India, Feb. 10 -- Indian investors poured more money into gold exchange-traded funds than equity mutual funds in January, a rare crossover that highlights sustained demand for bullion despite a record-setting surge fueled by geopolitical and monetary risks.

Net inflows into gold ETFs surged to a record 240.4 billion rupees ($2.65 billion), slightly higher than stock fund inflows of 240.3 billion rupees, according to data released Tuesday by the Association of Mutual Funds in India. The milestone marks one of the strongest monthly endorsements of bullion by local investors in recent years.

The move reflects a wider global pattern. Gold ETF holdings worldwide remain near a more than three-year high, even after a pullback in prices last we...