Indian Gold ETFs Stay Positive in 2026 Despite Decline in Global Gold Prices

Key Takeaways

• International gold was down 6.36% year-to-date in US dollar terms on November 11, trading around $4,045 per troy ounce.
• Several Indian gold ETFs remained positive in rupee terms, with the top performer in the dataset returning 7.54% as of November 9.
• Currency movements, expenses and tracking differences mean Indian ETF returns do not exactly match changes in global dollar-denominated gold prices.

Gold's correction in international markets during 2026 has produced a different return profile for Indian investors holding gold exchange-traded funds.

International gold was trading around $4,045 per troy ounce on November 11, with its year-to-date dollar return at negative 6.36%, according to TradingView data cited by Mint. The metal was also nearly 30% below its late-January peak after a sharp correction during the year.

Indian gold ETFs, however, were still showing positive year-to-date returns in rupee terms in data available up to November 9.

The highest return in the Morningstar dataset cited by Mint was 7.54% for 360 ONE Gold ETF. Choice Gold ETF returned 6.68%, Kotak Gold ETF 6.60%, Invesco India Gold ETF 6.57% and SBI Gold ETF 6.45%.

Returns varied across schemes. LIC MF Gold ETF was at 1.98%, while UTI Gold ETF returned 2.73% over the same year-to-date period.

The difference between international gold performance and domestic ETF returns does not imply that Indian ETFs have separated from their underlying asset.

Gold is globally priced in US dollars, while Indian gold prices are affected by the rupee-dollar exchange rate. A weaker rupee can partially offset a decline in dollar-denominated gold because importing the metal becomes more expensive in domestic currency.

ETF-level performance can also differ because of scheme expenses, tracking difference, cash holdings and the timing used for NAV calculations.

Investors therefore need to distinguish between the movement in international spot gold and the historical return reported by an Indian gold ETF.

The data also comes from slightly different observation dates: international gold performance was measured on November 11, while the ETF return table was based on returns available as of November 9.

The figures show that currency and local pricing effects can materially influence the experience of an Indian investor even when the underlying commodity is declining in dollar terms.