, while an SIP spreads timing risk. Neither approach changes the underlying tax treatment: gains on gold held under current rules are taxed as long-term capital gains at 12.5% under the post-2024 framework, a rate you can sense-check before filing. The expense ratio of a passive fund, typically far lower than an active scheme, is the other cost worth confirming from the scheme document.

A brief note on discipline for today's session: the November 2025 data describes flows, not forecasts. AMFI reports what investors did, not what markets will do. The 149.8% year-on-year gold ETF number is a backward-looking measurement of a completed month, and nothing in the disclosure implies the trend must continue. Treat the index fund and gold allocations as parts of a plan sized to your goals, not as a signal to chase last month's winner.

FAQ

How much did gold ETF AUM grow in November 2025?

Gold ETF assets under management reached Rs 1,10,518 crore in November 2025, according to AMFI's monthly note. That is an increase of 8.2% month-on-month and 149.8% year-on-year, up from Rs 44,245 crore a year earlier. Net inflows into gold ETFs during November 2025 were Rs 3,742 crore.

What is the 61-month passive inflow streak?

AMFI's November 2025 note records that India's passive fund segment logged its 61st consecutive month of net inflows. In November 2025 the segment took in Rs 15,385 crore of net inflows, lifting total passive AUM 3.0% month-on-month to Rs 14.07 lakh crore. A streak of 61 months means the category has not seen a net-outflow month for roughly five years.

How large were silver ETF inflows?

Silver ETFs attracted Rs 2,154 crore in November 2025, which AMFI's data places at roughly 14% of total passive flows for the month. Silver ETFs are a younger category than gold ETFs, so this share is large relative to the segment's history.

Which passive category is actually the biggest?

By AUM, the "Other ETFs" bucket, made up chiefly of equity index ETFs, is the largest at Rs 9.36 lakh crore as of November 2025, with the month's largest inflow of Rs 9,721 crore. Index funds held Rs 3.25 lakh crore. Gold ETFs, at Rs 1,10,518 crore, remain smaller than the equity-index ETF pool despite their fast growth.

How are gains on gold ETFs taxed?

Under the framework applying after the 2024 Budget changes, long-term capital gains on gold are taxed at 12.5% without indexation. Holding period and unit type determine whether a gain is long-term; confirm the current rule for your specific holding date before filing, and read our indexation glossary entry for how the cost-base rules changed.

Where can I verify these figures?

The primary source is the AMFI Monthly Note for November 2025, published at amfiindia.com. Regulatory framework and expense-cap rules for ETFs and index funds are set by SEBI and published at sebi.gov.in. Every figure in this article is drawn from AMFI's disclosure; where AMFI does not separate a number, such as the price-versus-flow split in gold ETF AUM, we have said so rather than estimate.

Should I switch my SIP into gold after this data?

The November 2025 figures are a record of past flows, not investment advice. AMFI reports what investors did through the month, not what any asset will do next. Size any allocation to gold, silver or index funds against your own goals and horizon; tools such as our SIP, step-up SIP and lumpsum calculators can help you model contributions, but the decision and its tax consequences remain yours.