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Investment demand for gold remained sturdy in India with gold-backed ETFs seeing inflows for the fifth month in a row. This comes regardless of weak retail demand amid the coronavirus pandemic.
Gold ETFs noticed an influx of ₹908 crore in August, the fifth month in a row, taking the entire inflows into in the course of the January-August interval to ₹5,356 crore.
In July, traders had pumped ₹921 crore into gold ETFs on a internet foundation.
The inflows meant belongings underneath administration (AUM) of gold ETFs climbed to ₹13,503 crore on the finish of August.
Month-wise, traders put in a internet ₹202 crore in January, ₹1,483 crore in February, however withdrew ₹195 crore in March on profit-booking.
Inflows resumed in April at ₹731 crore, adopted by ₹815 crore in May and ₹494 crore in June.
Gold has emerged as among the finest performing asset courses this yr, bolstered by the safe-haven enchantment amid the coronavirus pandemic.
In India, gold costs are up about 30% to date this yr regardless of the current correction. In futures markets, gold costs are at present ruling at ₹51,000 per 10 gram, down from report highs of ₹56,000 hit final month.
Gold ETFs invests in bodily gold and goals to observe the home spot value of gold as carefully as potential. Gold ETF models are listed on inventory exchanges and will be simply traded in demat kind. Typically, every unit of the scheme is roughly equal to 1 gram of gold. (With Agency Inputs)
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