gold

India November Gold ETF Assets Jump Nearly Three Times To INR95.68 Bln
MUMBAI (Dow Jones)--The assets of gold exchange-traded funds in India, the
world's largest consumer of the yellow metal, nearly tripled at the end of
November from a year earlier thanks to strong investment demand due to rising
prices and lower returns from other asset classes.
Total assets of gold ETFs jumped to INR95.68 billion as of Nov. 30 from
INR34.64 billion a year earlier, showed data from the Association of Mutual
Funds in India.
Investment demand for the yellow metal is rising in India, as gold has given
higher returns than any other asset class in the past one year. Though the
overseas gold price has fallen from its record high, in India it is still near
its all-time high due to a weak rupee.
At the end of November, spot gold prices in India were up about 41% at
INR29,100 per 10 grams from INR20,635/10 grams a year earlier. It hit a record
high of INR29,270/10 grams on Nov. 16.
Gold ETFs were first launched in India in early 2007, and there are currently
12 such funds.
Goldman Sachs Asset Management (India) Pvt. Ltd., Kotak Mahindra Mutual Fund,
UTI Asset Management Co., Reliance Capital Asset Management Ltd., and SBI
Mutual Fund are some of the fund houses that offer gold ETFs in India.