India remains pivotal to gold ETFs’ fortunes. The country is the second-largest gold consumer in the world behind China and last year implemented a tariff on bullion imports aimed at reducing the country’s current account deficit.

However, there has been talk that with the recent election of Narendra Modi, the gold tariff could be lifted or reduced, which would likely mean a near-term rally for the aforementioned ETFs.

SPDR Gold Shares

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD.