印度1月黄金ETF净流入2404亿卢比，史上首次超越股市

Group 1 - The core point of the article highlights a significant shift in investment trends in India, where gold ETFs saw record net inflows in January, surpassing stock funds for the first time, indicating a growing market enthusiasm for gold amid rising prices [1][2]. - In January, gold ETFs recorded net inflows of 240.4 billion rupees (approximately $2.65 billion), slightly exceeding the 240.3 billion rupees net inflow of stock funds, marking a notable crossover in investment preferences [1][2]. - The continued demand for gold, despite a recent price pullback, suggests resilience in market interest, reflecting a preference for gold's defensive attributes amid geopolitical and monetary risks [1][3]. Group 2 - The increase in gold ETF allocations by local investors indicates a rising willingness to compete with equity assets, suggesting a shift in risk appetite rather than mere short-term price fluctuations [2][4]. - Globally, gold ETF holdings remain near a three-year high, supported by persistent geopolitical risks and weakening confidence in sovereign bonds and currencies, which may sustain the inflow of funds into gold [3][4]. - Despite being surpassed by gold in January, stock funds maintained a positive net inflow for 59 consecutive months, driven by systematic investment plans that provide stability against market volatility [5].