India has emerged as a significant global player in gold ETFs, ranking third worldwide in inflows with $4.37 billion in 2025, trailing only the United States and China. Nippon India ETF Gold BeES became India's largest gold ETF and ranked 15th globally. Global gold ETFs saw substantial inflows due to macroeconomic uncertainty, currency volatility, and geopolitical risks, with a few large funds attracting the majority of investor capital.