| Date: |
14-09-2010 |
| Subject: |
Gold ETF collection doubles to 12.13T in August |
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MUMBAI: Gold collection under exchange-traded funds for August almost doubled to 12.132 tonnes as investors sought hedge to protect wealth from global economic uncertainty, data from the funds showed. Gold futures on the Multi Commodity Exchange (MCX) was trading 0.07 percent lower at 18,851 rupees per 10 grams, down 1.8 percent from the all-time high of 19,211 rupees struck on Tuesday. The contract had gained 7.7 percent in August.
Though gold collections under ETFs are growing, they remain miniscule against India's imports of about 400-700 tonnes annually. Gold ETFs -- instruments that can be traded like shares and are backed by physical gold holdings -- are more than three years old and are still seeing new entrants making plans to offer the product.
Source : economictimes.indiatimes.com
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