Gold delivered a strong 9% return in July, outperforming the broader equity market by a wide margin. However, investors did not appear to chase the rally in precious metals. Instead, a sharp rise in money market fund inflows suggests that investors preferred to move money towards safer assets, according to a monthly report by Vallum Capital.
Note, according to Vallum Capital, their classification differs from AMFI and is based on an internal framework. Their broad money market category aggregates funds and ETFs across micro-themes such as Liquid, Overnight, Money Market and Short Duration, recording net inflows of Rs 1.4 lakh crore in July 2026.
