Reliance mutual launches India’s fourth gold ETF

Reliance mutual launches India’s fourth gold ETF

Mumbai: India’s largest mutual fund, Reliance Capital Asset Management Ltd, has launched an exchange-traded fund that would invest in physical gold.

Reliance Gold Exchange Traded Fund, open for subscription till 1 November, will invest at least 90% of its assets in gold and related instruments and the rest in debt and money market instruments, the fund house said on its Web site.

Three of India’s 32 mutual fund firms offer gold exchange traded funds, collectively worth 3.25 billion at the end of September, while Tata, OptiMix and ICICI Prudential mutual funds are also among those seeking entry.

India’s gold funds have risen 9.53% on an average in the three months to 12 October, data from fund tracker Lipper showed.