Silver ETF inflows jump 139% month-on-month in January to Rs 9,463 crore, AUM at Rs 1.16 lakh crore

The net inflow in silver ETFs soared 139% in January to Rs 9,463 crore compared to an inflow of Rs 3,962 crore in December 2025. The precious metal ETFs had an AUM of Rs 1.16 lakh crore in January 2026 compared to Rs 72,652 crore in December 2025 seeing a growth of 61% on monthly basis.

These ETFs witnessed a surge in inflows despite volatility in prices seen in January. Despite volatile market, silver ETFs delivered returns upto 52.28% in the first month of the current calendar year.

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Tata Silver ETF offered the highest return of 52.28% in January, followed by Axis Silver ETF which gained 46.09% in the same time frame. Zerodha Silver ETF gave 45.52% in January.

Nippon India Silver ETF, the largest fund in the category based on the assets managed, posted a return of 44.45%.

Umesh Sharma, CIO-Debt, The Wealth Company Mutual Fund said the growth in gold ETFs and multi asset allocation funds gained investors’ interest with gold ETFs posting record inflows driven by superior one year performance of gold and silver relative to major asset classes.

Akhil Chaturvedi, Executive Director and Chief Business Officer, Motilal Oswal Asset Management Company said Highlight with no surprise have been flows in Gold and Silver ETFs and Index Funds with record flows of Rs 24,000 crore.

What happened in January

In January 2026, precious metals rose sharply due to global uncertainty, changing currency trends, and growing demand for safe assets which led to investors buying precious metals as protection against market risks, pushing prices to very high levels.

Despite a hefty correction in the last two trading sessions of the month, silver surged nearly 19%. Silver reached very high levels, close to record prices in January. On January 29, silver futures scaled fresh lifetime highs on the Multi Commodity Exchange (MCX), silver surged past the Rs 4 lakh mark for the first time.

Silver emerged better than gold in the starting month of the current calendar year because it benefits both as a precious metal and from industrial demand, which added to the buying pressure.

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However, towards the end of the month, things changed quickly. Once prices became very high, many investors started selling to book profits. This caused a sudden fall in prices. On January 30, silver delivered a stunning reversal on the MCX, plunging up to 27% — or Rs 1,07,968 — in a single day, marking its worst-ever crash and dragging prices back below the Rs 3 lakh mark, just a day after the metal had surged to a record high of Rs 4 lakh.

The fall on January 31, silver delivered a stunning reversal on MCX, plunging up to 25% — or Rs 92,000 — in a single day, marking its worst crash in 15 years and dragging prices back below the Rs 3 lakh mark, just a day after the metal had soared to a record high of Rs 4 lakh.

AMFI tally

At present there are 17 schemes in the category and there are nearly 47.84 lakh folios in this category. No new scheme in the category was launched in January.