A 90-year-old woman was tied up by burglars as they raided her Hambledon home.
Police say three men, wearing gloves and balaclavas, entered the house during the night and tied up two women aged 90 and 27 who were asleep at the address.
A search of the whole house was then carried out which is thought to have lasted around an hour and a half.
A Hampshire Police spokesman said full details of what was stolen were not yet known but it is thought that antique items of jewellery and silver were targeted.
The robbery happened at around 2am yesterday at a house on East Street.
The men left the address and a car was heard being driven away at speed shortly afterwards.
Detective Sergeant Penny Murray from Winchester CID said: “I am appealing to anyone who saw or heard anything suspicious during the evening of Wednesday, October 8 or the early hours of Thursday, October 9 to contact the investigating team. Any information you have, no matter how small, may help us to find those responsible.
“Did you see any suspicious people or cars in the area? Did you hear anything unusual?
“I’d also appeal to people to cast their minds back and think if they have seen anything suspicious in the area over the past month. Have you had any unexpected callers to your address? Have you seen a car or people paying close attention to houses in the area?
“This was a terrifying ordeal for both of the victims and it is understandable that the community of Hambledon as a whole has also been affected and rumours may be circulating.
“Please be reassured that neither of the women were hurt during the incident and we don’t believe that any threats were made towards them. There were also no weapons seen or used by the offenders.
“Crimes of this nature are extremely rare and officers from the Safer Neighbourhoods team have been carrying out extra patrols in the village to provide extra reassurance.”
Anyone with information should contact DS Murray at Winchester police station by calling 101. Alternatively you can call Crimestoppers anonymously on 0800 555 111.