India's June Gold ETF Collection Up 24.6% on Year
Source: Reuters (7/13/09)
"This was the best month in terms of investor participation."
Collections in rupee-terms rose by 44.6%.
"This was the best month in terms of investor participation," said Arvind Chari, fund manager, Quantum Mutual Fund, which owns a gold ETF.
Investors have grown up by a 100% year-on-year, added Chari.
The Gold Benchmark Exchange Traded Scheme (GBES.NS) on the National Stock Exchange traded 0.83% higher at 1,443.75 rupees per gram at 2:54 p.m.
Though gold collections under ETFs are growing, they remain miniscule against India's imports of about 700-800 tons annually.
Gold ETFs—instruments that can be traded like shares and are backed by physical gold holdings—are more than 2 years old and the segment may get crowded with some other funds planning to enter.