The price of the metal has outpaced India’s equity markets, rallying by almost a quarter in the past year, while the benchmark S&P BSE Sensex has risen 16%.
MUMBAI: Gold exchange-traded funds (ETFs) are popular again, as risks to the global economy escalate even as jewellery sales languish in the world’s second-biggest consumer of the precious metal.
Indians invested the most in gold ETFs in more than seven years in January, boosting assets managed by the 11 funds selling the securities to 62 billion rupees (US$870mil), according to the Association of Mutual Funds in India. While that’s 31% higher than a year earlier, it’s still about halve the 120-billion-rupee record touched in January 2013, the industry group’s data showed.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
