India’s gold ETF inflows are skyrocketing: Gold ETF inflows in India hit +2.9 billion in the first 10 months of 2025. This equates to ~26 tonnes of physical gold. This also nearly matches the combined total annual inflows from 2020 to 2024. October alone saw +850 million in inflows, following a record +942 million in September. As a result, total AUM in Indian gold ETFs reached a record 11 billion, with gold holdings of 83.5 tonnes. The gold rush in India shows no signs of slowing.(The Kobeissi Letter)