<p><img src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp"/></p>
<p>照片由 Zlaťáky.cz 提供，来源于 Unsplash</p>
<p>印度监管机构已修订规则，允许养老金基金投资于黄金和白银 ETF。这可能进一步推动印度已经蓬勃发展的投资需求。</p>
<p>印度是全球第二大黄金市场，并且始终位于四大白银消费国之内。</p>
<p>对于政府部门，养老金基金监管与发展局（PFRDA）创建了一个新的投资子类别，称为 ‘ <em>资产支持、信托结构和其他投资</em>’，这为黄金和白银 ETF 投资打开了大门。公共养老金基金在黄金和白银上的总投资限制为管理资产总额（AUM）的 1%。</p>
<p>对于私营部门养老金计划，养老金基金经理将能够将黄金和白银 ETF 的投资总额提高到基金 AUM 的 5%。</p>
<p>根据 <em>彭博社</em> 的报道，新规则可能释放出高达 17 亿美元的贵金属需求。</p>
<p>世界黄金协会印度研究负责人 Kavita Chacko 表示，此举 “ <em>强化了黄金作为有效投资组合多样化工具的基本特性</em>。”</p>
<p><em>彭博社</em> 报道称，“ <em>印度监管机构的这一举措表明贵金属作为主流投资资产的接受度正在提高</em>。”</p>
<p>今年早些时候，中国监管机构允许保险公司将最多 1% 的资产配置到黄金中。</p>
<h3><strong>为火上浇油</strong></h3>
<p>黄金和白银投资在印度已经蓬勃发展。</p>
<p>根据世界黄金协会的数据，第三季度实物黄金投资同比增长 20%，超过 91 吨。在价值方面，黄金条和金币的需求增长了 67%，达到了 102 亿美元。</p>
<p>与此同时，随着黄金价格上涨，挤压了一些投资者的市场，许多印度人转向了白银。印度白银需求的激增是推动近期白银价格首次突破 50 美元的因素之一。</p>
<p>历史上，印度人更喜欢实物黄金和白银，但自 2007 年首次引入 ETF 以来，ETF 的受欢迎程度不断上升。</p>
<p>黄金 ETF 由一家信托公司支持，该公司持有由信托拥有和存储的金属。在大多数情况下，投资 ETF 并不意味着您拥有任何实物黄金。您拥有的是 ETF 的股份，而不是黄金本身。ETF 是投资者参与黄金市场的便捷方式，但拥有 ETF 股份并不等同于持有实物黄金。</p>
<p>截至 2025 年，黄金 ETF 的累计流入总额达到 2760 亿印度卢比（31 亿美元），创下年度流入新高。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-etf-nov-25-min.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-etf-nov-25-min.png"/></p>
<p>根据世界黄金协会的数据，印度目前有 957 万个黄金 ETF 账户。</p>
<p>允许养老金投资黄金和白银可能进一步推动需求。</p>
<p>印度人对黄金有着长期的热爱。</p>
<p>这种黄色金属深深融入了该国的婚礼仪式以及宗教和文化仪式中。节庆季节通常会提升黄金需求。</p>
<p>印度人长期以来将这种黄色金属视为财富的储存方式，尤其是在贫困的农村地区。印度黄金需求的约三分之二来自城市中心以外的地区，那里有大量人群在税收体系之外运作。许多印度人不仅将黄金首饰作为装饰品，还作为保值的方式。</p>
<p>在西方，黄金通常被视为奢侈品。</p>
<p>但在印度并非如此。即使是贫穷的印度人也会购买黄金。</p>
<p>根据 2018 年 ICE360 的调查，印度每两个家庭中就有一个在过去五年内购买过黄金。总体而言，87% 的印度家庭拥有一些黄金。即使是印度收入最低的家庭也持有一些这种黄色金属。根据调查，超过 75% 的收入最低 10% 的家庭设法购买了一些黄金。</p>
<p>这种黄色金属在印度人遭受政府应对 COVID-19 的经济风暴时成为了救命稻草。在印度政府封锁全国后，银行收紧信贷以降低违约风险。由于无法获得传统贷款，印度人利用黄金来获得融资。在印度经历第二波封锁时，许多印度人不得不出售黄金以维持生计。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>黄金和白银因美联储利率变动和干预而波动</p>
<p>鹰派降息？这有什么鹰派之处？</p>
<p>消费者信贷增长依然疲软，显示消费者压力</p>

<p>印度的监管机构已修订规则，允许养老金基金投资于黄金和白银 ETF，这可能释放出 17 亿美元的需求。公共养老金基金可以投资其资产管理规模的 1%，而私营部门基金则可以投资高达 5%。这一举措巩固了黄金作为投资组合多样化工具的角色，并反映出对贵金属作为主流投资的日益接受。黄金和白银投资在印度已经蓬勃发展，实物黄金和白银的需求显著增加</p>

<p><img src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp" alt="" original-src="https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp"/></p>
<div class="lb-trans"><p><img src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp" alt="" original-src="https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp"/></p>
</div><p>Photo by Zlaťáky.cz on Unsplash</p>
<div class="lb-trans"><p>照片由 Zlaťáky.cz 提供，来源于 Unsplash</p>
</div><p>Regulators in India have revised rules to allow pension funds to invest in gold and silver ETFs. This could further boost already booming investment demand in India.</p>
<div class="lb-trans"><p>印度监管机构已修订规则，允许养老金基金投资于黄金和白银 ETF。这可能进一步推动印度已经蓬勃发展的投资需求。</p>
</div><p>India ranks as the world’s second-largest gold market and consistently falls in the top four silver-consuming nations.</p>
<div class="lb-trans"><p>印度是全球第二大黄金市场，并且始终位于四大白银消费国之内。</p>
</div><p>For the government sector, the Pension Fund Regulatory and Development Authority (PFRDA) created a new investment subcategory called ‘ <em>Asset Backed, Trust Structured and Miscellaneous Investments</em>’ that opens the door to gold and silver ETF investments. Aggregate investment in gold and silver in public pension funds is limited to 1 percent of total assets under management (AUM).</p>
