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Gold ETF flows turn positive at Rs 430cr in Dec

09 January 2021

 

Correction in gold prices resulted in gold ETF flows turning positive in December with inflows of Rs 430 crore, after recording an outflow of Rs 141 crore in November, 2020. “This is due to two reasons — gold has continued to be seen as a safe haven and spike seen in gold rate in the month of December, after a slowdown in the past month,” says N S Venkatesh, chief executive, AMFI. Lakshmi Iyer, president & CIO (debt & head of products), Kotak Mahindra Asset Management Company, said, “After net sales turned negative in the month of November, we have seen investments in gold ETF resume positive march in December. Typically, demand elasticity in gold is quite high (low prices mean more demand and vice-versa). Besides, Rupee appreciation in the near term acted as a dampener on gold prices which aided in demand pickup.” Redemption or repurchase of funds fell lowest for the year at Rs 24 crore in December, as compared to Rs 616 crore reported in the previous month. Net Assets Under Management as on December 31, 2020, stands at Rs 14,173 crore. And the total number of gold ETF portfolios stand at 8.87 lakh.

 

Source: https://timesofindia.indiatimes.com/busi