Active Stocks
Thu Mar 28 2024 13:39:23
  1. Tata Steel share price
  2. 155.45 1.70%
  1. HDFC Bank share price
  2. 1,454.45 0.95%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
  1. ITC share price
  2. 429.05 0.25%
  1. State Bank Of India share price
  2. 755.05 2.86%
Business News/ Markets / Commodities/  Investors continue to pour money into gold ETFs
BackBack

Investors continue to pour money into gold ETFs

Gold has emerged as one of the best performing asset classes this year, bolstered by the safe-haven appeal amid the coronavirus pandemic

Gold prices in India are up about 30% so far this yearPremium
Gold prices in India are up about 30% so far this year

Investment demand for gold remained strong in India with gold-backed ETFs seeing inflows for the fifth month in a row. This comes despite weak retail demand amid the coronavirus pandemic.

Gold ETFs saw an inflow of 908 crore in August, the fifth month in a row, taking the total inflows into during the January-August period to 5,356 crore.

In July, investors had pumped 921 crore into gold ETFs on a net basis.

The inflows meant assets under management (AUM) of gold ETFs climbed to 13,503 crore at the end of August.

Month-wise, investors put in a net 202 crore in January, 1,483 crore in February, but withdrew 195 crore in March on profit-booking.

Inflows resumed in April at 731 crore, followed by 815 crore in May and 494 crore in June.

Gold has emerged as one of the best performing asset classes this year, bolstered by the safe-haven appeal amid the coronavirus pandemic.

In India, gold prices are up about 30% so far this year despite the recent correction. In futures markets, gold prices are currently ruling at 51,000 per 10 gram, down from record highs of 56,000 hit last month.

Gold ETFs invests in physical gold and aims to track the domestic spot price of gold as closely as possible. Gold ETF units are listed on stock exchanges and can be easily traded in demat form. Typically, each unit of the scheme is approximately equal to 1 gram of gold. (With Agency Inputs)

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Commodity News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 13 Sep 2020, 01:54 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie