<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，來源於 Unsplash</p>
<p>印度監管機構已修訂規則，允許養老金基金投資於黃金和白銀 ETF。這可能進一步推動印度已經蓬勃發展的投資需求。</p>
<p>印度是全球第二大黃金市場，並且始終位於四大白銀消費國之內。</p>
<p>對於政府部門，養老金基金監管與發展局（PFRDA）創建了一個新的投資子類別，稱為 ‘ <em>資產支持、信託結構和其他投資</em>’，這為黃金和白銀 ETF 投資打開了大門。公共養老金基金在黃金和白銀上的總投資限制為管理資產總額（AUM）的 1%。</p>
<p>對於私營部門養老金計劃，養老金基金經理將能夠將黃金和白銀 ETF 的投資總額提高到基金 AUM 的 5%。</p>
<p>根據 <em>彭博社</em> 的報道，新規則可能釋放出高達 17 億美元的貴金屬需求。</p>
<p>世界黃金協會印度研究負責人 Kavita Chacko 表示，此舉 “ <em>強化了黃金作為有效投資組合多樣化工具的基本特性</em>。”</p>
<p><em>彭博社</em> 報道稱，“ <em>印度監管機構的這一舉措表明貴金屬作為主流投資資產的接受度正在提高</em>。”</p>
<p>今年早些時候，中國監管機構允許保險公司將最多 1% 的資產配置到黃金中。</p>
<h3><strong>為火上澆油</strong></h3>
<p>黃金和白銀投資在印度已經蓬勃發展。</p>
<p>根據世界黃金協會的數據，第三季度實物黃金投資同比增長 20%，超過 91 噸。在價值方面，黃金條和金幣的需求增長了 67%，達到了 102 億美元。</p>
<p>與此同時，隨着黃金價格上漲，擠壓了一些投資者的市場，許多印度人轉向了白銀。印度白銀需求的激增是推動近期白銀價格首次突破 50 美元的因素之一。</p>
<p>歷史上，印度人更喜歡實物黃金和白銀，但自 2007 年首次引入 ETF 以來，ETF 的受歡迎程度不斷上升。</p>
<p>黃金 ETF 由一家信託公司支持，該公司持有由信託擁有和存儲的金屬。在大多數情況下，投資 ETF 並不意味着您擁有任何實物黃金。您擁有的是 ETF 的股份，而不是黃金本身。ETF 是投資者參與黃金市場的便捷方式，但擁有 ETF 股份並不等同於持有實物黃金。</p>
<p>截至 2025 年，黃金 ETF 的累計流入總額達到 2760 億印度盧比（31 億美元），創下年度流入新高。</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>根據世界黃金協會的數據，印度目前有 957 萬個黃金 ETF 賬户。</p>
<p>允許養老金投資黃金和白銀可能進一步推動需求。</p>
<p>印度人對黃金有着長期的熱愛。</p>
<p>這種黃色金屬深深融入了該國的婚禮儀式以及宗教和文化儀式中。節慶季節通常會提升黃金需求。</p>
<p>印度人長期以來將這種黃色金屬視為財富的儲存方式，尤其是在貧困的農村地區。印度黃金需求的約三分之二來自城市中心以外的地區，那裏有大量人羣在税收體系之外運作。許多印度人不僅將黃金首飾作為裝飾品，還作為保值的方式。</p>
<p>在西方，黃金通常被視為奢侈品。</p>
<p>但在印度並非如此。即使是貧窮的印度人也會購買黃金。</p>
<p>根據 2018 年 ICE360 的調查，印度每兩個家庭中就有一個在過去五年內購買過黃金。總體而言，87% 的印度家庭擁有一些黃金。即使是印度收入最低的家庭也持有一些這種黃色金屬。根據調查，超過 75% 的收入最低 10% 的家庭設法購買了一些黃金。</p>
<p>這種黃色金屬在印度人遭受政府應對 COVID-19 的經濟風暴時成為了救命稻草。在印度政府封鎖全國後，銀行收緊信貸以降低違約風險。由於無法獲得傳統貸款，印度人利用黃金來獲得融資。在印度經歷第二波封鎖時，許多印度人不得不出售黃金以維持生計。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>黃金和白銀因美聯儲利率變動和干預而波動</p>
<p>鷹派降息？這有什麼鷹派之處？</p>
<p>消費者信貸增長依然疲軟，顯示消費者壓力</p>

<p>印度的監管機構已修訂規則，允許養老金基金投資於黃金和白銀 ETF，這可能釋放出 17 億美元的需求。公共養老金基金可以投資其資產管理規模的 1%，而私營部門基金則可以投資高達 5%。這一舉措鞏固了黃金作為投資組合多樣化工具的角色，並反映出對貴金屬作為主流投資的日益接受。黃金和白銀投資在印度已經蓬勃發展，實物黃金和白銀的需求顯著增加</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，來源於 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>印度監管機構已修訂規則，允許養老金基金投資於黃金和白銀 ETF。這可能進一步推動印度已經蓬勃發展的投資需求。</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>印度是全球第二大黃金市場，並且始終位於四大白銀消費國之內。</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>對於政府部門，養老金基金監管與發展局（PFRDA）創建了一個新的投資子類別，稱為 ‘ <em>資產支持、信託結構和其他投資</em>’，這為黃金和白銀 ETF 投資打開了大門。公共養老金基金在黃金和白銀上的總投資限制為管理資產總額（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>對於私營部門養老金計劃，養老金基金經理將能夠將黃金和白銀 ETF 的投資總額提高到基金 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>根據 <em>彭博社</em> 的報道，新規則可能釋放出高達 17 億美元的貴金屬需求。</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>世界黃金協會印度研究負責人 Kavita Chacko 表示，此舉 “ <em>強化了黃金作為有效投資組合多樣化工具的基本特性</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> 報道稱，“ <em>印度監管機構的這一舉措表明貴金屬作為主流投資資產的接受度正在提高</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>今年早些時候，中國監管機構允許保險公司將最多 1% 的資產配置到黃金中。</p>
</div><h3><strong>Adding Fuel to the Fire</strong></h3>
<div class="lb-trans"><h3><strong>為火上澆油</strong></h3>
</div><p>Gold and silver investment is already booming in India.</p>
<div class="lb-trans"><p>黃金和白銀投資在印度已經蓬勃發展。</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>根據世界黃金協會的數據，第三季度實物黃金投資同比增長 20%，超過 91 噸。在價值方面，黃金條和金幣的需求增長了 67%，達到了 102 億美元。</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>與此同時，隨着黃金價格上漲，擠壓了一些投資者的市場，許多印度人轉向了白銀。印度白銀需求的激增是推動近期白銀價格首次突破 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>歷史上，印度人更喜歡實物黃金和白銀，但自 2007 年首次引入 ETF 以來，ETF 的受歡迎程度不斷上升。</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>黃金 ETF 由一家信託公司支持，該公司持有由信託擁有和存儲的金屬。在大多數情況下，投資 ETF 並不意味着您擁有任何實物黃金。您擁有的是 ETF 的股份，而不是黃金本身。ETF 是投資者參與黃金市場的便捷方式，但擁有 ETF 股份並不等同於持有實物黃金。</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，黃金 ETF 的累計流入總額達到 2760 億印度盧比（31 億美元），創下年度流入新高。</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>根據世界黃金協會的數據，印度目前有 957 萬個黃金 ETF 賬户。</p>
</div><p>Allowing pensions to invest in gold and silver could further boost demand.</p>
<div class="lb-trans"><p>允許養老金投資黃金和白銀可能進一步推動需求。</p>
</div><p>Indians have a longstanding love affair with gold.</p>
<div class="lb-trans"><p>印度人對黃金有着長期的熱愛。</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>這種黃色金屬深深融入了該國的婚禮儀式以及宗教和文化儀式中。節慶季節通常會提升黃金需求。</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>印度人長期以來將這種黃色金屬視為財富的儲存方式，尤其是在貧困的農村地區。印度黃金需求的約三分之二來自城市中心以外的地區，那裏有大量人羣在税收體系之外運作。許多印度人不僅將黃金首飾作為裝飾品，還作為保值的方式。</p>
</div><p>In the West, gold is generally viewed as a luxury item.</p>
<div class="lb-trans"><p>在西方，黃金通常被視為奢侈品。</p>
</div><p>Not in India. Even poor Indians buy gold.</p>
<div class="lb-trans"><p>但在印度並非如此。即使是貧窮的印度人也會購買黃金。</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>根據 2018 年 ICE360 的調查，印度每兩個家庭中就有一個在過去五年內購買過黃金。總體而言，87% 的印度家庭擁有一些黃金。即使是印度收入最低的家庭也持有一些這種黃色金屬。根據調查，超過 75% 的收入最低 10% 的家庭設法購買了一些黃金。</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>這種黃色金屬在印度人遭受政府應對 COVID-19 的經濟風暴時成為了救命稻草。在印度政府封鎖全國後，銀行收緊信貸以降低違約風險。由於無法獲得傳統貸款，印度人利用黃金來獲得融資。在印度經歷第二波封鎖時，許多印度人不得不出售黃金以維持生計。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Gold &amp; Silver Volatile On Fed Rate Moves, Interventions</p>
<div class="lb-trans"><p>黃金和白銀因美聯儲利率變動和干預而波動</p>
</div><p>A Hawkish Cut? What Was So Hawkish About It?</p>
<div class="lb-trans"><p>鷹派降息？這有什麼鷹派之處？</p>
</div><p>Consumer Credit Growth Remains Tepid Signaling Consumer Stress</p>
<div class="lb-trans"><p>消費者信貸增長依然疲軟，顯示消費者壓力</p>
</div>

印度將允許在養老金基金中投資黃金和白銀