# Gold imports plunge, ETF inflows surge in India

2026-09-26T06:41:56+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

Gold imports fell to $2.3 billion in August from $4.2 billion in July, while Indian gold ETF inflows rose to Rs 2,600 crore in August, data from the Association of Mutual Funds in India shows. ICICI Bank says domestic gold prices have fallen about 8% over the past month but remain elevated, weighing on jewellery purchases. Wedding demand has been resilient, but festive-season buying is cautious. Kotak Institutional Equities suggests lower imports could reflect weaker household purchases after the May duty hike, a pause ahead of possible duty changes, or a shift to unofficial channels. ICICI Bank expects gold to trade at $4,200-$4,600 per ounce through 2026 and rise to $4,600-$5,000 in the first half of 2027, citing investment demand and central-bank buying.

## Indian Opinion Analysis

Both sources report the same data neutrally, with ICICI Bank's price forecast as the lead for The Hindu Business Line and the demand divergence as the lead for Business Today. Neither outlet adopts a critical or pro-government stance. The coverage is uniform straight reporting. The key takeaway is that falling physical imports mask rising financial demand, and Kotak's suggestion of unofficial channels introduces a data-quality caveat. Watch for upcoming import duty announcements that could shift demand back to official physical channels.

## Coverage

- businesstoday.in (neutral report) <https://www.businesstoday.in/latest/economy/story/gold-imports-plunge-in-india-but-gold-etfs-surge-what-the-demand-shift-means-for-investors-557917-2026-09-25?utm_source=rssfeed>
  Leads with demand shift, no slant detected.
- thehindubusinessline.com (neutral report) <https://www.thehindubusinessline.com/markets/gold/gold-may-rise-to-5000oz-in-h1-2027-after-near-term-consolidation-icici-bank/article71512216.ece>
  Leads with ICICI price forecast, no slant detected.

Tags: AMFI, gold ETFs, ICICI Bank, Kotak Institutional Equities
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