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Indians shift to gold investments as local equities founder
By Andres Schipani and Arjun Neil Alim
Financial Times, London
via MSN News, Redmond, Washington
Saturday, March 29, 2025
Indians have become heavy investors in gold after a downturn in local equities, with a boom in exchange-traded funds driving purchases as the commodity’s price hits record highs.
Net inflows to gold ETFs in India reached a record Rs37.5bn ($437mn) in January and Rs19.8bn in February as the metal touched all-time highs, according to the Association of Mutual Funds in India.
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Falling share prices have pushed Indians to an asset they have long been fond of, said analysts, with ETFs making it easier for retail traders to invest.
"Historically Indians have had an affinity for gold," said Vishal Jain, chief executive of Zerodha Asset Management in Bengaluru, which offers a gold ETF. "A lot of people are now moving toward gold ETFs for investment purposes."
Although India’s gold ETF holdings are just 2% of the global total, the country is the world's second-largest investor of the commodity after China, according to the World Gold Council.
"There has been a shift from gold jewellery into pure investments," said Kavita Chacko, the WGC's India research head.
Investors have been "redirecting free cash flow toward gold ETFs" amid "ongoing global and domestic economic and policy uncertainty," the WGC wrote in its latest India report. ...
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