<div class="lb-trans"><p>对于政府部门，养老金基金监管与发展局（PFRDA）创建了一个新的投资子类别，称为 ‘ <em>资产支持、信托结构和其他投资</em>’，这为黄金和白银 ETF 投资打开了大门。公共养老金基金在黄金和白银上的总投资限制为管理资产总额（AUM）的 1%。</p>
</div><p>For private sector pension programs, pension fund managers will be able to include gold and silver ETFs totaling up to 5 percent of the fund’s AUM.</p>
<div class="lb-trans"><p>对于私营部门养老金计划，养老金基金经理将能够将黄金和白银 ETF 的投资总额提高到基金 AUM 的 5%。</p>
</div><p>According to <em>Bloomberg</em>, the new rules could unlock up to $1.7 billion in precious metals demand.</p>
<div class="lb-trans"><p>根据 <em>彭博社</em> 的报道，新规则可能释放出高达 17 亿美元的贵金属需求。</p>
</div><p>World Gold Council India research head Kavita Chacko said the move “ <em>reinforces gold’s fundamental qualities as an effective portfolio diversifier</em>.”</p>
<div class="lb-trans"><p>世界黄金协会印度研究负责人 Kavita Chacko 表示，此举 “ <em>强化了黄金作为有效投资组合多样化工具的基本特性</em>。”</p>
</div><p>The <em>Bloomberg</em> report proclaimed, “ <em>The move by the Indian watchdog is an indication of the growing acceptance of the precious metals as a mainstream investment asset</em>.”</p>
<div class="lb-trans"><p><em>彭博社</em> 报道称，“ <em>印度监管机构的这一举措表明贵金属作为主流投资资产的接受度正在提高</em>。”</p>
</div><p>Earlier this year, Chinese regulators opened the door for insurance companies to allocate up to 1 percent of their assets to gold.</p>
<div class="lb-trans"><p>今年早些时候，中国监管机构允许保险公司将最多 1% 的资产配置到黄金中。</p>
</div><h3><strong>Adding Fuel to the Fire</strong></h3>
<div class="lb-trans"><h3><strong>为火上浇油</strong></h3>
</div><p>Gold and silver investment is already booming in India.</p>
<div class="lb-trans"><p>黄金和白银投资在印度已经蓬勃发展。</p>
</div><p>In Q3, physical gold investment rose by 20 percent year-on-year, topping 91 tonnes, according to World Gold Council data. In value terms, gold bar and coin demand increased by 67 percent to $10.2 billion.</p>
<div class="lb-trans"><p>根据世界黄金协会的数据，第三季度实物黄金投资同比增长 20%，超过 91 吨。在价值方面，黄金条和金币的需求增长了 67%，达到了 102 亿美元。</p>
</div><p>Meanwhile, with gold prices rising and squeezing some investors out of the market, many Indians have turned to silver. A major surge in Indian silver demand was one of the factors driving the recent silver squeeze that pushed the price over $50 for the first time.</p>
<div class="lb-trans"><p>与此同时，随着黄金价格上涨，挤压了一些投资者的市场，许多印度人转向了白银。印度白银需求的激增是推动近期白银价格首次突破 50 美元的因素之一。</p>
</div><p>Historically, Indians have preferred physical gold and silver, but ETFs have grown in popularity since they were first introduced in the country in 2007.</p>
<div class="lb-trans"><p>历史上，印度人更喜欢实物黄金和白银，但自 2007 年首次引入 ETF 以来，ETF 的受欢迎程度不断上升。</p>
</div><p>A gold ETF is backed by a trust company that holds metal owned and stored by the trust. In most cases, investing in an ETF does not entitle you to any amount of physical gold. You own a share of the ETF, not gold itself. ETFs are a convenient way for investors to play the gold market, but owning ETF shares is not the same as holding physical gold.</p>
<div class="lb-trans"><p>黄金 ETF 由一家信托公司支持，该公司持有由信托拥有和存储的金属。在大多数情况下，投资 ETF 并不意味着您拥有任何实物黄金。您拥有的是 ETF 的股份，而不是黄金本身。ETF 是投资者参与黄金市场的便捷方式，但拥有 ETF 股份并不等同于持有实物黄金。</p>
