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Gold ETF collection in Feb up 86% to 9.622T

Gold ETF collection in Feb up 86% to 9.622T
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First Published: Fri, Mar 12 2010. 11 41 AM IST
Updated: Fri, Mar 12 2010. 11 42 AM IST
Mumbai: Gold collections under exchange-traded funds (ETFs) rose 86% on year to 9.622 tonnes in February on increased retail investor participation, data from the funds showed.
Gold futures were trading 0.10% higher at Rs16,542 per 10 grams at 11:55 am, after losing 1.6% since the start of March.
The contract gained over 3% in February.
Though gold collections under ETFs are growing, they remain miniscule against India’s imports of about 400-700 tonnes annually.
Gold ETFs - instruments that can be traded like shares and are backed by physical gold holdings - are more than three-years old and the segment may get crowded with some other funds planning to enter.
Religare Mutual Fund and Tata Asset Management are seeking regulatory approval to launch the product.
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First Published: Fri, Mar 12 2010. 11 41 AM IST
More Topics: Gold | ETF | Bullion | Commodity | Money Matters |