</div><p>So far in 2025, cumulative inflows of gold into ETFs total ₹276 billion ($3.1 billion), the highest annual inflows on record.</p>
<div class="lb-trans"><p>截至 2025 年，黄金 ETF 的累计流入总额达到 2760 亿印度卢比（31 亿美元），创下年度流入新高。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/india-gold-etf-nov-25-min.png" alt="" original-src="https://www.moneymetals.com/uploads/content/india-gold-etf-nov-25-min.png"/></p>
<p>According to World Gold Council data, there are currently 9.57 million gold ETF accounts in India.</p>
<div class="lb-trans"><p>根据世界黄金协会的数据，印度目前有 957 万个黄金 ETF 账户。</p>
</div><p>Allowing pensions to invest in gold and silver could further boost demand.</p>
<div class="lb-trans"><p>允许养老金投资黄金和白银可能进一步推动需求。</p>
</div><p>Indians have a longstanding love affair with gold.</p>
<div class="lb-trans"><p>印度人对黄金有着长期的热爱。</p>
</div><p>The yellow metal is deeply interwoven into the country’s marriage ceremonies, along with its religious and cultural rituals. Festival seasons typically boost gold demand.</p>
<div class="lb-trans"><p>这种黄色金属深深融入了该国的婚礼仪式以及宗教和文化仪式中。节庆季节通常会提升黄金需求。</p>
</div><p>Indians have long valued the yellow metal as a store of wealth, especially in poorer rural regions. Around two-thirds of India’s gold demand comes from beyond the urban centers, where large numbers of people operate outside the tax system. Many Indians use gold jewelry not only as an adornment but as a way to preserve wealth.</p>
<div class="lb-trans"><p>印度人长期以来将这种黄色金属视为财富的储存方式，尤其是在贫困的农村地区。印度黄金需求的约三分之二来自城市中心以外的地区，那里有大量人群在税收体系之外运作。许多印度人不仅将黄金首饰作为装饰品，还作为保值的方式。</p>
</div><p>In the West, gold is generally viewed as a luxury item.</p>
<div class="lb-trans"><p>在西方，黄金通常被视为奢侈品。</p>
</div><p>Not in India. Even poor Indians buy gold.</p>
<div class="lb-trans"><p>但在印度并非如此。即使是贫穷的印度人也会购买黄金。</p>
</div><p>According to a 2018 ICE360 survey, one in every two households in India had purchased gold within the last five years. Overall, 87 percent of Indian households own some gold. Even households at the lowest income levels in India hold some of the yellow metal. According to the survey, more than 75 percent of families in the bottom 10 percent of income managed to buy some gold.</p>
<div class="lb-trans"><p>根据 2018 年 ICE360 的调查，印度每两个家庭中就有一个在过去五年内购买过黄金。总体而言，87% 的印度家庭拥有一些黄金。即使是印度收入最低的家庭也持有一些这种黄色金属。根据调查，超过 75% 的收入最低 10% 的家庭设法购买了一些黄金。</p>
</div><p>The yellow metal was a lifeline for Indians buffeted by the economic storm caused by the government's response to COVID-19. After the Indian government locked down the country, banks tightened credit to mitigate the default risk. Unable to secure traditional loans, Indians used gold to secure financing. As Indians endured a second wave of lockdowns, many Indians resorted to selling gold outright to make ends meet.</p>
<div class="lb-trans"><p>这种黄色金属在印度人遭受政府应对 COVID-19 的经济风暴时成为了救命稻草。在印度政府封锁全国后，银行收紧信贷以降低违约风险。由于无法获得传统贷款，印度人利用黄金来获得融资。在印度经历第二波封锁时，许多印度人不得不出售黄金以维持生计。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Gold &amp; Silver Volatile On Fed Rate Moves, Interventions</p>
<div class="lb-trans"><p>黄金和白银因美联储利率变动和干预而波动</p>
</div><p>A Hawkish Cut? What Was So Hawkish About It?</p>
<div class="lb-trans"><p>鹰派降息？这有什么鹰派之处？</p>
</div><p>Consumer Credit Growth Remains Tepid Signaling Consumer Stress</p>
<div class="lb-trans"><p>消费者信贷增长依然疲软，显示消费者压力</p>
</div>

印度将允许在养老金基金中投资黄金和白银